The Vermont Economic Development Authority celebrated its 40th birthday Friday, counting 7,395 separate economic development financings instead of candles.
The statewide economic development lender was created by the General Assembly in 1974 with $1 million and a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”
Originally called VIDA (Vermont Industrial Development Authority) by the Legislature, VEDA has since grown beyond its initial focus on industrial parks.
“Over the decades, that focus has broadened significantly to keep pace with Vermont’s evolving economy in an ever-changing world,” executive director Jo Bradley said in a press release.
Most often lending in conjunction with banks and other financing partners, the agency now provides direct loans, tax-exempt bond issuances and loan guarantees to a wide range of Vermont entrepreneurs, manufacturers, small businesses, family farms and agricultural enterprises.
VEDA’s financings to date total more than $2.07 billion, including direct commercial loans exceeding $352 million and agricultural loans valued at more than $261 million. Since 1987, small business loans have totaled almost $65 million.
Its loan portfolio reflects an industry mix of 33 percent agriculture, 21 percent services, 18 percent manufacturing, 14 percent tourism, 8 percent wholesale/retail trades, and 6 percent other commercial. Financings in FY 2014 leveraged private capital totaling almost $82 million, according to the authority.
In addition to lending that’s supported job creation by helping thousands of businesses and farms, Bradley said, VEDA played a key role in helping to bring Vermont’s economy through national recessions and more.
“(VEDA) provided over $18 million in emergency resources to help businesses and farms recover from damages wrought by Tropical Storm Irene and other natural disasters,” she said.
For more information about VEDA’s financing programs, visit its website or call 802-828-JOBS.
