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Business Financing Opportunities Enabled by the American Recovery and Reinvestment Act of 2009With the help of the Administration and Vermont General Assembly, VEDA is utilizing funds from the American Recovery and Reinvestment Act of 2009 (ARRA) to finance new projects in construction, business infrastructure improvements, innovative new technology and renewable energy projects, and more.
Through December 31, 2009, VEDA utilized ARRA funds to make $14.5 million in loans, generating $55.8 million in economic activity.
For more information about financing options, click on the appropriate link below.
• Low-Interest Direct Loans. Financing is available at a variable rate as low as Wall Street Journal Prime, minus 3%, with a floor of 2%. This special low interest rate will apply for the first three years of the loan, after which a borrower’s loan rate will revert to VEDA’s applicable below-market rates. For more information, click here.
• Business Energy Conservation Financing. Financing is available to assist Vermont companies wishing to undertake projects that will improve their energy efficiency and allow them to conserve energy. This program may make loans ranging from $5,000 up to a maximum of $150,000. VEDA operates this program in cooperation with Efficiency Vermont . For more information, click here.
• Recovery Zone Facility Bond Financing. This program expands VEDA’s ability to issue tax-exempt bond financing to more Vermont businesses than ever before. Tax-exempt bonds traditionally carry lower interest rates than conventional bank loans because income earned by purchases of these bonds is exempt from federal and, in some cases, state tax. Bond financing under this program is due to expire on December 31, 2010. For more information, click here.
• Technology Financing. This program provides financing to eligible for-profit and non-profit corporations offering technology-based goods and services to consumers located both inside and outside Vermont. For more information, click here.
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