VEDA Forgivable Loan Program opens Sept 15
Vermont Business Magazine - 9/13/2022.
VEDA (Vermont Economic Development Authority) will open up applications for their Short Term Forgivable Loan Program on September 15, 2022. The VEDA Short Term Forgivable Program will provide financial assistance to businesses that continue to experience current and ongoing harm due to COVID-19 pandemic.
Similar to the PPP loans of 2020, this program will offer 100% forgiveness of loans for funds used towards approved expenses which include but are not limited to payroll, utilities, loan interest, and rent.
To qualify for the initial round your business must:
- Be part of the following industries: Travel & Tourism, Restaurant & Eating Establishments, Lodging, Childcare, Agriculture, or be a BIPOC-owned business
- Have been established before March 13, 2020, or have taken substantial steps towards opening
- Be able to demonstrate a drop in net operating income of 22.5% during the 2020 and 2021 calendar years as compared to 2019.
- Additional industries will be allowed to apply in future rounds.
For more information on the program and to use their tool to calculate eligibility and potential loan amounts visit the program website.
Article published by VBM: https://vermontbiz.com/news/2022/september/08/veda-forgivable-loan-program-opens-sept-15