Additional Vermont Small Business Financial Resources
Even if you don’t meet the small business loan requirements for Vermont, there are additional resources. Vermont has small business grants and other assorted potential sources of funding.
The Vermont Employment Growth Incentive, for example, provides a cash payment based on revenue return generated to the state. Businesses must be authorized to receive this grant by the state. To be authorized, businesses must apply to the Vermont Economic Progress Council, which determines if the business and its project meet the requirements.
The Vermont Training Program (VTP) is a grant provided for training employees and prospective employees. VTP grants may cover up to 50% of the training cost and can be used for large-scale training projects.
The Northern Border Regional Commission provides additional grants for community and economic development projects. Municipalities, public entities, and not-for-profit entities are eligible applicants.
Windham County has an Economic Development Program that promotes business startups in the area. The initial promised funding from the program is finished, but some businesses may still prove eligible for funding.
The State Trade Expansion Program provides funding to businesses looking to expand internationally. The program will reimburse businesses that expand internationally through trade shows, trade missions, market research, and export education.
Other Resources for Vermont Small Businesses
The SBA offers a variety of options beyond financial assistance for small businesses. These include counseling such as SCORE, the Vermont Small Business Development Center, the Vermont Women Business Center, and the Vermont Export Assistance Center.
SCORE is a volunteer-run organization dedicated to providing free mentoring to help start or grow your business. They operate in a variety of areas including Vermont and the Clinton, Essex, and Franklin counties in New York.
The Vermont Small Business Development Center has provided no-cost professional expertise and guidance to business owners since 1992. While not necessarily financial aid, the VTSBDC will provide you with a variety of services to give you the best possible chance of success.
For women looking to start out on their own path in life, the Vermont Women Business Center provides assistance. Also called the Center for Women & Enterprise (CWE), the nonprofit organization’s goal is to empower women and provide them with all the tools to succeed. The CWE offers consultations, workshops, and networking opportunities.
The state of Vermont offers a Small Business Debt Relief Program that allows small businesses to gain immediate relief from non-disaster SBA loans. It specifically provides loans such as 7(a), 504, and microloans if the business meets size standards.
Beyond the size standards, there are more obvious requirements, including a U.S. basis, ability to repay, and a sound business purpose. The purpose of these loans is to forgive debts for businesses that have gotten off the ground, and it was created to assist in COVID relief.
The Bottom Line
While starting or expanding a small business in Vermont isn’t cheap, the state offers a variety of loans, grants, and other forms of support to local entrepreneurs. Whether you decide to go with a traditional bank, a credit union, or an alternative online lender, make sure to review the detailed loan terms and conditions to find just the right product for your needs.