New opportunities to participate in creative financing programs with the Vermont Economic Development Authority (VEDA) are now available to those working in the state’s forest economy.
The Forestry Loan Program was unveiled June 4.
Through this new program, $3 million in financing can be provided in loans, each up to $500,000, with subsidized interest rates.
Loggers, foresters, log haulers, biomass producers, sawmills, firewood producers and wood product manufacturers may be eligible for funding to support working capital, equipment and refinancing.
The Vermont Forest Futures Strategic Roadmap, the forest based economy in the Green Mountain State accounts for about $2.1 billion annually and over 13,800 jobs.
And VEDA, now in its 50th year, is tasked with furthering the state’s workforce, business development and public policy goals — something it continues to do through financing programs that help small business owners grow and create even more jobs.
Wood and wood products have played a huge role in Vermont’s history, economy and ecology. The industry faces unique challenges, like high operating costs, variable markets and the unpredictable weather each season of the year.
Cassie Polhemus, VEDA’s CEO, acknowledged these barriers, saying, “Loggers, foresters and others in the wood products industry are dedicated to maintaining our state’s most beautiful renewable resource. But their day-to-day work remains at the mercy of Mother Nature, fluctuating markets and enormous operating expenses.”
In addition to this program, sure to have lasting impacts, Governor Phil Scott recently signed into law expanded access to existing VEDA agricultural and forestry loan programs for farmers and forestry industry businesses
And on June 6, the 2024 Vermont Forest Industry Summit brought together industry folks at the appropriately named Ponds and Timberline Lodge at Bolton Valley Resort. Presented by the Vermont Sustainable Jobs Fund, with VEDA serving as a sponsor, the event focused on developments in forest products, land use planning, forest management and recreation
“We are proud to support the summit and Vermont’s forest industry and we will continue to work with businesses to create financial opportunities that suit their unique needs,” Polhemus said.
Read the story on VTDigger here: Forestry in focus: New VEDA program supports those in the woods.