WCAX.COM Local Vermont News, Weather and Sports-New Help for Start-Ups
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Burlington, Vermont - July 6, 2009
Vermont Senator Patrick Leahy says new federal funding will help secure the growth of high-tech jobs in Vermont.
Monday, Leahy announced $1 million for the creation of the Vermont Technology Seed Capital Fund. Start-up companies will be able to get financing without taking out a loan. Instead, the seed fund will have an equity stake in the business it's investing in. The return on that will help fund new start-ups.
"This million dollars is going to do something that has never been done before. It's going to help small start-up high-tech businesses," said Leahy, D-Vermont. "They have what they call this valley of death. You've just started, you know you've got something good, but you're looking for a bank loan, you don't yet qualify. You don't have quite enough money to get it going, you've got to get through that first step. This is going to get you through that first step."
Funding will not be distributed until this fall, but the Vermont Center for Emerging Technologies is beginning talks with start-ups that may be interested in applying.
Kate Duffy - WCAX News
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