USDA, VEDA announce new funding for business startups - WCAX.COM Local Vermont News, Weather and Sports-

USDA, VEDA announce new funding for business startups

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Jennifer and David Anderson are small business owners in Waterbury and are ready to expand.

With the help of a loan through the Vermont Economic Development Authority, the Squire House assisted living home will soon be under their ownership. "It's an opportunity to continue to provide care to our seniors here in the Waterbury community and maintain a quality care that we want to provide," David  Anderson said.

The Andersons are just one of the 240 businesses to get help through VEDA and Monday the federal government awarded more money for VEDA to help small businesses. "We're here to announce another investment here in Vermont -- a one million dollar intermediary re-lending program loan from the USDA to the Vermont Economic Development Authority," said Ted Brady, USDA's Rural Development State Director.

It's a program that has already helped create more than 2,000 jobs across the state. Recipients include those who don't qualify for traditional financing and can demonstrate how they will create jobs and keep them in Vermont. The Cork and Wine Bar Market has created seven new jobs in Waterbury. "It was an incredibly favorable five year, $50,000 loan that made all of it possible," said the Cork's Danielle Nichols Moffatt. The Waterbury local received a loan through VEDA's small business program in 2011. The additional funds announced Monday will continue to provide unconventional financing options for the small businesses.

"There's no better way to grow jobs than capital for small businesses like Danielle who has a dream and a vision and that's why I continue to maintain that we've got a bright economic future," Gov. Peter Shumlin said.

The USDA has invested nearly $10 million in VEDA since 1989. Those funds have helped businesses with direct loans and loan guarantees. "It feels really good and VEDA has been incredible to work with, so I feel really lucky that I've been able to make it happen," Nichols Moffatt said.

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