Leahy announces agricultural loans
(05/23/2011)
WCAX
Judy Simpson
A dozen Vermont agricultural projects have won support through a federal entrepreneurship program.
Senator Patrick Leahy (D-Vt,) announced the funding Monday, including funding for an organic grain company in Charlotte. Sen. Leahy also announced the creation of a new loan fund that will help provide financing to companies developing innovative agricultural products and green economy businesses.
"It's a great idea. It allows people who have some innovative ideas in agriculture to get funding and instead of having to pay back a big balance at once they can pay it back as they make money. It encourages them to keep going, encourages them to be innovative but also not to sell out to the first person who comes along," Sen. Leahy said.
The new risk capital will be administered through the Vermont Sustainable Jobs Fund.
Leahy says the program is a win for the investors, the farmers and the state, because it strengthens Vermont's agricultural base.