Vermont businesses will soon have a new source for loans, and state officials hope it’ll help boost the economy.
The state’s Emergency Board on Wednesday approved a plan to give $135 million of new bonding authority to the Vermont Economic Development Authority. The bonds involved will carry tax-exempt interest, which is expected to make them attractive to investors.
The program is being paid for with federal stimulus money, which Congress had earmarked for counties.
The 11 of 14 Vermont counties that got the assistance lacked the legal authority to use it, so county officials waived the aid after state officials promised they would use it to help local businesses.