first_imgFor the second time in two months, effective April 1, 2008, the Vermont Economic Development Authority (VEDA), will lower its interest rates for commercial financing. VEDAs variable rate for taxable borrowers will drop to 3.5%, and the Authoritys variable rate for tax-exempt borrowers will drop to 3%. In February, 2008, the same rates went from 6.5% to 5%, and from 5.5% to 4.5%, respectively. “This is VEDA’s way of doing our part to help stimulate Vermont’s economy,” said Jo Bradley, the Authoritys Chief Executive Officer. “VEDA is keeping pace with a lower rate environment that exists throughout the nation, and we believe lowering interest rates again for Vermonts business community is the right move at the right time to help stimulate jobs creation and economic growth.”Prospective commercial borrowers who may benefit from the new lower rates are Vermont companies engaged in manufacturing, processing, warehousing, research and development, recycling, travel and tourism, information technology, and other businesses as defined in statute. Also eligible for the lower rates are Vermont businesses who build, install or update technology and communications infrastructure, and Vermont nonprofit local and regional development corporations who borrow to plan and develop industrial parks, or build facilities for lease to identified eligible tenants.VEDA’s mission is to promote economic prosperity in Vermont by providing financialassistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.3 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.last_img