SRDC, working with our partners, has a variety of resources to assist an existing company, a business looking to move to our region or someone looking to start a new venture!
We will work with you to facilitate any of these resources that might be useful for your project.
Vermont Employment Growth Incentive (VEGI):
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program provides cash payments to businesses that have been authorized to earn the incentive and who then meet performance requirements. The value of each payment is based on the revenue return generated to the State by prospective qualifying jobs, payroll creation, and capital investments.
The VEGI program provides incentives from the State of Vermont to encourage prospective economic activity in Vermont that is beyond a business’s organic growth—growth that would not occur, would not occur in Vermont, or would occur in a significantly less desirable manner without the incentive. The economic activity can be generated by a Vermont company, a Vermont division adding new qualifying employees, a company that is considering Vermont as a new location, or a start-up business. Once authorized, the incentives are earned and installments paid if performance requirements are met and maintained.
Authorization for the incentives occurs through application to the Vermont Economic Progress Council, who must determine if the company and project meet approval requirements. If a company is authorized, the total amount of incentive available is determined by an economic model that calculates the revenue benefits and costs to the State, based on performance projections for the five years following approval.
For more information about the VEGI program – https://accd.vermont.gov/economic-development/funding-incentives/vegi or contact Megan Sullivan at 802-798-2221 – email@example.com
Vermont Training Program (VTP):
The Vermont Training Partnership (VTP) partners with employers and training providers to prepare Vermont’s employees for the jobs of tomorrow. VTP provides performance-based workforce grants for pre-employment training, training for new hires, and training for incumbent workers. This training can either be on-site or offered through an outside provider. VTP grants may cover up to 50% of the training cost.
For more information about the Vermont Training Program – https://accd.vermont.gov/economic-development/funding-incentives/vtpor contact John Young at 802-355-2725 – firstname.lastname@example.org
Northern Border Regional Commission (NBRC):
The Northern Border Regional Commission, (NBRC) invests in community and economic development projects in economically distressed counties across Maine, New Hampshire, Vermont, and New York. In Vermont, all 14 counties are included in the NBRC eligible service territory.
Eligible applicants include public or non-profit entities and applications for grant funding can focus on projects in any of the following program areas:
- Transportation infrastructure
- Basic public infrastructure
- Telecommunications infrastructure
- Workforce development, entrepreneurship and businesses and technology development
- Resources and open space conservation, tourism and recreation
- Renewable and alternative energy.
There are annual applications for Economic & Infrastructure Development Grants and Regional Economy Forestry Partnership Grants.
Vermont Economic Development Authority (VEDA):
VEDA partners with Vermont banks to provide low interest rate loans that help eligible Vermont entrepreneurs, manufacturers, small businesses, and agricultural enterprises, to reach business goals, create jobs, and enhance the vitality of Vermont’s economy. Go to www.veda.org or call 802-828-5627 for more information.
Small Business Administration (SBA):
The U.S. Small Business Administration provides a variety of assistance to small businesses including loan guarantees, contracts, and entrepreneurial development (Education, Information, and Technical Assistance & Training). Go to www.sba.gov for more information.
Springfield Area Revolving Loan Fund/Springfield Area CARES Act Revolving Loan Fund:
SRDC currently offers two revolving loan fund programs for businesses in our service region. Both programs provides businesses with loans typically between $5,000 and $75,000. These loans are generally repaid over a five year period at favorable fixed rates. The CARES Act RLF offers very flexible underwriting criteria and lower interest rates. For more information, email us or call us at 802-885-3061.
Town Revolving Loan Funds:
In the SRDC service area, the Towns of Springfield, Windsor and Chester all have revolving loan funds to help a new business venture or existing company with a financing need. Contact the SRDC office to learn more!
Connecticut River Valley Revolving Loan Fund:
The Connecticut River Valley Revolving Loan Fund (CRVRLF) provides fixed rate loans to business located in the service areas of SRDC, Green Mountain Economic Development Corporation and Brattleboro Development Credit Corporation, covering Windsor and Windham Counties, and a portion of Orange County. Applicants are required to work with the Small Business Development Center counselor within one of those offices in preparing their application. Loans will generally not exceed $25,000 unless the project offers compelling employment possibilities.
New Market Tax Credits (NMTC):
Congress created the NMTC program in 2000 to spur investment of private capital for economic development in both rural and urban low-income communities. Individuals and corporations receive a tax credit against federal income taxes for making investments in certain low-income properties or businesses when those investments are made through a “community development entity” (CDE). Prospective NMTC projects generally need to be located in qualified census tracts. Currently, the only qualified NMTC census tract in the SRDC service area is located in Springfield. For more information, please contact Bob Flint at SRDC, 802-885-3061, email@example.com
The Tax Cuts and Jobs Act of 2017 included the creation of Opportunity Zones, a new tax incentive aimed at increasing private investment in low-income census tracts. Investors in these zones will receive preferential tax treatment when they invest in a newly created “Opportunity Fund.” Opportunity Fund investments can be made into qualifying projects in commercial real estate or small businesses
In March 2018 Governor Phil Scott designated 25 census tracts in 17 Vermont communities as Opportunity Zones. The community of Springfield is the only currently designated Opportunity Zone in the SRDC region. For more information, please contact Bob Flint at SRDC, 802-885-3061, firstname.lastname@example.org