Vermont Chamber of Commerce

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Business Development

$135 Million of Low Interest Bonding Authority Now Available for Economic Development Projects

The State's Emergency Board has approved a plan to make $135 million of low interest bonding authority available statewide for economic development projects through the Vermont Economic Development Authority (VEDA).

The bonds which are issued will be revenue bonds, and so the state's credit rating is not affected by this issuance. Neither the federal nor state government nor VEDA provides any kind of credit guarantee for these bonds so the projects and applicants must be able to satisfy investors that they will be repaid. In general, bond funding must be used to acquire or construct new depreciable assets. VEDA will underwrite applications and assist borrowers in placing their bonds. All bonds must be issued by December 31, 2010 and the maximum bond issuance for any one project is $25 million.  Interested applicants are urged to contact a VEDA commercial loan officer at 802 828-5627 (JOBS) or click here for more information.

The bonds were initially allocated to eleven Vermont counties under federal law. However, the Vermont Attorney General opined that the counties did not have the requisite authority to use these bonds although the assistant judges do have the authority to waive their allocations, in which case the authority goes to the State. Treasurer Spaulding and Chief Recovery Officer Tom Evslin met with both interested parties and the Assistant Judges and, together with them, developed the plan which was presented to the Emergency Board today. Under this plan, half of the allocation which each county received from the federal government is reserved as a minimum allocation for that county through March of 2010. In addition $20,000,000 is reserved through March for the Vermont Telecommunications Authority (VTA). The unreserved $47.5 million and any reservation not used through March are available anywhere in Vermont.

The largest original allocations under the federal formula were $63,347,000 to Rutland County and $32,695,000 to Chittenden County. Lamoille, Orleans, and Windsor County received no allocations. Projects anywhere in Vermont are now eligible to apply under the plan approved by the Emergency Board.

Another $90 million of Recovery Zone bonds for municipal use were also made available and the Assistant Judges have also waived this to the state. A plan for its use will be presented to the Joint Fiscal Committee shortly.
 
Click here for more information about eligibility and the application process.  


Creative Workforce Solutions: An inititiative of VocRehab Vermont

Creative ways to increase your bottom line. Let VocRehab do all the work:

  • Risk-free Trial
  • Tax Incentives & Credits
  • Temp to Hire
  • On-the-Job Training
  • Long-term Internship
  • Training & Coaching
  • Flexible Ongoing Support
  • Employee Assistance Program

Vermont Employee Ownership Center
The Vermont Employee Ownership Center (VEOC) is a non-profit organization dedicated to promoting and fostering employee ownership. VEOC goals are to broaden capital ownership, deepen employee participation, retain local ownership of businesses and the jobs they support, increase living standards for working families, and stabilize communities.

U.S. Small Business Administration-- Vermont District Office
The U.S. Small Business Administration (SBA) maintains and strengthens the nation's economy by aiding, counseling, and protecting the interests of small businesses and by helping families and businesses recover from national disasters. SBA provides financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank lenders; provides free counseling through the Service Corps of Retired Executives; free consulting services through the network of Small Business Development Centers; advice to women business owners through the Vermont Women's Business Center, and more.

The Vermont Small Business Development Center
The Vermont Small Business Development Center (SBDC) provides free and confidential business assistance, which includes, but is not limited to: Business Plan Development, Acquisition, Marketing, Expansion, Capital Formation, and Financial Analysis. Housed at the 12 Regional Development Corporations and Vermont Technical College, advice from SBDC business counselors is strictly free and confidential. The SBDC also offers statewide services of Regulatory Assistance, Energy Efficiency and Workplace Safety, Agricultural Businesses Planning and Financial Management assistance, and Technology Business Development. For further information and/or assistance, and to find the SBDC office closest to you, go to: http://www.vtsbdc.org/ or call 1-800-464-7232.

 

American Hotel & Lodging Association Offers Resources to Hoteliers to Prepare for and Manage Swine Flu
The American Hotel & Lodging Association (AH & LA) has put together a manual specifically for hoteliers to prepare for and manage Swine Flu. Click on the link above for more information for your hospitality business. The 26-page lodging industry influenza management guide can assist hotel general managers and other industry professionals in developing their property's H1N1 flu plan.

Environmental and Land Use Permitting

Environmental Permit Information Summary
The Agency of Natural Resources' three departments, Environmental Conservation (DEC), Fish and Wildlife (F&W), Forests, Parks and Recreation (FPR) have regulatory responsibility for a number of programs and oversee their associated permits. The majority of environmental permits are issued by the DEC.

Natural Resources Board
The website of the Land Use Panel of the Natural Resources Board. Established by Act No. 115 of the Vermont General Assembly, the Land Use Panel oversees the activities of the District Environmental Commissions, provides administrative support and enforcement of Act 250 permits, and conducts rulemaking related to the Act 250 program.

Trade Links, International Trade Information, and Resources

Champlain College (www.champlain.edu)
Customs and Border Protection (www.cbp.gov)
Export Legal Assistance Network (ELAN)
Vermont Global Trade Partnership
Lake Champlain Regional Chamber of Commerce (www.vermont.org)
St. Michael's College (www.smcvt.edu)
Traderoots (www.traderoots.org)
US Chamber of Commerce (www.uschamber.com)
US Customs Service (www.customs.gov)
US Dept of Commerce (www.export.gov)
US Dept of Commerce Commercial Service (www.buyUSA.com)
US Senator Bernie Sanders (http://sanders.senate.gov/)
US Senator Patrick J. Leahy (http://leahy.senate.gov/)
US Representative Peter Welch (www.welch.house.gov/)
US Small Business Administration Export Programs (www.sba.gov)
US Visa Information (www.unitedstatesvisas.gov)
UVM Center for Rural Studies
UVM's The International Link (www.uvm.edu/~laines/export)
Vermont Agency of Agriculture (www.vermontagriculture.com)
Vermont Economic Development Authority (VEDA) (www.veda.org)
Vermont International Marketing (www.vermontpartners.org/htm/marketingvt_inter.asp)   
Vermont Manufacturing Extension Center (VMEC) (www.vmec.org)