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.

FINANCING & GRANTS

The State Trade Expansion Program (STEP): The State Trade Expansion Program (STEP) grant has been awarded to Vermont by the U.S. Small Business Administration (SBA) and is administered by the Vermont Department of Economic Development. Funding assistance is available to eligible Vermont businesses to support entry into foreign markets or expand international export activity through trade shows, trade missions, market research, and export education.

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 CapitalInvestments 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.

Northern Border Regional Commission GrantsThe Northern Border Regional Commission (NBRC) is a federal-state partnership, which 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.

Windham County Economic Development Program (WCEDP): The WCEDP promotes 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.

Brownfields Revitalization Fund (BRF): Administered by the Vermont Agency of Commerce and Community Development (ACCD), the fund can provide monies to support the clean-up of contaminated sites. Funding is available in the form of low-interest loans or sub-grants (for non-profits) to mitigate brownfield properties.

Clean Energy Development Fund (CEDF): The purpose of the Fund is to increase the development and deployment in Vermont of cost-effective and environmentally sustainable electric power resources, primarily with respect to renewable energy resources, and the use in Vermont of combined heat and power technologies.

Vermont Community Development Program: The Vermont Community Development Program (VCDP) assists communities on a competitive basis by providing financial and technical assistance to identify and address local needs in the areas of housing, economic development, public facilities and public services.

Vermont Economic Development Authority (VEDA): VEDA offers innovative, low-interest loan programs that often fill the financing gap for a commercial start-up 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 Vermont Employment Growth Incentive offers incentives to encourage business recruitment, growth and expansion in Vermont. The VEGI program can provide a performance-based cash incentive for prospective job and payroll creation and capital investment that is beyond organic growth and which occurs because of the incentive. There are no restrictions on the type or size of company that can apply or the number of jobs that must be created.

Vermont Sustainable Jobs Fund (VSJF): The Vermont Sustainable Jobs Fund provides business assistance, value chain facilitation, network development, and strategic planning in agriculture and food systems, forest products, waste management, renewable energy, and environmental technology.

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.

R&D Tax Credit: If you take the federal R&D credit, you may qualify for a state 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. This credit applies to personal income tax or business or corporate income tax. Any unused credit available may be carried forward up to 10 years.

 

WORKFORCE DEVELOPMENT

Micro Business Development Program of the Vermont Community Action Agencies: The MBDP helps low to moderate-income Vermonters start and grow micro businesses. These are businesses that employ less than five people and generate less than $25,000 in annual revenue.

Vermont Training Program (VTP): VTP provides performance-based workforce grants for pre-employment training, training for new hires, and training for incumbent workers. This training can either be on-site or offered through an outside provider.  VTP grants may cover up to 50% of the training cost.

 

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