TBED Components Included in Final Vermont Jobs Bill

Gov. Jim Douglas last week signed a jobs bill that distributes $8.7 million in federal stimulus funds to help seed high-tech entrepreneurial ventures, increase broadband access across rural areas of the state, train workers for careers in emerging sectors, and provide low-interest rate subsidies on loans approved under the Vermont Jobs Fund.

The bill appropriates $750,000 to the Vermont Seed Capital Fund established last year to accelerate job growth by helping emerging companies overcome a gap in financing. This appropriation is in addition to $1 million from the state's Clean Energy Development Fund for a total $1.75 million in FY11. Funding is targeted toward sectors with high-growth potential such as life sciences, agriculture, energy, software and manufacturing. Over two years, the fund has been capitalized with nearly $5 million in state and federal monies.

The Vermont Telecommunications Authority will receive $2.85 million to make broadband services available to households and businesses in rural areas. Another $1 million is included for the Vermont Jobs Fund to provide low-interest loans and $950,000 is appropriated to the Department of Economic, Housing, and Community Development for grants under the Vermont Employment Training Program. This program works with businesses and educational institutions to develop training programs targeting the manufacturing, health care, information technology, telecommunications, and environmental engineering sectors.

SB 288 is available at: http://www.leg.state.vt.us/docs/2010/bills/Passed/S-288.pdf.