Governor Phil Scott Announces Launch of Short-Term Forgivable Loan Program

Montpelier, Vt. – Governor Phil Scott, the Agency of Commerce and Community Development (ACCD), and the Vermont Economic Development Authority (VEDA) today announced the launch of the Short-Term Forgivable Loan Program designed to support Vermont businesses experiencing continued working capital shortfalls as a result of the pandemic.

"Supporting businesses in every region of the state to recover and rebuild remains a top priority of my administration, and that’s why we worked to secure this funding from the Legislature,” said Governor Phil Scott. “This will help those businesses disproportionately impacted by the pandemic remain in operation, preserve jobs, and strengthen the economy.”

S.11 (Act 183) appropriated $19 million of Vermont’s American Rescue Plan Act (ARPA) allocation to provide financial assistance to eligible businesses, including sole-proprietors and not-for-profits, that continue to experience economic harm due to the pandemic, up to $350,000 per applicant. To be eligible, applicants must demonstrate a reduction in adjusted net operating income of at least 22.5% in 2020 and 2021 as compared to 2019, including any funding from prior programs that were not enough to weather the on-going economic challenges.

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