Areas Served: Statewide Vermont
The Direct Loan Program assists borrowers in financing fixed assets for Vermont businesses.
It is utilized in cooperation with commercial banks.
VEDA may either make its own direct loan or may purchase a portion of a bank loan.
Eligibility 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.
Use of Proceeds – 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.
Loan Rates and Terms – Attractive variable rates, adjusted on a quarterly basis; – 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.
Borrowing Limitations – 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.
Fees A 1% commitment fee on the VEDA loan amount ($1,000 minimum; $3,500 maximum).
Contact InformationVermont Economic Development Authority
Address: 58 East State Street, Suite 5
City: Montpelier
State: Vermont
Website:
http://www.veda.org/help-me-find-the-loan-i-need/
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