The Vermont Economic Development Authority (VEDA) has announced that aggregate loan limits for agricultural and forest products borrowers have increased substantially. Effective July 1, 2014, the statutory limit on the aggregate outstanding loan balances to any borrower at any time through VEDA’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC), has gone from $1.355 million to $2.0 million.
“This significant increase in the agricultural loan limit will make a huge difference to farmers, forest product producers and other agricultural borrowers in Vermont,” said Jo Bradley, VEDA CEO. “VEDA’s and VACC’s efforts to secure this statutory change would not have been possible without the strong support of the Administration and Legislative Leaders, and for that, we are most thankful.”
VACC is a nonprofit corporation that provides credit to farmers, agricultural facilities, forestry and forest products businesses whose financing needs are not being fully met by conventional agricultural credit sources. Loans are available from VACC to strengthen existing operations, encourage diversification and modernization, increase energy efficiency, assist beginning farmers and forestry businesses and encourage marketing and processing of Vermont agricultural and/or forest products.
“Vermont’s farmers, agricultural facilities, forestry and forest product-based businesses will now be able to secure additional flexible financing at reasonable interest rates and terms for investment in their operations,” explained Sarah Isham, VACC’s Senior Agricultural Loan Officer. “This increase in the aggregate loan balance of an agricultural business can be a vital factor in helping Vermont’s producers of dairy, food, orchard products, maple syrup or forest crops modernize, diversify and strengthen their businesses, contributing to a strong agricultural economy in Vermont.” Isham also noted that businesses involved in the raising, boarding and training of equines and other livestock operations are included in the definition of agricultural businesses eligible for VACC financing.
VACC loans are available for a wide range of agricultural and forestry projects at attractive rates and terms. Please call (802) 828-5627 or visit www.veda.org for more information.