Vermont to receive ARPA funding for small businesses

By Brent Addleman | The Center Square

An injection of federal funding is coming to Vermont’s small business sector.

Republican Gov. Phil Scott says the state will receive $57.9 million in federal funding through the American Rescue Plan Act that will provide additional capital for entrepreneurs and small business start-ups in the state. It was also announced the state’s Small Business Credit Initiative program will provide low-interest loans and early-stage venture capital investments.

“My administration remains focused on retaining and creating jobs and supporting businesses in every region of the state,” Scott said in the release. “This program will support our innovative employers, helping them to grow and become national leaders while strengthening our communities here at home.”

The Small Business Credit Initiative, according to the release, was started in 2010 and was then reupped through ARPA money in 2021. The program has provided more than $10 billion in funding around the country.

The funding is designated, according to the release, to assist small businesses with capital for creating high-quality jobs, expanding economic opportunities in underserved communities that lack the necessary capital to grow.

“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Secretary of the Treasury Janet L. Yellen said in the release. “I’m excited to see how SSBCI funds will promote equitable economic growth across the country.”

Vermont is poised to receive almost $20 million for venture capital projects aimed at seed fund investments, leveraging accelerator programs, making small investments in rural, pre-seed stage companies, and making investments in higher growth, technologically innovative driven companies in health care.

The state, according to the release, is poised to give another $29 million to the loan participation program that is administered by the state’s Economic Development Authority. The funding will help smaller businesses grow, create jobs with good pay, and serve underserved areas.

Image courtesy of Public domain

One thought on “Vermont to receive ARPA funding for small businesses

  1. American Relief Protection Act (ARPA) funds are tax revenues stolen from future generations who had no voice/no vote in this matter. These funds do not exist in real time and add to our federal debt. Our federal government has stolen from future generations, then dictates how the money can be spent: it cannot be used to invest in state pensions or reduce taxes. Only the few who have the resources and knowhow to apply for ARPA funds will have access, while the working class, who could use some relief from economic losses due to pandemic shutdowns, receive no direct help. ARPA is economic warfare against the middle class and against existing small business owners: it is designed to make We the People dependent upon government. Liberals are drooling over how to spend the money, because it’s someone else’s money, not their own.

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