Vermont Economic Development Authority - Montpelier, VT

Vermont Economic Development Authority (VEDA)

The Vermont Economic Development Authority (VEDA) is the state's statewide economic development finance lender, dedicated to growing Vermont's economy by providing financing for businesses and farms. Created by the General Assembly in 1974, VEDA operates as a quasi-public instrumentality, offering low-interest loans and financial support that might not be available through traditional commercial lending alone. Headquartered on East State Street in Montpelier, the authority manages a loan portfolio of over several hundred million dollars, supporting projects that create jobs and enhance the state's working landscape.

Financing Programs

• Commercial Financing: Offers direct loans and participation loans for manufacturing, processing, travel, and tourism businesses to purchase land, buildings, and equipment.
• Agricultural Financing: Provides credit for farmers to acquire livestock, machinery, and real estate, often working in conjunction with the Vermont Agricultural Credit Corporation (VACC).
• Small Business Loans: Includes the SBA 504 Loan Program and other initiatives designed to support startups and small enterprises.
• Energy Financing: specific loan programs for renewable energy generation and energy efficiency improvements for businesses.

Operations

VEDA is governed by a 15-member Board of Directors and staffed by experienced lending professionals. The office at 58 East State Street is open to the public, though most loan applications and consultations are initiated via phone or through their secure online portal. VEDA often partners with local banks, credit unions, and other development corporations to structure financing packages that mitigate risk and lower costs for borrowers.