VEDA briefs Senate Finance on H.398 technical updates, $2M disaster loan fund and codified sustainable jobs strategy

The Vermont Economic Development Authority (VEDA) presented to the Senate Finance Committee on April 2, detailing H.398, a bill that would reorganize and update VEDA’s authorizing statute, create a small permanent disaster recovery loan fund, and codify the Vermont Sustainable Job Strategy into statute.

VEDA leaders framed the package as three principal components: technical and organizational statute updates, a $2 million disaster recovery loan fund to be held at VEDA for rapid deployment after localized disasters, and explicit statutory language for the Vermont Sustainable Job Strategy that the authority already uses to evaluate high-impact projects. “We are the commercial lender, provider of capital for the state for economic development,” said Cassie Palinas, chief executive officer of VEDA, summarizing the authority’s mission and programs. Palinas told the committee VEDA’s loan portfolio is about $280,000,000 and the authority operates statewide with offices in Montpelier, Burlington and…