© 2024
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
An update has been released for the Android version of the WAMC App that addresses performance issues. Please check the Google Play Store to download and update to the latest version.

Governor Scott highlights economic development initiatives during Rutland visit

Governor Phil Scott holds a briefing at Rutland's Paramount Theater
office of Governor Phil Scott
/
Facebook
Governor Phil Scott holds a briefing at Rutland's Paramount Theater

Vermont Governor Phil Scott traveled to the Paramount Theater in Rutland Tuesday to highlight economic development initiatives passed during the legislative session.

Governor Scott began his weekly briefing by saying the state has had a once-in-a-lifetime opportunity to invest in transformative priorities after it received an historic level of pandemic federal aid and a record state surplus. The Republican running for re-election stopped in Rutland to discuss economic development initiatives passed during the legislative session.

“These investments are critical to spur growth, help create good paying jobs, revitalize communities across the state. So we worked with the Legislature to craft S.11, which I signed last month, to do just that. Every region of our state needs good jobs, housing, thriving downtowns, access to basic needs, services, health care, outdoor recreation, arts and entertainment. All things that help keep and attract working families and improve their quality of life.”

Department of Economic Development Commissioner Joan Goldstein says their focus is building up and assuring a firm economic foundation for the state and outlined several new and renewed initiatives resulting from the administration’s and legislators’ work.

“We launched the Capital Investment Program last year to provide funding assistance for capital investments that will help businesses and nonprofits recover, retain existing jobs and also spur economic growth. The response to the program was much larger than we imagined. We received over a hundred applications and $90 million in funding requests with only $10 million available. As a result we have gone back and replenished that account to be $40 million, thanks to the legislature. The program is going to be now called the Community Recovery and Revitalization Program and the reason for the change in that name is to show that we’re encompassing municipalities in this next round.”

The state is partnering with the Vermont Economic Development Authority to develop a Forgivable Loan Program that will benefit struggling businesses. CEO Cassie Polhemus said many small businesses do not have the financial security to endure current economic hardships.

“The labor shortage coupled with supply chain challenges and high inflation may force more businesses to close or continue to reduce services because they have depleted that financial cushion to weather the next storm. The Vermont Short-term Forgivable Loan Program is $19 million to help small businesses, providing much needed working capital while they continue to grapple with the ongoing impacts of the pandemic. The program is designed to ensure that the loans will be forgiven if the proceeds are used for eligible operating expenses.”