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, 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. In Vermont, all 14 counties are included in the NBRC eligible service territory.
The BRF, administered by ACCD, offers grants and loans for remediation of brownfield sites. The funds are made available to Vermont from EPA and eligible applicants can be private developers, non-profits and municipalities. There is no limit on the size of a loan; it depends on the amount of capital available in the fund. Grants are available to eligible non-profits and municipalities.
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.
(ACTIVE) Worker Relocation Grant Program:
The Vermont Legislature has created the following relocation incentives to attract new residents to the state and grow the workforce as well as provide support to Vermont employers. This program combines elements of previous relocation programs. There are two different types of grants available under this program. Applicants may be awarded up to $7,500 for reimbursement of eligible expenses. The New Relocating Worker Grant is available to new residents filling a vacancy with a Vermont employer in a qualified occupation and the New Remote Worker Grant is available to new residents that work remotely for an out-of-state employer.
The WCEDP is meant to promote economic development in Windham County by providing funds to stimulate job creation through business start-up, expansion, or relocation, encourage entrepreneurial activity, and strengthen the economic development infrastructure to ensure a strong foundation for transformational economic activity.
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.
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.