Capital Investment Grant

CREATION, PURPOSE, AND REGIONAL OUTREACH

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 Act 74 to design and implement a capital investment grant program consistent with the requirements of this legislation and Federal ARPA guidelines. The Governor’s Recovery Plan is focused on transparent investments in key infrastructure needs including housing, broadband, wastewater, and sewer systems, climate change prevention and mitigation, and economic development.

The legislation outlines the requirements that funded projects will be transformational, attract new businesses or retain existing businesses, be geographically distributed across the state, and encourage capital investment and economic growth. The transformational projects are those that have impacts beyond the immediate economic impacts of job and wage growth directly associated with the investment. These additional impacts can include regional impacts on workforce development, or supply chain improvements, adding stability to local areas with fragile economic conditions , a sector-wide impact that other businesses will be able to benefit from. We encourage applicants to describe as much specificity as possible on the three categories of impact: regional impacts, local economy stabilization, and sector-wide impacts.

The Agency will collaborate with other State agencies, regional development corporations, regional planning commissions, and other community partners to identify and assist potential applicants and projects to ensure the distribution of grants throughout the State of Vermont. 

The Vermont Capital Investment Program is funded by Federal State Fiscal Recovery funds and is subject to both state and federal eligibility, financial and performance requirements to include a demonstration of only one out of the three:

  • COVID impact,
  • Participate in the hospitality sector, OR
  • Location in a qualified census tract.
    • To determine the census tract for this project click here enter project address and locate the Census Tract Code and Census Tract Name from under Census Tracts header
    • To determine if your census tract is qualified, look up your Census Tract Name here: HUD

AWARD AMOUNT & ELIGIBLE USES:

  • An award shall not exceed the lesser of $1,500,000.00 or the calculation of the net fiscal, economic, and social impact of the proposed project to the State as determined by the net fiscal impact model approved by the Joint Fiscal Committee.
  • A recipient may use grant funds for the acquisition of property and equipment, construction, renovation, and related capital expenses.
  • A recipient may pair funds from this program with other grant funding sources for overall project costs but shall not use grant funds from multiple sources for the same costs within the same project.
  • The award will be subject to the execution of a grant agreement. The Agency shall release grant funds upon determining that the applicant has met all Program conditions and requirements.

ELIGIBILITY:

To be eligible for a grant, an applicant shall meet the following criteria:

  • The project is located within the State of Vermont.
  • Applicant is a for-profit entity with not less than a 10 percent equity interest in the project; or
  • Applicant is a nonprofit entity.
  • Applicant is in good standing with the State and Federal Governments.

For further eligibility and non-eligible requirements, please visit the Notice of Funding Opportunity Guidelines.                                                                      

BEFORE YOU BEGIN:

Please be aware, once a Stage I application form is started it cannot be saved. Therefore, the full form must be completed in one session. As a result, applicants should familiarize themselves with all of the application questions prior to commencing Stage I online application form.

APPLICATION INSTRUCTIONS NOFO GUIDELINES FREQUENTLY ASKED QUESTIONS

Please note that you will need detailed project budgeting, job creation/retention, payroll and compensation, revenue projections to complete the Stage 1 application. See the application outline and instructions for more details. 

HOW TO SUBMIT A STAGE 1 APPLICATION

Any for-profit or non-profit business is eligible to submit an application during Stage I; applicants will receive feedback and input from the Agency. This review process will allow the Agency to provide feedback that will assist the applicant in completing the Stage II application. We strongly advise the submission of materials in Stage I to be completed quickly. The deadline for completed applications is December 27, 2021.

 

STAGE 1 APPLICATION

For support please email: Capital Investment Grants Team

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