# Vermont Economic Development Authority

Vermont Economic Development Authority is a Government / Public Body based in Montpelier, United States.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Montpelier, United States
- **Region:** North America
- **Address:** 58 East State Street, Suite 5, Montpelier, VT 05602, United States
- **Founded:** 1974
- **Assets under management:** $1.5B
- **Website:** www.veda.org
- **LinkedIn:** https://www.linkedin.com/company/vedavermont

## Regulatory record

- **Reports private funds:** No

## About

VEDA is the statewide economic development finance lender, lending over $2.6 Billion to local businesses since 1974.

## Sectors

- Private Credit
- Real Estate
- Infrastructure
- AgriTech & FoodTech
- Manufacturing

## Offices

- 60 Main Street, Suite 202, Burlington, VT 05401
- 381 Exchange Street, Unit A, Middlebury, VT 05753

## People

- Joan Goldstein — Chief Executive Officer
- Karyn Hale — Chair of the Board of Directors
- Mike Pieciak — Vermont State Treasurer; Ex-officio Board Member

## Questions

### How does VEDA differ from a typical state grant program?

VEDA operates as a self-sustaining credit authority, not a grantor. It charges market-based interest rates and fees on loans, earning back its cost of capital. The Vermont General Assembly structured it in 1974 to revolve its loan fund indefinitely — principal repayments recycle into new lending rather than reverting to the state's general fund.

### Does VEDA compete with Vermont's commercial banks?

No — VEDA's statutory model requires participation with at least one local bank on most deals. It frequently takes the back-end participation or the piece exceeding a bank's legal lending limit. The Vermont Bankers Association lists VEDA as a collaboration partner, not a competitor, in its directory of state financial resources.

### What is the Vermont Agricultural Credit Corporation's relationship to VEDA?

VACC is a wholly-owned nonprofit lending affiliate of VEDA, focused specifically on agricultural and food-enterprise borrowers. It makes loans for farmland acquisition, equipment, livestock, and processing infrastructure — using a distinct underwriting standard adapted to Vermont's dairy and diversified farming economy.

### Which industries does VEDA explicitly not finance?

VEDA's published eligibility rules exclude retail businesses without a substantial export-market orientation outside Vermont, speculative real estate development, and enterprises whose primary activity is gambling or cannabis — regardless of state legality. It also does not provide working capital lines for businesses that lack tangible capital-asset needs.

### What is VEDA's known posture on co-investing with out-of-state lenders?

VEDA's bonding authority is frequently used in transactions where a national bank serves as purchaser of tax-exempt Industrial Revenue Bonds, with VEDA acting as conduit issuer. In those structures, the credit risk sits with the bond purchaser, not VEDA's balance sheet, giving Vermont manufacturers access to national capital markets at tax-advantaged rates.

## Related profiles

- [Vermont Community Foundation](https://altss.com/profile/vermont-community-foundation)
- [Vermont Municipal Employees' Retirement System](https://altss.com/profile/vermont-municipal-employees-retirement-system-vmers)

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Last updated: 2026-07-08T22:36:26.387Z

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