Governor Scott Highlights Economic Development Initiatives During Rutland Visit
Vermont Governor Phil Scott visited the Paramount Theater in Rutland today/Tuesday to highlight economic development initiatives passed during the legislative session.
Governor Scott began his weekly briefing by saying the state has had a unique opportunity to invest in transformational priorities after receiving a historic level of federal pandemic assistance and a record state surplus. The Republican re-election bid stopped by Rutland to discuss economic development initiatives passed in the legislative session.
“These investments are essential to spur growth, help create well-paying jobs and revitalize communities across the state. So we worked with the Legislature to draft S.11, which I signed last month, to do just that. Every region of our state needs good jobs, housing, thriving downtowns, access to basic needs, services, health care, outdoor recreation, arts and entertainment. All things that help retain and attract working families and improve their quality of life.
Economic Development Department Commissioner Joan Goldstein said their goal is to build and ensure a strong economic base for the state and outlined several new and renewed initiatives resulting from the work of the administration and lawmakers.
“We launched the Capital Investment Program last year to provide financial assistance for capital investments that will help businesses and nonprofits recover, retain existing jobs and spur growth. economic. The response to the program has been much greater than we had imagined. We received over a hundred applications and $90 million in funding requests with only $10 million available. As a result, we went back and replenished that account to $40 million, courtesy of the legislature. The program will now be called the Community Recovery and Revitalization Program and the reason for the name change is to show that we are including municipalities in the next round.
The state is partnering with the Vermont Economic Development Authority to develop a repayable loan program that will benefit struggling businesses. CEO Cassie Polhemus said many small businesses lack the financial security to weather the current economic challenges.
“Labour shortages, coupled with supply chain challenges and high inflation, could force more businesses to close or continue to cut services as they have exhausted this financial cushion to cope. the next storm. The Vermont Short-Term Repayable Loan Program is $19 million to help small businesses, providing much-needed working capital as they continue to deal with the ongoing impacts of the pandemic. The program is designed to ensure that loans will be forgiven if the proceeds are used for eligible operating expenses.