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Economic Development Resources

 

There are many resources available to businesses interested, or already doing, business the Newport Area.  Federal, state, regional and local programs have been developed to support and incentivize business activity in our region.  Who says Vermont is not business friendly! (here are Regional organizations and entities that will show you why Vermont is business friendly.)

We've placed the following organizations in four different categories: Local, Regional, State, and National

 

LOCAL

  • The City of Newport is dedicated to improving the economic vitality of the area with infrastructure that includes; town water, sewer, form based building codes, and tax incentives.  For more information contact Laura Dolgin, City Manager, or visit www.newportvermont.org
  • The Newport City Renaissance Corporation (NCRC) is a private non-profit organization that consists of business owners, citizens, and municipal leaders whose mission is to serve as a catalyst for economic change and community development.  The organization achieves its mission by advancing and enhancing the economic environment, developing a cohesive welcoming design, and promoting the city as a tourism and investment destination.

 

REGIONAL

  • North Country Chamber of Commercehttp://www.vtnorthcountry.org/
  • Northeastern Vermont Development Association (NVDA) is the local planning and economic development organization serving the Northeast Kingdom of Vermont.  NVDA's mission is to improve and maintain the economic well-being and quality of life for all residents of the NEK.  NVDA can assist businesses with site selection, financing, leasing and technical assistance.  For more information visit www.nvda.net.
  • North Country Investment Corporation (NCIC) – NCIC Serves Northern Vermont and New Hampshire by offering local businesses technical assistance, financial management, marketing support, and business loans.  For more information visit www.ncic.org.

 

STATE

  • Vermont Small Business Development Center (VtSBDC) - VtSBDC provides no-cost, confidential business advice and low-cost training services to all small businesses and new ventures in Vermont.  For more information visit www.vtsbdc.org
  • Agency of Commerce and Community Development (ACCD) – ACCD’s economic development staff can help you learn more about our strong workforce, walk you through the permitting process, connect you with local networks and share more about programs and capital and investment opportunities.  The ACCD staff provides training, technical and financial assistance designed to enhance local community and economic development programs and practices.   For more information visit www.accd.vermont.gov
  • Small Business Administration (SBA) - The U.S. Small Business Administration is an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns through a vast network of field offices located throughout North America.  For more information visit http://www.sba.gov/category/navigation-structure/loans-grants
  • Vermont Procurement Technical Assistance Center (VT PTAC) - VT PTAC is part of a network of Procurement Technical Assistance Centers throughout the US that share one common goal: to provide business with an understanding of the requirements of government contracting and the know-how to obtain and successfully perform federal, state, and local contracts.  For small companies with an interest in selling to the government, VT PTAC is where to begin.  For more information visit http://accd.vermont.gov/business/start/vtptac
  • The Vermont Department of Labor receives money from the state legislature and the US Department of Labor to award grants in several workforce development categories.  These grants are awarded on a first-come, first-serve basis to businesses who meet the criteria as outlined by the DOL.  For more information please visit http://labor.vermont.gov/workforce-development/grant-information/
  • University of Vermont Extension - The UVM Extension Center has many tools, seminars, and studies that will provide Vermont Business owners with resources necessary to navigate Vermont's business climate.  For more information visit http://www.uvm.edu/extension/community/
  • Vermont Manufacturing Extension Center (VMEC) - VMEC provides on-site confidential consulting, coaching, hands-on implementation assistance, and executive / workforce training to accelerate profitable growth through innovation, increase productivity, reduce costs and improve competitiveness. For more information visit www.vmec.org
  • Women’s Small Business Program – Housed within the SBA the Women’s Small Business Program offers mentoring, training, entrepreneur coaching, and workshops to women interested in starting and/or already operating a business.  For more information visit http://vwbc.org/resources/
  • Small Business Technology and Commercialization - The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation's R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs. For more information visit http://www.sbir.gov/about/about-sbir, or contact Scott Holson at (802) 281-5236 or e-mail sholson2@vtsbdc.org.
  • Vermont Business for a Social Responsibility (VBSR)- VBSR provides educational and networking events lobbies at state and national levels, and manages the Local First VT campaign.  VBSR also offers assistance with VT Health Exchange and coordinates a business intern program.  For more information visit http://vbsr.org/intern_program/
  • The Office of the Creative Economy (OCE)- The OCE has prioritized five focal areas for support: Film and New Media, Advertising and Marketing, Games and Software Development, the Manufacturing Arts, and Arts and Cultural Organizations. The OCE supports Vermont’s world-class creative talent through networking, research, and technical assistance.  For more information visit:What is a Creative Economy?
  • The Vermont Food Venture Center - The Vermont Food Venture Center is a multi-use processing facility, designed to give small Vermont food producers the opportunity to test their products in the marketplace without significant capital investments.  Our three kitchens are available for rent and include equipment for baking, cooking, filling and more.  Dry and cold storage is also available at very reasonable rates.  VFVC’s mission to support job creation, strengthen Vermont’s local food network and further build the agricultural economy. For more information visit http://www.hardwickagriculture.org/for-food-businesses/vermont-food-venture-center
  • Vermont Farm and Forest Viability Program - Formed within the Vermont Housing & Conservation Board-The Vermont Farm & Forest Viability Program offers one-on-one, in-depth business planning, technical assistance and management coaching to Vermont farm, food and forestry enterprises in order to improve the economic viability of Vermont's working landscape. For more information please visit http://www.vhcb.org/Farm-Forest-Viability/

 

FEDERAL

  • Historically Underutilized Business Zones (HuBZone) –The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities.  In order to qualify for the HUBZone program, your business must be located in an area designated as a Historically Underutilized Business (HUB) Zone.  See HuBZone maps at http://map.sba.gov/hubzone/maps/
    • Benefits to businesses include:
    • Competitive and sole source contracting
    • 10% price evaluation preference in full and open contract competitions, as well as subcontracting opportunities.
    • The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small business concerns.
  • Rural Economic Area Partnership Zones (REAP Zones) –The USDA developed REAP Zones to provide opportunities for community based efforts aimed towards rural revitalization and community development.  The Northeast Kingdom of Vermont (NEK) is one of five REAP zones in the U.S., identified because of its rural isolation and lack of local capital.  Priority consideration is given for REAP Zone applications submitted for funding through USDA Rural Development.  Thus far $68 Million of investments have been made possible by REAP Zone designation, for more information go to http://www.rd.usda.gov/programs-services/rural-business-development-grants/vt 
  •  Foreign Trade Zone #286 - The Foreign-Trade Zones Act was created to "expedite and encourage foreign commerce" in the United States. This is accomplished through the designation of geographical areas, in or adjacent to Customs Ports of Entry, where commercial merchandise receives the same Customs treatment it would if it were outside the commerce of the United States. Merchandise of every description may be held in the Zone without being subject to Customs duties and other ad valorem taxes. This tariff and tax relief is designed to lower the costs of U.S.-based operations engaged in international trade and thereby create and retain the employment and capital investment opportunities that result from those operations.
    •  In March of 2013 the U.S. Department of Commerce granted the Northeast Kingdom of Vermont Foreign Trade Zone status under the Alternate Site Framework.  This is a significant advantage for many businesses engaged in international markets and the Alternative Site Framework provides flexibilty for businesses who do not want to relocate to magnet sites (typically industrial parks).  Foreign Trade Zone #286 is managed by the Northeastern Vermont Development Association (NVDA), and for more information go to http://www.nvda.net/FTZ.php

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