VEDA approves millions in funding
MONTPELIER, Vt. – The Vermont Economic Development Authority has approved about $4.5 million to finance projects ranging from agriculture to solar energy.
With funding from the VEDA, the projects in all will result in a total investment of $8.6 million.
“VEDA continues to see great interest in the Authority’s Entrepreneurial Loan Program,” said VEDA CEO Jo Bradley. “It is exciting to see small businesses with innovative technology products start and grow in Vermont, creating jobs in the process. The Authority also is pleased to see growth in its Commercial Energy Loan Program, helping to finance the development of renewable energy generation projects throughout the state.”
Ten solar projects will generate 2.3 million KWH of electricity yearly. That power will keep the lights on in about 337 households in the state and reduce carbon emissions.
Not to be outdone, the tech sector in the state also received funding to further additional projects. Social Sell and Sterling Valley Systems received entrepreneurial loans to develop new products.
Additional financing was provided to the tune of $1.06 million through the Vermont Agricultural Credit Corporation. An additional $660,000 was approved for small business endeavors through the Small Business Loan Program. Another $214,000 came from the Small Business Administration’s 504 Program.