In this figure (Figure 1 in the memo), the title should be a sufficient basis for a description. The magnitude of the bar represents the total amount spent by the borrower for its capital invstments. The gray portion represents the amount of VEDA support out of the total, and the green portion shows the remaining private financing.

$16.0

$48.0

$80.3

$39.3

$101.0

$65.6

$10.3

$30.4

$56.8

$29.6

$34.7

$14.2

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

2008 2009 2010 2011 2012 2013Private Financing VEDA Loan

Share of VEDA Loan Support of Capital Investment Projects by Client Firms; by Loan

Disbursement Year

Mill

ions

of D

olla

rs (

2015

$)

Prepared by: Economic & Policy Resources, Inc.

A beneficial avenue of framing the following figure may be in the paragraph preceeding it (Figure 4 in the memo): “It is important to note that economic activity in later years reflects the cumulative impact of employment levels sustained from previous years. In this way, Figure 4 is reflective of the long term benefits of investment in the Vermont economy.”

$183.99

$377.37

$600.30

$911.56

$1,225.26 $1,332.49

$69.48

$145.12 $206.60

$323.82

$427.94 $447.62

$58.37 $121.94

$173.59

$272.09

$359.58 $376.12

2009 2010 2011 2012 2013 2014 2015

GSP (Millions)

Labor Income(Millions)

HouseholdEarnings(Millions)

Mill

ions

of D

olla

rs (

2015

$)

Economic Activity Within Vermont Attributed to VEDA Loan-Supported Capital Investment Activity by Client Firms, by Impact Year

Prepared by: Economic & Policy Resources, Inc.

VEDA by the numbers: 1974 to 2015

Begins

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15

VEDA Direct Loans Outstanding

1975 - 2015

1988                  Agricultural Lending 

Begins

1995Small Business Lending Begins

In Millions

1998 Recapitalization of VEDA; Commercial 

Paper Funding Begins

VEDA’s loan portfolio at June 30, 2015

totaled $210 million.

V E D A M I L E S T O N E S

19741983

19861987

19881993

19951998

19992003

20042009

20132014

Three State entities are consolidated to

form VIDA.

VT 503 Corp. formed as CDC under SBA 504 Loan Program.

General Assembly approves agricultural

lending through VIDA.

VIDA begins small business lending through USDA

Rural Dev. Program.

Debt Stabilization Program enables growth in VIDA’s

agricultural lending.

VIDA becomes VEDA; lending

expands to include tourism.

VT Small Business Development Corporation

formed.

VEDA’s Recapitalization,

Commercial Paper Program.

Vermont Agricultural Credit

Corporation (VACC) formed.

“Plan for Prosperity” -- $105 Million in Capital Available.

Small business lending expands; mezzanine

lending fund formed.

Technnology Loan Fund established.

VT Sustainable Energy Loan Fund

created.

VT Entrepreneurial Loan Program

created.

Ј Since 1974, VEDA has approved 7,717 separate financing instruments totaling over $2.16 billion.

Ј Since starting small business lending in 1987, VEDA has approved $73 million in loans to Vermont small businesses.

Ј VEDA and VACC have made over 3,150 loans totaling $281 million to Vermont farmers since 1988.

Ј VEDA has made over $78 million in loans to Vermont local and regional development corporations for industrial parks, incubators, and tenanted spec buildings.

Ј Since the creation of the Sustainable Energy Fund in 2013, VEDA has loaned $20 million for renewable energy generation, distribution, conservation and efficiency improvement projects.

Ј During the twenty fiscal years from 1996 through 2015, VEDA direct lending of $487 million leveraged $1.27 billion in private capital, a 2.6 to 1 ratio.

VEDA’s Recapitalization and Commercial Paper and Subsidy Program

Ј Prior to 1997, VEDA borrowed all its lending funds from the State of Vermont. In 1997, VEDA instituted its Recapitalization Program which allows it to borrow lending funds in the capital markets.

Ј Currently, VEDA funds itself utilizing $130 million in Moral Obligation which, with $20 million in VEDA cash, collateralizes a $150 million commercial paper program. VEDA also borrows from selected banks to meet its funding and liquidity needs.

Ј Moral Obligation allows VEDA to borrow money at better rates.

Ј In 2000, 2003 and 2009, VEDA received state and federal stimulus funds that the Authority still uses to buy down its interest rates. VEDA’s current interest rate is 2.25%.