$6 million in Vermont emergency agricultural stimulus loans closed in 90 days

first_imgIn the roughly ninety days since the program was announced, the Vermont Economic Development Authority s (VEDA s) Farm Operating Loan Program (FOLP) has approved over $6 million in emergency agricultural stimulus loans to help 107 Vermont farmers with spring operating needs. The special low-interest stimulus financing was facilitated through VEDA s agricultural subsidiary, the Vermont Agricultural Credit Corporation (VACC). The special agricultural stimulus financing was loaned at a variable rate as low as 2%. The average loan amount approved for farmers through the emergency stimulus funding program has been just over $58,000. The economic challenges faced by Vermont s farm community are the most severe in generations, said Jo Bradley, the VEDA s Chief Executive Officer. As a result, many farmers needed to restructure debt quickly through refinancing, or seek assistance with spring operating needs. This program has served as an interim safety net to help farmers help themselves until pricing relief could be enacted at the federal level, said Bradley. Since FOLP s launch, VACC has handled an unprecedented number of agricultural loans in a very short period of time.For more information about the Farm Operating Loan Program, farmers may visit www.veda.org(link is external), or call VACC directly, toll-free, at 1-866-828-FARM (3276).VACC is a nonprofit corporation which provides credit to farmers and agricultural facilities who are not having their financing needs fully met by conventional agricultural credit sources. Loans are available from VACC to strengthen existing farm operations, encourage diversification, support beginning farmers and to encourage marketing and processing of Vermont agricultural products.VEDA s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.Source: VEDA.last_img