Print
Email
Print Edition StoriesFriday, March 27, 2009
Gov. Douglas rolls out SmartVermont to handle stimulus funds
By Lynette F. Cornell, Mass High Tech Intern
MHT's Doug Banks: 10 Women to Watch in tech
Interactive map of Greater Boston tech layoffs in 2009
Vermont governor Jim Douglas has launched SmartVermont, a program designed to invest funds from the federal stimulus package into expanding the state’s technology infrastructure and nurturing business growth.
Douglas’ plans in some cases run counter to proposals aired by the state legislature. Under the plan, the state would use funds from the American Recovery and Reinvestment Act to support existing businesses and encourage the growth of new startups in the state. One major goal is to bring broadband Internet access to every resident on the grid, using funds from the $4.5 billion earmarked for the deployment of broadband nationwide.
To cultivate small business growth, $2 million would be distributed as $1.1 million in interest rate subsidies and $900,000 for a loss reserve for higher risk businesses and startups. Another $2 million would supplement the state’s preexisting interest rate buy-down program for new businesses.
To encourage entrepreneurship and job growth, $4 million would be provided for seed capital to innovators and entrepreneurs. Existing companies would receive $2.5 million in assistance in the form of loans. Targeted at larger companies, these funds are intended for preserving and creating jobs.
The Vermont Center for Emerging Technologies, a business incubator, would receive $500,000 to continue providing office space and business development services. Another $500,000 would go to the Vermont Training Program for educating Vermont workers on the latest job skills and technology.
For local technology companies, the state plans to invest $17.1 million in job creation and economic development activities and $1 million in securing loans. As a means of preserving Vermont’s farm industry, the state would use $1.5 million toward assisting farmers with operational costs through $300,000 for interest rate subsidies and a loss reserve of $1.2 million.
The plan also allots $1 million in the form of grants for regional development corporations to renovate abandoned industrial sites. Another $1 million would be available to regional development corporations that establish a substantial revolving loan fund with the purpose of extending working capital to businesses within their region to sustain these businesses through this economic cycle.
A final $1 million would be spent on tourism and marketing.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
