Windham County Economic Development Program (WCEDP)

Funder: State of Vermont (funded through settlement agreement with Entergy regarding Vermont Yankee nuclear plant closure)

Funding Source: $2 million per year for five years from Entergy to promote economic development in Windham County

Geographic Scope: Windham County, Vermont

Program Administration:

• Administered by the Agency of Commerce and Community Development (ACCD)
• Cooperation with Windham County Advisory Council
• Program website: GoWindham.Vermont.gov

Focus Areas:

• Targeted at transformative investments in local economy
• Regional comprehensive economic development strategy implementation
• Job creation and economic transformation
• Supporting small towns with highest need (based on population, median household income, and poverty)

Funding Mechanisms:

1. Direct Loans to Businesses - special rates and terms
   • Underwritten and administered by VEDA
   • Submitted directly to VEDA on continual basis
   • Approval by ACCD based on VEDA underwriting recommendation
2. Competitive Grants to Organizations
   • Responding to annual Request for Proposals
   • Define eligible applicants and project types each year
   • Scored competitively
   • Prioritized by VEPC (Vermont Economic Progress Council)
   • Final approval by Governor
3. Incentives - grants or loans as rapid response packages
   • For retention and creation of jobs by regional employers or new employers
4. Non-Competitive Grants to economic development partners
   • For marketing and program administration

Recent Awards (as of 2016):

• $1.3 million total awarded to 11 projects to date
• Strolling of the Heifers: $90,000 for "Windham Grows" food and agriculture project
• Vermont Council on Rural Development: $40,000 for Vernon Community Visit process
• BDCC & SBDC: Non-competitive grants for program marketing and administration
• GS Precision and Vermed: Incentive packages for job creation/retention

Application Process

Letter of Intent to Apply:

• Required first step for both loan and grant applicants
• Must be approved before full application submission

For Direct Business Loans:

1. Obtain approval of Letter of Intent to Apply
2. Submit loan application directly to VEDA (Vermont Economic Development Authority)
3. VEDA provides underwriting recommendation
4. ACCD provides approval based on VEDA recommendation
5. Continual basis (rolling deadline)

For Competitive Grants to Organizations:

1. Obtain approval of Letter of Intent to Apply
2. Respond to annual Request for Proposals
3. RFP defines eligible applicants and project types for that year
4. Submit completed proposal
5. Competitive scoring process
6. Vermont Economic Progress Council (VEPC) prioritizes applications
7. Final approval by Vermont Governor

For Incentive Packages:

• Part of rapid response process
• Contact ACCD or regional partners for information on specific opportunities

Contact for Application Inquiries:

• RT Brown, WCEDP Program Director, BDCC
• Adam Grinold, BDCC Executive Director
• 802-257-7731
• Patricia Moulton, Secretary, Agency of Commerce and Community Development
• Pat.Moulton@state.vt.us
• (802) 828-5204