VT Incentives | Finance, Loans, IRB, Workforce Development

A comprehensive list of Vermont financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.


https://businessfacilities.com/2016/03/vt-incentives-and-workforce-development-guide/
A comprehensive list of Vermont financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.
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Vermont Incentives and Workforce Development Guide

VT Incentives | Finance, Loans, IRB, Workforce Development

For a list of Vermont economic development agencies that can help with the site selection process, visit our Online Site Seekers’ Guide.

 

UPDATED FINANCING & GRANTS

International Grants: Our programs help all of our “Best in Class” Vermont businesses succeed in international markets by providing international trade related educational seminars, trade show participation, technical assistance and one-on-one consulting services. In many areas we also provide grants and funding for your business to obtain the exposure and necessary infrastructure to make an international transaction possible.

Investment Capital: 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

Northern Border Regional Commission Grants: The Northern Border Regional Commission is a federal-state partnership for economic and community development.

Windham County Economic Development Program (WCEDP): The WCEDP is meant to promote economic development in Windham County by providing funds to stimulate job creation through business start-ups, expansion, or relocation, encourage entrepreneurial activity, and strengthen the economic development infrastructure to ensure a strong foundation for transformational economic activity.

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UPDATED TAX INCENTIVES

R&D Tax Credit: You may qualify for a state research and development (R&D) credit on eligible expenditures made in Vermont. The Vermont credit can be taken in an amount equal to 27% of the federal tax credit allowed in the taxable year. For more information: tax.vermont.gov/business-and-corp/corp-and-business-income-taxes/tax-credits

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FINANCING & GRANTS

Brownfields Revitalization Fund (BRF): Administered by the Vermont Agency of Commerce and Community Development (ACCD), the fund can provide low-interest loans for site cleanup. Grants may also be available.

Clean Energy Development Fund (CEDF): Provides funding for projects to increase the development and deployment of cost-effective and environmentally sustainable electric power resources—primarily with respect to renewable energy resources, and the use of combined heat and power technologies.

Vermont Community Development Program: Can provide grants to municipalities for infrastructure required for business expansion or location. Municipalities may also loan CDBG funds to businesses for certain purposes.

Vermont Economic Development Authority (VEDA): Offers a suite of, low-interest loan programs that often fill the financing gap for a commercial startup or expansion project. Working either directly with a business or in partnership with a commercial lender, VEDA customizes financing solutions to fit the unique needs of business projects, large or small, utilizing a number of innovative loan programs.

Vermont Employment Growth Incentive (VEGI): The program can provide a cash incentive, based on new job and payroll creation and capital investments, to companies that have been authorized to earn the incentive. Authorization requires that the company and project show that the employment and investment would not occur without the incentive or would occur in a substantially different and less desirable manner, meets program guidelines, and will generate net revenues to the State after the cost of the incentives. The incentive amount is based on the economic and fiscal impact of qualifying new jobs and payroll and capital investments made by the applicant for a period of up to five years. The resulting net revenue impact is used to calculate a percentage, which is then applied against the qualifying new payroll of the net new qualifying jobs, the product of which is the incentive amount for that year.

Vermont Sustainable Jobs Fund (VSJF): Provides early stage grant funding, technical assistance and loans to entrepreneurs, businesses, farmers, networks and others interested in developing jobs and markets for sustainably produced goods and services.

Working Lands Enterprise Initiative: Grants funds to stimulate the agriculture and forest product sectors by systematically advancing entrepreneurism, business development and job creation.

 

TAX INCENTIVES

Equipment, electricity and fuel for manufacturing are exempt from Vermont Sales and Use tax.

Work Opportunity Tax Credit (WOTC): Offers federal tax credits to employers as an incentive to hire people in several specific target groups.

 

WORKFORCE DEVELOPMENT

Micro Business Development Program of the Vermont Community Action Agencies: Provides technical assistance and training to low to moderate income Vermonters planning to start or expand a small business.

Vermont Training Program (VTP): Promotes expansion and encourages the creation and retention of jobs in Manufacturing, Information Technology, Healthcare, Telecommunication and Environmental Engineering by providing training funds for new and existing businesses thereby increasing the skills of the Vermont workforce, the wages and Vermonters’ standard of living. To be eligible, the company must guarantee that the training requested will supplement, rather than replace the company’s ongoing, normal training efforts and agree to pay wages equal to at least twice minimum wage at completion of training, if no benefits are provided to the employee.

 

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