Area Development Vermont Resource Page
Direct Financial Incentives
The Vermont Training Program promotes industrial expansion and encourages the creation and retention of jobs in manufacturing by providing training for new and existing businesses. Individually designed programs may include on-the-job, classroom, skills-upgrade, or other specialized training mutually agreed upon by the state and the employer. The state may pay up to 50 percent of the related training expenses.
The program also conducts semiannual ISO 9000 training sessions.
Industrial development bonds:
The Vermont Economic Development Authority (VEDA) promotes economic prosperity and increases employment for Vermont businesses by providing low-cost capital for eligible facilities. Programs include direct loans, mortgage insurance, the Financing Access Program (which utilizes a "pooled reserve" concept to enhance opportunities for small businesses to access commercial credit with premiums based on a percentage of the loan amount paid to VEDA by a participating bank and deposited into a reserve account on behalf of that bank), export finance, the Vermont Small Business Development Corporation, industrial revenue bonds, rural economic activity loans, agricultural facility and debt stabilization loans, and Vermont Job Start.
Redevelopment of Contaminated Properties/The Brownfields Program:
Under Vermont's hazardous waste liability statute (10 V.S.A. §6615) any owner or operator of property on which there is a release or threatened release of a hazardous material is strictly liable for the cleanup costs of that release or threatened release, regardless of whether that person caused the contamination or not. The fear of strict liability has previously discouraged potential purchasers from acquiring contaminated property and has made banks hesitant to grant loans for such properties.
In an attempt to reduce the fear of liability and to encourage the reuse and redevelopment of contaminated properties over development of greenfields, the Vermont Legislature in 1995 passed H. 190 (codified at 10 V.S.A. §6615a). The legislation establishes a defined process by which developers can conduct cleanup of contaminated properties and obtain protection from liability.
Vermont State Contact:Vermont Department of Economic Development
National Life Building, Drawer 20
Montpelier, VT 05620
(802) 828-3080
