Vermont Opens Loan Program for Flood-Damaged Businesses

Vermont businesses damaged by recent flooding are now eligible for an emergency low-interest loan program approved by Gov. Peter Shumlin and the chairs of the Legislature’s money committees.

The state Emergency Board, made up of Shumlin and the chairs of the four legislative committees that deal with money matters, approved a $1 million appropriation to support a loan program to help businesses damaged by the flooding. That will enable the Vermont Economic Development Authority to borrow an additional $3 million, and from that pot, loans of up to $25,000 will go to businesses that suffered flood damage.

Officials say the loans will require no payment and no interest for one year and carry a one percent interest rate after that.