Vermont Economic Development Authority unveils new forestry loan program

The Bennington Banner
June 5, 2024
Category: Forestry
Region: United States, US East

MONTPELIER — The Vermont Economic Development Authority, or VEDA, today unveiled a new loan program available to businesses in the state’s forest economy. Three million dollars in total financing can be provided in the form of loans up to $500,000 with subsidized interest rates for loggers, foresters, log haulers, biomass producers, sawmills, firewood producers and wood product manufacturers, for working capital, equipment and refinancing. According to the Vermont Forest Futures Strategic Roadmap, the forest-based economy in the Green Mountain State accounts for about $2.1 billion annually and more than 13,800 jobs. The wood products industry has a rich history in Vermont’s economy and ecology alike — and it is a world known for high operating costs, variable markets and one heavily impacted by outside factors.

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