Direct Loan Program

• Individuals, partnerships, corporations or limited liability companies engaged in manufacturing, processing, warehousing, research and development, recycling, travel & tourism, information technology and others as defined in statute.

• Purchase of land and buildings, including construction or renovation;
• Purchase and installation of machinery and equipment, furniture and fixtures;
• VEDA cannot finance or refinance existing company assets or debt. 

• Attractive variable rates, adjusted on a quarterly basis;
  • See current VEDA rates
• Term for real estate loans is 10 years, generally amortized on a 15-year basis;
• Term for machinery and equipment loans is generally 5-7 years;
• In certain circumstances, a fixed interest rate may be available for large loans.  Talk to your VEDA loan officer.

• No more than 40% of the cost of a project, not to exceed $1,300,000;
•  If a project involves on-site generation and consumption of renewable energy, loan limits may be higher;
• VEDA may also participate in eligible projects by purchasing portions of bank loans.

• A 1% commitment fee on the VEDA loan amount ($1,000 minimum; $3,500 maximum).

• Loans up to $250,000 may be approved internally by VEDA Staff;
• Loans exceeding $250,000 are presented to the VEDA Board monthly for consideration;
• Applicants are advised to discuss their proposed project with VEDA Staff prior to submitting the application;
• Applications may be downloaded or obtained from the VEDA office.