Portfolio Overview
Vermont operates three small business financing programs: one loan participation program (LPP) and two equity/venture capital programs. The Vermont Economic Development Authority (VEDA) is the implementing entity for the state and the program administrator for the LPP and the equity venture capital (funds) program. The Center on Rural Innovation (CORI), Hula, and RDF Ventures administer the equity/venture capital (direct) program through contracts with VEDA.
Table 1: Vermont’s SSBCI Capital Program Portfolio
| Program Name | Program Type | Program Administrator(s) | Allocation |
|---|---|---|---|
| Vermont Loan Participation Program | Loan Participation | VEDA | $29.0M |
| Vermont Equity Capital Program (Funds) | Equity/Venture Capital (Funds) | VEDA | $12.9M |
| Vermont Equity Capital Program (Direct) | Equity/Venture Capital (Direct) | CORI/Hula/RDF Ventures | $16.0M |
| TOTAL | $57.9M | ||
CREDIT
SUPPORT PROGRAMS
Vermont Loan Participation Program (LPP)
The Vermont LPP purchases a participation of a loan originated by another lender, generally in a subordinate position where traditional financing cannot fully meet the borrower’s needs. The purchased participation may be up to $5 million or 40 percent of the total project costs portion of a loan, except for loans containing a renewable energy component, which are capped at $6 million. For loans less than $100,000, the participation may account for up to 75 percent of the financing package, or up to 50 percent for a small business working capital participation. Eligible uses include fixed asset acquisition and working capital purposes.
EQUITY/VENTURE
CAPITAL PROGRAMS
Vermont Equity Capital Program (Funds)
The Vermont Equity Capital Program (Funds) provides almost $13 million in equity capital support by making limited partner investments in seed, early-stage or growth-stage focused Vermont-based Venture Capital (VC) funds. Two VC funds have received allocations from the program – Freshtracks Capital and Features Capital.
Learn more about the Vermont Equity Capital Program (Funds).
Vermont Equity Capital Program (Direct)
The Vermont Equity Capital Program (Direct) provides $16 million in equity capital support by directly co-investing alongside pre-qualified VC funds or other investment partners in early-stage technology startups. The program is administered by the Center on Rural Innovation (CORI), Hula, and RDF Ventures. Each investment must be matched by private financing invested pari passu with SSBCI capital.
Learn more about the Vermont Equity Capital Program (Direct).
Program information updated in April 2026.