WINDHAM CO. ECONOMIC DEVELOPMENT PROGRAM

Windham County Economic Development Program

The WCEDP promotes 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 is 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 are 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

  • Machinery / Equipment
  • Gap Acquisition / Land or Building
  • Product / Service Development (e.g., R&D, Sales Dept. Expansion, Certification)
  • Construction (New, Renovation, Property Improvements, etc.)
  • Business Transition Financing to New Ownership (With due diligence)
  • Employer-Sponsored Housing (Employer as Applicant): This refers to a situation where an employer applies for funding to support housing initiatives, typically for employees.
  • Efficiency Improvements (Collaboration required)
  • Short Term Financing
  • Refinancing – Business or Personal Credit Card (proof of business-related expenses required)
  • Working Capital (defined if not within another eligible use category)
  • Nonprofits that align with economic development goals and create high-wage jobs are eligible for funds associated with capital/efficiency improvements, construction and equipment.

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:

Dani Delaini
Assistant Director and and Head of Business Acceleration
Brattleboro Development Credit Corporation
76 Cotton Mill Hill
Brattleboro, VT 05301
ddelaini@brattleborodevelopment.com
802.257.7731 x224

HISTORY and REPORTING:

The Windham County Economic Development Program (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 grant through the Agency of Commerce and Community Development (ACCD) with regional recommendations provided by the WCEDP Advisory Council, 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, worked with ACCD and VEDA on the transition since 2020, and with the legislature in the 2022 session finalizing the transfer, the WCEDP program and all funding related to the program transferred to BDCC effective June 30, 2022. A timeline of events is available below and updated reports available upon request.

Timeline:

2013

2014

  • ACCD listening sessions and program development
  • 5 -year Program launch
  • Legislation: In 2014 Acts and Resolves No. 95, Sec. 80 created the Entergy Windham County Economic Development Special Fund pursuant to 32 V.S.A. chapter 7, subchapter 5, for the deposit and management of funds that were received pursuant to the settlement agreement between the State of Vermont and Entergy Nuclear Vermont Yankee, LLC, dated December 23, 2013.
  • Press Coverage: State slows down Windham Economic Development Program

2015

2016

2017

  • Grants awarded: Competitive = $685,480, Non-Competitive = $473,504
  • Loans awarded:  Loans = $448,177, Expansion/Retention/Incentive = $2,791,472
  • Annual Report
  • Press Coverage:2017 WCEDP RFP Release

2018

2019

2020

  • Transition from State of Vermont administration to BDCC administration begins including business plan program development and new low interest rate loan program.

2022

  • Legislation:  Authority; Program Creation. Decisions for the use of any remaining and future funds shall be made through local administration by the Brattleboro Development Credit Corporation. (d) Agency of Commerce and Community Development; transfer. On or before June 30, 2022 the Agency of Commerce and Community Development shall transfer any amounts remaining in the Entergy Windham County Economic Development Special Fund to the Brattleboro Development Credit Corporation. (e) Vermont Economic Development Authority; transfer. On or before June 30, 2022, the Vermont Economic Development Authority shall take any steps necessary to transfer to the Brattleboro Development Credit Corporation any loans, loan servicing, future loan payments, and other legal rights, duties, or obligations related to its activities undertaken with funding from the Entergy Windham County Economic Development Special Fund. (f) Brattleboro Economic Development Corporation; use of funds. The Brattleboro Economic Development Corporation shall use the funds transferred pursuant to this section to provide grants and loans for projects that provide economic development benefits to Windham County. (g) Entergy Windham County Economic Development Special Fund; termination. The purpose of the Entergy Windham County Economic Development Special Fund has been fulfilled as determined by the General Assembly. Upon the completion of the transfers required in this section, and pursuant to 32 V.S.A. § 587(b) the Entergy Windham County Economic Development Special Fund is terminated.
  • As of 2020, the program 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.
  • Transition completed: As of June 30, 2022

2024

The  original funding for WCEDP programs included $100,000 designated for Business Plan Competitions. To date, three competitions have been held. The third competition concluded in early October 2023. Since then,
additional business plan competitions have been ideated and implemented throughout the region, including in
the Deerfield Valley and Dover, with support from BDCC. As we enter 2025, BDCC will
be evaluating the format, functionality, and goals of a renewed regional competition to build on momentum and
continually ensure alignment with the needs of our local economy.

At the end of 2024, BDCC wrapped up its EDA funded Build to scale investment; leveraged funding that has been used to explore the viability of developing a rural investment fund using WCEDP as a jumping off point for success. Launched in 2025, the Windham Investment Fund provides alternative financing options, including equity investments, revenue-based sharing models, and other tools that may fall outside traditional lending/equity products. Unlike other funds in the BDCC financing portfolio, the Windham Investment Fund offers applicants the opportunity to support businesses at various stages of growth. Support options may include royalty financing, interest-only loans, equity investments, or preferred equity arrangements, providing benefits beyond what a revolving loan fund can offer.