The Vermont Economic Development Authority closed its 2026 fiscal year with $59.8 million in business and agricultural loans, using its financing to support farms, forestry operations, start-ups and established companies across the state. The authority said its lending helped mobilize another $110.3 million from private and other sources.
The figures were released with VEDA’s annual report at the authority’s fiscal-year meeting. The reporting period ran from July 1, 2025, through June 30, 2026. In total, VEDA completed 176 loans, with financed projects credited with creating or retaining 576 jobs.
Lending reached companies at several stages
VEDA’s activity extended beyond conventional expansion lending. The authority financed 24 start-ups and supported 25 ownership transitions, indicating that its portfolio included both new ventures and businesses changing hands. It also backed 16 expansions, while more than half of its financing went toward physical assets.
| FY2026 measure | Reported result |
|---|---|
| Loans closed | 176 |
| VEDA loan volume | $59.8 million |
| Additional private and other capital | $110.3 million |
| Jobs created or retained | 576 |
| Average hourly pay, including benefits | $32.69 |
According to the annual report, 54% of VEDA financing supported the purchase, construction or improvement of land, buildings, machinery and equipment. That allocation points to the capital-intensive nature of many of the projects in the authority’s portfolio, particularly those involving farms, forestry operations and companies that need facilities or equipment to grow.
“Behind every number in the Annual Report is a Vermont business, farm, or organization accomplishing its goals and we’re proud to be part of that work.”
The statement came from VEDA CEO Joan Goldstein, who also emphasized the network of organizations involved in the lending process. The authority said it works with regional development corporations, venture-capital firms, state agencies, banks and credit unions. Those relationships help combine public development financing with other sources of capital, a structure reflected in the gap between VEDA’s own loan total and the additional spending reported alongside it.
Jobs and wages provide a second measure of impact
VEDA reported that positions tied to its financed projects carried an average hourly wage of $32.69, including benefits. The authority presented that figure alongside the total number of jobs created or preserved, offering two measures of the employment effect: the number of positions supported and the compensation associated with them.
The annual meeting brought together about 170 guests, including business leaders, lending partners, agricultural and forestry representatives and state officials. Gov. Scott addressed the gathering, and Gary Winslett, a political science professor at Middlebury College, served as the guest speaker. Current borrowers also attended and presented their businesses, including CheapTotes of Rutland, Wasted* of Williston, Caledonia Food Cooperative of St. Johnsbury, Wellspring Chiropractic of Shelburne, Red Hen Baking Company of Middlesex, Shat Acres Farm of Greensboro and Bolton Valley Resort.
VEDA’s results show how a state economic-development lender measures its role: not simply by the dollars it lends, but by the outside investment attached to those loans, the businesses financed and the employment outcomes reported. The authority’s fiscal 2026 totals also illustrate the range of capital needs among smaller enterprises, from start-up funding and ownership changes to buildings, machinery and other long-term assets.
- $59.8 million in VEDA loans was closed during fiscal 2026.
- The financing was associated with $110.3 million in additional private and other capital.
- Projects financed by VEDA created or retained 576 jobs.
