VEDA Newsletter: The latest from Vermont’s economic development finance organization

Message from the CEO, Vermont Economic Development Authority

Happy New Year! I hope you all enjoyed the holiday season and were able to take some time off. I did and am feeling refreshed and excited by the hope and promise that a turn of the calendar brings.

As we start 2026, we do it with an eye to the Statehouse. As you may know, we were created by the legislature in 1974 to invest in economic development and job creation. We lend to agricultural operations, businesses, and not-for-profits. For most of our commercial portfolio we lend alongside the community banks and credit unions of Vermont. The only exception to lending to commercial real estate is for housing development.

VEDA’s statute currently prohibits investing in housing creation, but housing is economic development. We are in the throes of a housing crisis, so VEDA wants to be part of the solution. We believe adding more financing capacity will help get more multi-family housing projects off the drawing board and into our communities.

If there is a project that would benefit from this proposal, please let us know.

All the best to you in 2026,

Joan Goldstein
VEDA CEO

Low-Interest Rates for Loggers

A partnership with the Vermont Department of Forests, Parks and Recreation is creating an amazing financing opportunity for loggers. Loggers purchasing qualifying low-impact equipment are now eligible for a 2.5%-3.0% interest rate from VEDA. Learn more about this new initiative and how it will help protect the watershed.

Fraud Resource

Unfortunately, there are bad actors out there trying to steal your information. In the interest of protecting your information and keeping you informed, VEDA has created an Avoid Fraud and Protect Your Data web page. On it you will find what kind of communications you can expect from VEDA, resources for protecting your data, and what to do if you receive a suspicious request. This web page will also be used to alert you should scammers use VEDA’s name to target victims.

Delivery Issues

Mail delivery in Montpelier is not as frequent as it used to be. As a result, some loan payments sent to us via the U.S. Postal Service are arriving late. When a payment doesn’t arrive on time it increases the amount of interest a borrower owes.

One way to ensure that your payment always arrives on time and you pay no additional interest is to pay via ACH, which is an electronic money transfer. VEDA Director of Servicing Nancy Gonneville can easily set up ACH payments for you. Please email Nancy to learn more.

New Loans

We finished the last month of 2025 by closing fourteen loans. Here are the small businesses and agricultural operations we helped in December:

Chaput Family Farms in North Troy
Northeast Forestry & Timber Harvesting in Bennington
India Masala House in Brattleboro
Aligned Works VT in Hyde Park
New England Building Movers in Salisbury
Bridport Creamer in Bridport
Kellogg Enterprises in Hartland
Boreal Bungalows/Another Jaunt in Waterbury
St. George Town Center Association in St. George
K&M Scenic View Farm in Addison
Douglas Sweets in Shelburne
Riddhi Hospitality in South Burlington
Grey Bonnet Inn in Killington
Verse River Logging in Bradford

Borrowers in the News

EV Charging Stations reported on Vermont’s first fast-charging station. It was built in Winhall by Cellerate and used VEDA funding:

Read the Article

Former borrower Concept2 in Morrisville made Oprah’s 2025 Favorite Things list for its SkiErg machine as NBC5 reported:

Watch the Video

Agriculture and Business Opportunities

Resilience Grants

NOFA Farmer Resilience Grants promote organic practices to build an economically viable, ecologically sound, and a socially just agricultural system. Up to $5,000 per farm is available. Applications due January 26.

New Rules for Loggers

The state of Vermont modified its rules for the movement of ash logs and firewood within the state to minimize the spread of the Emerald Ash Borer to uninfested areas.

10th DeltaClimeVT

Start-up and seed stage ventures that enhance grid resilience and reduce greenhouse gas emissions have until January 16 to apply for the 2026 DeltaClimeVT cohort. Solutions that help lower electricity costs for Vermont ratepayers are of particular interest.

In The Community

The Morning Drive

CEO Joan Goldstein and Chief Lending Officer Sandy Croft appeared on WVMT’s Morning Drive with Anthony and Dan (above) to talk about VEDA’s mission and what we have to offer.

Coming This Month

In January you can find us at:

Borrower Spotlight

We have three new stories about VEDA borrowers on our website for you to enjoy:

Bolton Valley Resort and those living along the Bolton Valley Access Road struggled for years with a shaky and expensive water system. Now the leaks are fixed and the supply is steady.

WheelPad in Wilmington makes manufactured homes for people with mobility issues. VEDA worked with the Brattleboro Development Credit Corporation to help WheelPad expand.

Stewart Maple in Rutland County is a family-owned, organic maple producer. VEDA financing has helped Stewart Maple buy land, add taps, and install new equipment.

Interested in other borrowers VEDA has helped over the years? Visit our Borrower Stories page where you can read about more than 100 organizations we’ve helped finance.

Congratulations Sandy!

Sandy Croft is VEDA’s new Chief Lending Officer. Sandy has been with the VEDA since December 2008. She started as a Commercial Loan Officer and most recently served as our Director of Credit.

In her new position, Sandy is looking forward to meeting with our borrowers and lending partners to identify their needs so that VEDA can align its strategic priorities with the needs of the market.

“I’m also looking forward to further integrating our commercial and agricultural divisions and their processes to best serve our customers and improve internal workflows.”

Sandy lives with her husband in Essex Town and is the proud mother of two sons.

Meet the Board

David Marvin, VEDA Board Vice Chair

David Marvin of Hyde Park is founder of Butternut Mountain Farm and currently serves as the VEDA Board’s Vice Chair. He first learned of VEDA as a borrower and decided to join the board in 2022.

“Particularly on the agriculture side, which I’m closer to, we are a fine alternative to other sources of credit in the agricultural industry.”

David is impressed with VEDA’s ability to respond to disasters, like recent flooding, to help businesses and farms financially recover. He’s also impressed by the staff.

“If a borrower comes to VEDA, you’re going to get a loan officer and underwriting with knowledge in your area, which is really important.”

Since its creation by the Vermont legislature in 1974, VEDA has provided more than $2.6 billion in financing to thousands of businesses, nonprofits, and agricultural enterprises. David wants people to know that VEDA does that work with its own capital.

“We use the moral authority of the state, but we don’t depend on the general assembly for our funding, only for our mission. So, I think we’re a great add-on to the delivery of services for citizens of the state and taxpayers.”

In 2026, David expects VEDA to stick to its strategic plan and its mission to support economic development and create jobs.

“VEDA was set up to incent economic development, and that requires the willingness to take some risk. We are not a commercial bank that needs to be conservative with the deployment of its capital.”

Agricultural Lending Programs

Commercial Lending Programs

Energy Lending Programs

Forestry Lending Program

Created by the Legislature in 1974, VEDA is Vermont’s economic development finance organization helping create jobs and advance the state’s public policy goals.