State Government

State announces huge pot of venture capital

Governor Phil Scott and state development officials yesterday announced that Vermont will receive $57.9 million in federal American Rescue Plan Act (ARPA) funding to provide more access to capital for Vermont entrepreneurs and small business startups. Vermont’s State Small Business Credit Initiative (SSBCI) program will include access to low interest loans and early-stage venture capital investments.

Established in 2010 and reauthorized in 2021 under ARPA, $10 billion in SSBCI funding has been distributed to states, the District of Columbia, territories, and tribal governments to expand access to capital for small businesses emerging from the pandemic with a focus on creating high-quality jobs and expanding economic opportunity in underserved communities lacking capital.

Vermont’s SSBCI program will receive nearly $29 million allocated to venture capital that will focus on seed fund investments; leveraging accelerator programs to make small investments in rural, pre-seed stage companies; and investments in high-growth, technology innovation companies in the healthcare sector.

“Never before have we had such an opportunity to fund startups and early-stage capital for Vermont companies,” said Department of Economic Development Commissioner Joan Goldstein. “These investments present an enormous opportunity for venture capital in the state.”

Vermont will also allocate another $29 million to a loan participation program, administered by VEDA, which will leverage private funds to help small businesses grow, create good paying jobs and serve underserved markets.

“The COVID-19 pandemic devastated many of our businesses, farmers and entrepreneurs,” said VEDA Chief Executive Officer Cassie Polhemus. “Receiving this federal funding will go a very long way in supporting VEDA’s mission of strengthening Vermont’s economic vitality by leveraging private funds to catalyze innovation in key sectors, creating high quality jobs, diversifying the economy, and helping businesses continue to recover from the pandemic.”

To receive notification about Vermont’s SSBCI program as more information becomes available, please subscribe to the Department of Economic Development newsletter.

Categories: State Government

6 replies »

  1. Yeah – huge “pot”, so to speak. Like in half our communities pushing yet MORE drugs aka: retail Marijuana – onto more Vermonters in order to pacify, drug, & addict them….you know, little “mom & pop” start-up drug pushers. It’s all so quaint.

    VT is destroyed. Destroyed by anti-American, anti-Rule of Law, anti-Constitutional, leftist,, radicalized “new world order” loons who envision VT as the new east coast California!!!! Soon to be China.

    If folks like Christina Nolan don’t get elected this November & Vermonters don’t WAKE UP & vote for ANYONE they can in order to begin to defeat these radicals – this state is a goner, NEVER to be returned.

  2. A system of government marked by centralization of authority under an economy subject to stringent government controls,…

    Google it.

    This is where we are today.

    • I don’t know for sure, but I think state government general fund administration is the political problem in Vermont. In the south, each county operates its own government. The central fund comes with political clout that neglects the poorer counties. The more populous the county, the more political power they have. Central planning doesn’t work, one size fits all doesn’t work, the school monopoly doesn’t work and on and on. Central power breeds corruption, just look at DC. Look at Vermont. I’m sure those states have problems of their own too, but the closer government is to the voter, the harder it is to corrupt.

  3. Yep! More Government control of which business should be funded by the U.S. taxpayer and what Socialist dogma they will be required to adopt.

  4. for those who didn’t google it…I always google info offered by H. Jay Eshelman
    fas·cism (făsh′ĭz′əm)
    1. often Fascism
    a. A system of government marked by centralization of authority under a dictator, a capitalist economy subject to stringent governmental controls, violent suppression of the opposition, and typically a policy of belligerent nationalism and racism.
    b. A political philosophy or movement based on or advocating such a system of government.
    2. Oppressive, dictatorial control.
    and this
    fascism (ˈfæʃɪzəm)
    n (sometimes capital)
    1. (Government, Politics & Diplomacy) any ideology or movement inspired by Italian Fascism, such as German National Socialism; any right-wing nationalist ideology or movement with an authoritarian and hierarchical structure that is fundamentally opposed to democracy and liberalism
    2. (Government, Politics & Diplomacy) any ideology, movement, programme, tendency, etc, that may be characterized as right-wing, chauvinist, authoritarian, etc
    3. prejudice in relation to the subject specified: body fasci

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