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Epidemics

Vermont Receives $2.1 Million in Federal CARES Act Funds to Support Small Businesses Impacted by the COVID-19 Pandemic

Strategic Insights

— 2 min read

As the COVID-19 pandemic continues to affect small businesses across Vermont, Senators Patrick Leahy, Bernie Sanders, and Representative Peter Welch welcomed the award of $2.1 million in federal CARES Act funds to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the pandemic. The grants are administered by the Commerce Department's Economic Development Administration (EDA).

Key Takeaways:

  • The $2.1 million in federal CARES Act funds will be used to capitalize and administer RLFs that will provide critical gap financing to small businesses and entrepreneurs in Vermont.
  • The grants will target businesses in Caledonia, Essex, Franklin, Grand Isle, Lamoille, and Orleans counties, as well as the southern Windsor County towns of Andover, Baltimore, Cavendish, Chester, Ludlow, Reading, Springfield, Weathersfield, West Windsor, and Windsor.
  • Vermont Senator Patrick Leahy emphasized that while the funds will help support small businesses, it is still not enough, and he urges the President to continue negotiations on a stimulus package.
  • Senator Bernie Sanders emphasized that the government must do everything it can to support struggling Vermonters and that the $2.1 million in federal CARES Act funds will help many small businesses across the state get through this difficult time.
  • Representative Peter Welch stated that while the CARES Act was designed to provide immediate relief, the $2.1 million in federal funds is not nearly enough, and he urges the President and Senate Republicans to begin negotiating further relief for Vermont businesses and families.
  • The EDA investments announced will provide a total of $2.1 million in CARES Act Recovery Assistance grants to support small businesses in Vermont.
  • Three organizations will receive grants: Vermont Community Loan Fund Inc., Montpelier, Vt., with a $1 million grant; Springfield Regional Development Corporation, Springfield, Vt., with a $550,000 grant; and Burlington Electric Department, Burlington, Vt., with a $550,000 grant.

Statistics:

  • $2,100,000: The total amount of federal CARES Act funds awarded to Vermont to capitalize and administer RLFs.
  • 155,000: The number of Vermonters working for small businesses in rural economies.
  • 6: The number of counties targeted by the RLFs, including Caledonia, Essex, Franklin, Grand Isle, Lamoille, and Orleans.
  • 10: The number of southern Windsor County towns targeted by the RLFs, including Andover, Baltimore, Cavendish, Chester, Ludlow, Reading, Springfield, Weathersfield, West Windsor, and Windsor.

Sources:

  • Vermont Senator Patrick Leahy
  • Senator Bernie Sanders
  • Representative Peter Welch
  • Commerce Department's Economic Development Administration (EDA)
  • Vermont Community Loan Fund Inc.
  • Springfield Regional Development Corporation
  • Burlington Electric Department

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