Rural Industry Development Program
The Rural Industry Development Program funds Vermont nonprofits to create and improve industrial spaces, supporting business growth and relocation by financing property acquisition, construction, and renovation.
Funder: Vermont Agency of Commerce and Community Development
Due Dates: Rolling (applications accepted until funds are allocated)
Funding Amounts: Up to $1,000,000 or 20% of total eligible project costs per award; reimbursement basis; revolving fund with repayment upon property sale.
Summary: Supports Vermont-based nonprofit development corporations in creating and improving industrial spaces to foster business relocation and expansion.
Key Information: Applications are reviewed on a rolling basis; funds are limited and subject to recapture if unused within a year.
Description
The Rural Industry Development Program (RIDP) provides grant funding to Vermont-based regional and local nonprofit development corporations to address the shortage of available industrial space in the state. The program aims to support business relocation and expansion by funding the purchase, demolition, construction, and renovation of property for industrial use. Grants are awarded on a reimbursement basis and are managed as a revolving fund: when a benefitted property is sold, the grant amount plus 2.5% annual interest (capped at $250,000) is returned to the fund for future projects. The program is designed to reduce permitting and building delays, making Vermont more competitive by ensuring ready-to-use spaces for businesses seeking to grow or relocate.
