Windham County Economic Development Program

Purpose – 

The WCEDP is meant to promote economic development in Windham County by providing funds to stimulate job creation through business start-up, expansion, or relocation, encourage entrepreneurial activity, and strengthen the economic development infrastructure to ensure a strong foundation for transformational economic activity. The primary focus of the program will be private sector job creation and retention, and direct support of entrepreneurial activities, and alignment within the Southern Vermont Comprehensive Economic Development Strategy (CEDS).

The program’s funds will be made available through direct low-interest loans and investments administered by BDCC.

Program Structure –

Applicants for loans are strongly advised to take advantage of the technical assistance made available in the region.  Loan and investment requests will be reviewed by the Windham County Advisory Council and approved by BDCC’s Loan Committee. 

Loans –

Loan applications, including all required documentation and financial information, are submitted to BDCC.  BDCC will conduct underwriting and make final a determination on funding of loans.   Click here for additional detail on loans.

Eligible Use of Proceeds

• Purchase of land and building
• New construction or renovation to existing property
• Purchase and installation of machinery and equipment, furniture and fixtures
• Working capital

Windham County Economic Development Advisory Council:

• Bronna Zlochiver, Town of Vernon
• Patrick Moreland, Interim Town Manager, Town of Brattleboro
• Gary Fox, Development Office, Town of Rockingham
• Gretchen Havreluk, Town of Wilmington
• Chris Campany, Executive Director, Windham Region Commission
• Wendy Harrison, SeVEDS Board Member
• Laura Sibilia, Director of Regional Strategies, BDCC
• Adam Grinold, Executive director, Brattleboro Development Credit Corporation

Contact:

Adam Grinold
Executive Director
Brattleboro Development Credit Corporation
76 Cotton Mill Hill
Brattleboro, VT 05301
agrinold@brattleborodevelopment.com
802.257.7731 x224

HISTORY and REPORTING:

WCEDP was established in 2014 through legislative creation of the Windham County Economic Development Special Fund (32 V.S.A. chapter 7, subchapter 5)  for management of funds received pursuant to the December 13, 2013 settlement between Vermont and Entergy. The program included loans administered by VEDA and grants through ACCD with regional recommendations provided by the Windham County Economic Development Program AdvisoryCouncil, a regionally representative council supporting the BDCC’s oversight of the program. Funding decisions have been tied to the regional Comprehensive Economic Development Strategy (CEDS).

The administration of WCEDP funds began at ACCD in 2014, however Windham County officials and Governor Shumlin agreed that the program should be reestablished in Windham County after 2020 once the capacity was developed to manage a revolving loan program. BDCC, on behalf of the region, has been working with ACCD and VEDA on that transition over the past two years, and with the legislature in the past session to finalize the transfer. 

To date, the program has received $10 million dollars from the settlement, approved 14 loans, (9 of which are active), for $3.9 million. Program funds  have provided expansion, retention, competitive and non competitive grant funding of $4.4 million. The lending program for growing businesses continues and will augment 4 other loan and investment products at BDCC, and will be reviewed as a part of the organization’s regular annual audit and federally required single audit. 

Information on impact of program through 2020: 

• 866 jobs including retained, direct, indirect, and induced.
• $37 – $47 MM project total wage impact.
• For every $1.00 invested from the program, $6.78 was leveraged. 
• Total investment impact has been approximately $51.5 MM.

Timeline: