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.
Vermont Training Program (VTP)
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 2019 awards (Hyper link to the attached document) allowed Vermont to fund 12 EID and 5 RFEP projects for a total of $7,968,455.
The U.S. Department of Defense (DoD)'s Office of Economic Adjustment (OEA) provides grant assistance to state and local governments, and instrumentalities of local governments, as they respond to a defense industry action, such as base closure or realignment, changes in defense contracting, or as they address land use compatibility with the military. Their mission is to support and build relationships with communities impacted by defense program changes by focusing on developing community adjustment strategies. These relationships will elevate the technological knowledge and sophistication of defense-related small and medium-sized manufacturers (SMMs), improving their competitiveness, ability to innovate, and overall value to the DoD.
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.
The New Worker Relocation Grant Program was created by the Vermont Legislature to encourage workers to move to Vermont to work for Vermont companies. If you move to Vermont on or after January 1, 2020 to work full-time for a Vermont employer, you may be eligible for this program.
The Remote Worker Grant Program was created by the Vermont Legislature to encourage professionals interested in moving to Vermont to make the leap. If you are a remote worker — someone who performs the majority of their employment duties remotely from a home office or co-working space in Vermont — you may be eligible for this program.
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.