State making low-interest loans available to businesses
Tuesday June 3, 2008
MONTPELIER, Vt. (AP)
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The state of Vermont is making a new round of low-interest financing available to businesses as of next month.
The Economic Recovery and Opportunity Program will use $1.25 million approved by the Legislature to make loans to business with rates as low as three percentage points below the Wall Street prime rate. Governor Jim Douglas' requested to loans.
The new funding will help the Vermont Economic Development Authority make up to $18 million in loans during the next two years.
Businesses receiving the loans can use the money to buy land and buildings, finance construction or renovation, or purchase other capital goods like machinery and furniture.
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