Flood-damaged Vermont businesses could soon have help on the way.
The state Emergency Board is voting today on Gov. Peter Shumlin’s request for $1 million to establish a low-interest loan program for merchants hit by flooding this spring.
Loans of up to $25,000 would be made available to any Vermont business directly affected by flooding.
The Emergency Board is a panel consisting of the governor and lawmakers who chair the Legislature’s money committees – and meets in Montpelier to decide on a $1 million state appropriation to the Vermont Economic Development Authority, which in turn would leverage the money into a $4 million or $5 million loan program. The loans would be interest-free in the first year, with the rate 1 percent for five years after that.