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MONTPELIER — The Agency of Commerce and Community Development is now accepting applications for more than $10.6 million for its Capital Investment Grant Program.

This new program, proposed by the Scott administration and passed by the Legislature through Act 74, is funded through the American Rescue Plan Act to support capital investment projects that will assist Vermont’s economic recovery effort.

The funding is intended for transformational projects that create opportunity to retain existing businesses, attract more businesses, create jobs and strengthen communities by encouraging capital investments and economic growth.

“The federal aid we have received over the last year presents a once-in-a-lifetime opportunity to transform our state and create greater prosperity for Vermonters,” said Gov. Phil Scott in a statement. “This capital investment program is yet another step toward that goal, as we work to keep — and expand — good jobs and more economic opportunity in every region of the state.”

The application process will have two stages, because of the complexity of the program guidelines and the need to ensure ARPA Federal guidance is followed.

In the first stage, any for-profit or nonprofit business is eligible to submit a letter of intent. During this time, potential applicants will have the opportunity to get feedback, additional review and input from the state Capital Investment Team.

In the second stage, the formal application will be made available upon completion of the first stage with a deadline to submit it by Dec. 27.

In a letter of intent, applicants must demonstrate impact in one of the following three areasa: COVID impact, project supports the hospitality sector and/or be in a qualified census tract.

The notice of funding opportunity is now available for review, and the program will offer grants of up to $1.5 million to for-profits and nonprofit groups across Vermont. The program will be overseen by the Vermont Department of Economic Development.

“We realize the number of potential projects that exist for the use of this funding may be larger than what we have available. We want to work with communities prior to receiving formal applications so that any additional information required for consideration can be identified in a collaborative manner,” said Department of Economic Development Commissioner Joan Goldstein in the statement. “This money represents an exciting time to bring real impact to our communities around the state as we continue to recover from the COVID-19 pandemic. We hope these grants and the projects they fund will benefit Vermont and Vermonters for years to come.”

Full details of the program can be found at the Capital Investment Grant Program page.


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