Loan Limits Increased for Agricultural and Forestry Borrowers
The Vermont Economic Development Authority (VEDA) has announced that aggregate loan limits for agricultural and forest products borrowers have increased substantially. Effective July 1, 2014, the statutory limit on the aggregate outstanding loan balances to any borrower at any time through VEDA’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC), has gone from $1.355 million to $2.0 million.
VACC is a nonprofit corporation that provides credit to farmers, agricultural facilities, and forestry and forest products businesses whose financing needs are not being fully met by conventional agricultural credit sources. Loans are available from VACC to strengthen existing operations, encourage diversification and modernization, increase energy efficiency, assist beginning farmers and forestry businesses, and encourage marketing and processing of Vermont agricultural and/or forest products.
VACC loans are available for a wide range of agricultural and forestry projects at attractive rates and terms. Please call (802) 828-5627 or visit www.veda.org for more information.