The Vermont Legislature appropriated $40,000,000 from American Rescue Plan Act (ARPA) – Coronavirus State Fiscal Recovery Funds to the Agency of Commerce and Community Development to provide funding for projects that make capital improvements or capital expansions that spur economic recovery and revitalization in communities across the state.
Elevate Vermont is a technology-based economic development program designed to catalyze growth in Vermont’s high tech business sector through increased access to targeted technical and research assistance.
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program can provide a cash payment, based on the revenue return generated to the State by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance requirements.
The VTP partners with employers and training providers to train Vermont's employees for the jobs of tomorrow. VTP provides performance based workforce grants for: pre-employment training, training for new hires and incumbent workers.
The Northern Border Regional Commission is a federal-state partnership for economic and community development. NBRC invests in community and economic development projects in economically distressed counties across Maine, New Hampshire, Vermont, and New York.
The BRF, offers grants and loans for the environmental remediation or cleanup of brownfields sites.
The State Trade Expansion Program (STEP) provides funding assistance to eligible Vermont businesses to support entry into foreign markets or expand international export activities such as participation in trade shows, trade missions, market research, and export education seminars.
The Vermont Legislature created relocation incentives to attract new residents to the state and grow the workforce as well as provide support to Vermont employers. The Worker Relocation Incentive Program is open to those looking to move to the state, whether to work remotely or take a job with a Vermont company.
The Tax Cuts and Jobs Act of 2017 included the creation of 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.” After undergoing a process that was recognized as a best practice, Governor Phil Scott designated 25 census tracts in 17 communities as Opportunity Zones .
Investments are needed at many stages in a business growth. These investments can take different forms, starting with "friends and family" and moving to more institutional investors. Following are links to some of the many resources available in Vermont. Capital sources from outside Vermont and foreign sources are also active in Vermont.
Vermont is fortunate to have a variety of capital and incentive programs. Capital sources range from angel investing to an array of debt sources at the Vermont Economic Development Authority and elsewhere. Our incentive programs have been rated amongst the best. Professionals at the Agency of Commerce and Community Development and our Regional Development Corporations are ready to help you identify the best source for your need and support you through eligibility and applications processes.
Short Term Forgivable Loan Program (CLOSED)
The VEDA Short Term Forgivable Loan Program will provide financial assistance to businesses that continue to experience current and on-going economic harm due to the COVID-19 pandemic.
Capital Investment Grant (CLOSED)
The Agency of Commerce and Community Development shall use the $10,580,000 appropriated to the Department of Economic Development in Sec. G.300(a)(12) of this Act to design and implement a capital investment grant program consistent with this section.
ACCD administered the Vermont Ski Area Recreation Safety Grant Program for ski areas to make physical improvements to their resorts to accommodate guests safely due to State-imposed COVID-19 safety measures. This program provided grants of up to $200,000 to downhill and cross country ski areas to make these improvements or to reimburse a ski area that has made an eligible physical improvement since March 1, 2020.
ACCD and the Department of Taxes administered the Vermont Emergency Economic Recovery Grant Program for certain business types, as established by Act 115, Act 137 and per the federal CARES Act. Additionally, the Vermont Expanded Emergency Economic Recovery Grant Program was an expansion of this program, as established by Act 115, Act 137, amended by Act 154 and per the Federal CARES Act.
Vermont businesses that have been negatively impacted by the COVID-19 pandemic can now seek free technical business assistance to help in their recovery. The Small Business Recovery Technical Assistance Program provides businesses with access to experts in several areas including business operations, financial management, and grant writing; digital strategies; architecture and physical space design; reconfiguring manufacturing equipment and processes and incorporating safety measures; technology and software consulting; and legal, marketing, and other professional services. The Small Business Recovery Technical Assistance Program is recommended for businesses that must change in some way to remain viable due to the challenges of the pandemic.
Economic Recovery Bridge Program (CLOSED)
On April 17, 2021, H.315 was enacted (Act 9). The Act appropriates $10 million of funds from the American Rescue Plan Act (ARPA) to ACCD to provide priority funding to businesses that have not received prior State or Federal financial assistance. To the extent that funds remain available, the program is also intended to provide funding to businesses that have suffered a tax loss even after receiving State or Federal aid. The Act requires ACCD to post guidance for the program 10 days after enactment, and that public guidance is available.