Program Championed by Vermont Chamber Successfully Deploys $18.5 Million to Vermont Businesses

The VEDA Short-Term Forgivable Loan Program issued business loans to 201 companies in all 14 counties, totaling $18.5 million of funding. This economic development program was successfully advocated for by the Vermont Chamber in the 2022 legislative session and was instrumental for businesses to recover from the pandemic, particularly those in the manufacturing and tourism industries.  

The program was fully subscribed to by February 2023. The business relief program provided financial assistance to businesses whose operations were harmed by pandemic-related economic impacts, such as restaurants, lodging properties, and special events vendors, who were forced to close or severely limit their operations.