October 24, 2008 Burlington, VT – The Vermont Economic Development Authority’s (VEDA’s) total project financing approvals across all programs for Fiscal Year 2008 was $80.1 million, up from $77.8 million the year before. VEDA closed two hundred commercial, agricultural and small business loans totaling $46.4 million during the year, leveraging an additional $47.9 million in private investment in Vermont business development projects. VEDA released the cumulative figures at the Authority’s 34th Annual Meeting in Burlington.
“Of the 63 commercial projects financed in Fiscal Year 2008, it is estimated that 1,980 jobs were impacted, having an average hourly wage, including benefits, of $20.89,” said Jo Bradley, VEDA’s Chief Executive Officer.
At June 30, 2008, the combined portfolio of direct VEDA loans, plus mortgage insurance and SBA 504 loans, covered a wide spectrum of industry classifications. Manufacturing accounted for 30% of the portfolio, down from 31% last year, but up from 29% the year before. Agriculture accounted for 24% of VEDA’s total portfolio, up from 23% in Fiscal Year 2007. And, service-related businesses (primarily travel and tourism) remained at the same level as the year before, constituting 23% of VEDA’s portfolio.
Over the last ten years, VEDA’s net assets under management have steadily increased, growing from $24.9 million in Fiscal Year 1999 to $33.6 million as of June 30, 2008. “This growth in resources and capacity enhances VEDA’s ability to offer innovative and flexible, yet prudent, financing alternatives to Vermont businesses,” said Bradley.
VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
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Contact Information:
Jo Bradley
Chief Executive Officer
VEDA
802-828-5627
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