Vt. to use $58M in pandemic funding to aid entrepreneurs, start-ups

MONTPELIER, Vt. (WCAX) - Millions of dollars will soon be available for Vermont entrepreneurs as the state prepares to spend nearly $58 million in federal pandemic funding aimed at Vermont entrepreneurs and small business startups.

Vermont’s State Small Business Credit Initiative (SSBCI) will include access to low-interest loans and early-stage venture capital investments.

The SSBCI program will receive nearly $29 million to focus on seed fund investments. Vermont will also allocate another $29 million to a loan participation program, administered by the Vermont Economic Development Authority (VEDA).

“My administration remains focused on retaining and creating jobs and supporting businesses in every region of the state,” Governor Phil Scott said in a statement. “This program will support our innovative employers, helping them to grow and become national leaders while strengthening our communities here at home.”

To receive notifications as more information becomes available, sign up for the Department of Economic Development newsletter.

Copyright 2022 WCAX. All rights reserved.