Vermont § 280bb - Vermont Entrepreneurial Lending Program

§ 280bb. Vermont Entrepreneurial Lending Program

• (a) There is created the Vermont Entrepreneurial Lending Program to be administered by
  the Vermont Economic Development Authority. The Program shall seek to meet the working
  capital and capital-asset financing needs of Vermont-based businesses in seed, start-up,
  and growth stages. The Program shall specifically seek to fulfill capital requirement
  needs that are unmet in Vermont, including: (1) loans to manufacturing businesses and software developers with innovative products
  that typically reflect long-term, organic growth; (2) loans up to $1,000,000.00 in growth-stage companies that do not meet the underwriting
  criteria of other public and private entrepreneurial financing sources; (3) loans to businesses that are unable to access adequate capital resources because the
  primary assets of these businesses are typically intellectual property or similar
  nontangible assets; and (4) loans to advanced manufacturers and other Vermont businesses for product development
  and intellectual property design. (b) The Authority shall adopt regulations, policies, and procedures for the Program as
  are necessary to increase the amount of investment funds available to Vermont businesses
  whose capital requirements are not being met by conventional lending sources. (c) When considering entrepreneurial lending through the Program, the Authority shall
  give additional consideration and weight to an application of a business whose business
  model and practices will have a demonstrable effect in achieving other public policy
  goals of the State, including: (1) The business will create jobs in strategic sectors such as the knowledge-based economy,
  renewable energy, advanced manufacturing, wood products manufacturing, and value-added
  agricultural processing. (2) The business is located in a designated downtown, village center, growth center, industrial
  park, or other significant geographic location recognized by the State. (3) The business adopts energy and thermal efficiency practices in its operations or otherwise
  operates in a way that reflects a commitment to green energy principles. (4) The business will create jobs that pay a livable wage and significant benefits to
  Vermont employees. (5) The business will create environmental benefits or will manufacture environmentally
  responsible products. (d) The Authority shall include provisions in the terms of a loan made under the Program
  to ensure that a loan recipient shall maintain operations within the State for a minimum
  of five years from the date on which the recipient receives the loan funds from the
  Authority or shall otherwise be required to repay the outstanding funds in full. (Added 2009, No. 54, § 28, eff. June 1, 2009; amended 2013, No. 179 (Adj. Sess.), § F.100; 2013, No. 199 (Adj. Sess.), § 4; 2015, No. 51, § E.1, eff. June 3, 2015.)