Vermont Jobs Fund

V.S.A. tit. 10, ch. 12, subch. 10

in effect

10 V.S.A. § 280 Public financing policy

280. Public financing policy (a) It is policy of the State to engage in publicly supported financing activities that carry out the economic development policies of the State, including the following policies: (1) Vermont should encourage enterprises that maximize job opportunities for Vermonters, produce a diversity of goods and services, and support sustainable development in the Vermont economy. (2) Vermont should encourage entrepreneurial investments by the private sector in businesses that promote a sustainable economy and that are compatible with Vermont’s economic, social, and environmental values. (3) Vermont should help its citizens start, maintain, and expand enterprises that: (A) make use of the traditional skills of Vermont’s people while developing new capabilities necessary to compete in a changing economic environment; and (B) produce value-added products or services, thereby maximizing reinvestment within Vermont. (b) As used in this chapter, the term “sustainable development” means meeting the needs of the present without compromising the ability of future generations to meet their own needs. Added 1995, No. 46, § 14, eff. April 20, 1995.

10 V.S.A. § 280a Eligible projects; authorized financing programs

280a. Eligible projects; authorized financing programs (a) The Authority may develop, modify, and implement any existing or new financing program, provided that any specific project that benefits from such program shall meet the criteria contained in the Vermont Sustainable Jobs Strategy outlined in section 280b of this title. These programs may include: (1) [Repealed.] (2) the Loans to Local Development Corporations Program, administered under chapter 12, subchapter 3 of this title; (3) the Industrial Revenue Bond Program, administered under chapter 12, subchapter 4 of this title; (4) the Direct Loan Program, administered under chapter 12, subchapter 5 of this title; (5) the SBA 504 Certified Development Company and Small Business Loan Programs of the Authority’s Vermont 504 Corporation, administered by the Authority under subdivision 216(13) of this title; (6) the Small Business Development Corporation Program, administered by the Authority under subdivision 216(14) of this title; (7) one or more programs targeting economically distressed regions of the State, and specifically including the Authority to develop a program to finance or refinance up to 100 percent of the existing assets or debts of a health, recreation, and fitness organization that is exempt under Section 501(c)(3) of the Internal Revenue Code, the income of which is entirely used for its exempt purpose, that owns and operates a recreation facility located in a distressed region of the State; (8) an Export Finance Program, administered by the Authority under chapter 12, subchapter 9 of this title; (9) a Vermont Sustainable Energy Loan Fund and any programs created thereunder, administered by the Authority under subchapter 13 of this chapter; (10) any other program implemented after the adoption of the sustainable jobs strategy pursuant to section 280b of this title designed to meet Vermont’s need for sustainable economic development; (11) a program that would award grants made to eligible and qualified recipients as directed by the Agency of Agriculture, Food and Markets or the Agency of Natural Resources for the purpose of funding water quality initiatives approved by the agencies, provided that the maximum amount of grants awarded by the Authority pursuant to the program shall not exceed $1,340,238.00 in the aggregate; or (12) loans to agricultural enterprises or endeavors administered by the Authority under subchapter 16 of this chapter and any programs created thereunder. (b) [Repealed.] Added 1995, No. 46, § 14; amended 2003, No. 122 (Adj. Sess.), § 281, eff. June 10, 2004; 2011, No. 63, § E.800; 2013, No. 87, § 5, eff. June 17, 2013; 2015, No. 39, § 20; 2025, No. 26, § 1, eff. July 1, 2025; 2025, No. 178 (Adj. Sess.), § 14, eff. July 1, 2026.

10 V.S.A. § 280b The Vermont Sustainable Jobs Strategy

280b. The Vermont Sustainable Jobs Strategy (a)(1) Before issuing any funds to an eligible facility or eligible project under section 280a of this title, the Authority shall make a determination that the facility or project materially supports one of the following objectives: (A) creating or sustaining employment opportunities for Vermonters in proportion to the amount of financial assistance requested; (B) providing quality employment at wage and benefit levels sufficient to permit a reasonable standard of living by community standards, and at levels that may contribute to bringing Vermont’s average wage up to or above 100 percent of the national average wage rate; (C) promoting employment opportunities in economically disadvantaged areas and communities in the State; (D) advancing the overall growth of wealth in the Vermont economy by promoting the production and sale of goods and services with a substantial Vermont content and those that utilize Vermont’s unique human and natural resource base to markets outside of the State and nation, including visitors to, and travelers through, the State; (E) assisting the development of a business infrastructure that will contribute to sustainable economic development, to include the provision of necessary services, including shipping, warehousing, communications, repair and maintenance, technical services, distribution, and dependent care, particularly when intrastate capability in these areas can replace services currently provided by out-of-state suppliers; (F) encouraging economic development projects that reduce, mitigate, or eliminate the effects of climate change, the pollution of land, air, or water, or those that will interdict material within the State that, having served its intended purpose, would otherwise enter the solid waste disposal stream and that will cause the diversion of such material to useful purposes, or that will reuse or recycle any such postconsumer material; (G) encouraging commercial activity in the traditional downtown areas of the State and promoting through appropriate commercial adaptation the preservation of suitable buildings or structures that are historically or aesthetically significant; (H) encouraging economic development projects that are consistent with and sensitive to the needs of the communities in which such projects are located; (I) promoting entrepreneurial activity, recognizing that some of those that are the small businesses of today will be the large employers of tomorrow; and (J) aiding in the achievement of the economic development and business growth strategies adopted by the Vermont Economic Progress Council and the Vermont Department of Economic Development, wherever possible providing assistance to those categories of enterprise that may be designated as especially desirable for Vermont. (2) All determinations and findings made by the Authority pursuant to this section shall be conclusive. (b) The Authority may adopt such policies and procedures necessary to define further any term or criterion used in this section or to set specific standards by which to measure the extent to which any proposed project meets the requirements of this section. (c) In deciding whether to provide financial assistance to an applicant, the Authority, after determining that a project meets its credit underwriting standards, shall take into account the criteria outlined in this section, the overall benefits of the project to the State and to the community in which it is proposed to be located, the amount of assistance requested, and the availability of Authority resources to fund the request. Added 1995, No. 46, § 14, eff. April 20, 1995; amended 1995, No. 190 (Adj. Sess.), § 1(b); 2025, No. 26, § 1, eff. July 1, 2025.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/10/012Fetched: 10/21/2026