Below is a press release announcing VEDA’s post-Irene emergency loan program for businesses and farmers. I’ve also provided the links to VEDA information and application for the agricultural loans.
http://www.vermontagriculture.com/news/2011/irene_veda.pdf – press release
http://www.veda.org/ – VEDA home page
http://www.veda.org/uploads/1314806432.pdf – info about agricultural emergency loans
http://www.veda.org/uploads/1314806495.pdf – agricultural emergency loan application
There are also emergency loans available for businesses. See the VEDA website for information.
FOR IMMEDIATE RELEASE
Aug. 31, 2011
Contact: Susan Allen at 802-279-8493
Or Jo Bradley, Chief Executive Officer
Vermont Economic Development Authority
SPECIAL VEDA FINANCING AVAILABLE FOR HURRICANE-DAMAGED BUSINESSES AND FARMS
MONTPELIER – Gov. Peter Shumlin, Agriculture Secretary Chuck Ross, Secretary Lawrence Miller from
the Agency of Commerce and Community Development, and VEDA CEO Jo Bradley announced today
that Vermont Economic Development Authority (VEDA) has allocated up to $10 million in special lowinterest financing for Vermont businesses and farms who suffered direct physical damage as a result of
The Hurricane Irene Assistance Loan Program funds are available immediately, the Governor said.
“This is important support for farmers and business owners across the state who found themselves in
the path of the storm,” Gov. Shumlin said. “I hope those in need will take advantage of this program.”
“Many of Vermont’s businesses and farms suffered significant damage as a result of the terrible flooding
caused by the hurricane,” said Bradley. “We want to do everything we can to help those affected
rebound as quickly as possible from these devastating losses.”
The funds will be available to help commercial businesses and farms who suffered direct physical
damage as a result of the hurricane. Affected not-for-profit organizations are also eligible for the special
Eligible financing purposes include, but are not limited to, damages to and/or losses of inventory,
equipment, business premises, feed, crops and livestock. The maximum loan amount under the
program is $100,000; the interest rate will be 1 percent for the first two years of the loan, with no
payments required during the first year. At the beginning of the third year, the rate will adjust for
commercial businesses to the VEDA Small Business Loan Program variable index, and for farm loans, to
the Vermont Agriculture Credit Corporation prime rate index.
Applications for financing may be obtained by calling VEDA at 802-828-5627. Applications may also be
downloaded and/or completed on-line at www.veda.org.
Applications will be reviewed and loans approved on a first-come, first-served basis until all available
funds are exhausted. For more information, please contact VEDA at 802-828-5627, visit www.veda.org,
or email email@example.com.