VEDA Forgivable Loan Program Opens September 15

Vermont Business Magazine VEDA (Vermont Economic Development Authority) will open applications for its short-term forgivable loan program on September 15, 2022. The VEDA short-term forgivable loan program will provide financial assistance to businesses that continue to experience current and ongoing damage due to the COVID-19 pandemic. .

Similar to the 2020 PPP loans, this program will provide 100% loan forgiveness for funds used for approved expenses which include, but are not limited to, payroll, utilities, loan interest and rent.

To qualify for the first round, your business must:

  • Be part of the following industries: travel and tourism, restaurants and catering establishments, accommodation, child care, agriculture, or be a business owned by BIPOC
  • Have been established before March 13, 2020 or have taken substantial steps towards opening
  • Be able to demonstrate a decline in net operating income of 22.5% in calendar years 2020 and 2021 compared to 2019.

Other industries will be allowed to apply in future rounds.

For more information about the program and to use their tool to calculate eligibility and potential loan amounts, visit the program’s website.

The LCIEDC is there to help companies navigate the program. We will be holding a Zoom session to skim the schedule on Wednesday, September 14 at noon which you can join here. If you have any questions in the meantime, please don’t hesitate to call us at 802-372-8400 or email our Executive Director Andy Julow at [email protected] or our Deputy Director Donna Boumil at [email protected] .com

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