State opens $20 million grant program for flood-affected businesses
August 5, 2023 | By Waterbury Roundabout Gov. Phil Scott and the Vermont Department of Economic Development this week announced the opening of the $20 million Business Emergency Gap Assistance grant program for flood-affected businesses.
Saturday lunch break during flood cleanup at Prohibition Pig Brewery on Elm Street recently. Photo by Gordon Miller
The program is intended to help for-profit and nonprofit companies restore, reopen, and bring their employees back to work after suffering physical damages to their property beginning on July 7 when severe storms swept into Vermont.
"More support will be needed, but this $20 million commitment from the state is a strong first step as we work to help employers impacted by catastrophic July flooding,” the governor said. “My team and I will continue to do what we can to help businesses, and work with our congressional delegation to try and secure additional resources that will be needed.”
The application portal is now open. Business owners are encouraged to visit the Business Emergency Gap Assistance Program page to learn how the program works and what you will need to have in hand before starting an online application. The online information includes a recording of a webinar about the program and FAQs.
“We know that our businesses and nonprofits are hurting,” said Department of Economic Development Commissioner Joan Goldstein. “Many of our employers were still recovering from COVID when the flood waters hit, so our team at DED has been working tirelessly to launch this program to give them relief as soon as possible so they can reopen their doors and get their people back to work.”
Some of the key part of the program are:
Grantees can get up to 20% of their net, uncovered damages after factoring in other funding sources such as insurance coverage and other grant awards.
Most organizations can receive up to $20,000. More could be available for entities that suffered $1 million or more in physical damages.
Physical damage includes damage to real estate, improvements made by lease holders, inventory, and equipment.
Of the $20 million in the grant budget, $1 million is dedicated to the Vermont Agency of Agriculture, Food and Markets to disburse to farms and farm businesses.
Applications will be approved on a rolling basis until all funds are allocated. Applicants with questions can email the Business Emergency Gap Assistance Program at ACCD.BizFloodGrant@Vermont.Gov.
For the latest flood recovery updates from the state Agency of Commerce and Community Development, sign up for the Severe Storm Recovery Newsletter.