Show Your Support for CARES Act Funding for Vermont Startups
Monday, August 31, 2020
Posted by: Jeff Couture
This week the Vermont Legislature will begin crafting the state budget and appropriating the unused and remaining CARES Act, or COVID Relief Funding (CRF), to support Vermonters.
During the legislative session that ended in June, the vtTA joined with VCET to express support for allocating a small but impactful percentage of the CRF funding to recapitalize the Vermont Seed Capital Fund to support tech-focused startup and early-stage businesses. The legislators deferred a decision until September. The vtTA and VCET have launched an online petition as an easy way for our members and others to express a broad show of support for this funding.
Many businesses remain underfunded given impacts from COVID and as a result of the changing early- stage investor and bank lending conditions. The request is for $10 million from CRF for a Rapid Capital Investment Program to fund businesses by the end-of-the-year deadline.
This will help address the need for high-risk, startup and scaling-stage capital for Vermont's technology-enabled businesses across most all sectors, which will support Vermont’s economy and post-pandemic economy by helping retain and grow jobs, fund capital expansions, support growth, and enable business transitions.
The timeline for decision making is likely the end of this week, so please express your support for this funding now by adding your name and business to the petition by clicking here or the button below.
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