State offering low-interest loans to loggers to purchase low-impact equipment

The Vermont Economic Development Authority and Vermont Department of Forests, Parks and Recreation are announcing a new initiative that will save Vermont loggers money by allowing them to obtain a loan with an interest rate of 2.5% to 3% when they buy qualifying low-impact logging equipment, which is better for the watershed, the forest and Vermont.

“VEDA is pleased to partner with FPR to help loggers access low-cost financing to purchase modern equipment that will help them increase productivity, increase profits, and protect the Vermont we all love,” says Joan Goldstein, VEDA CEO. “It takes significant capital to modernize and use the best logging technology. These new rates will help ease that financial burden.”

Loggers can apply now for this low interest rate which is the result of a $500,000 investment from the Clean Water Fund overseen by the Vermont Department of Forests, Parks and Recreation.

“This initiative will help loggers purchase equipment that is better for water quality, but currently too expensive because of high interest rates. By using the Clean Water Fund to buy down interest rates, more loggers can switch to equipment that reduces soil compaction, erosion, and sediment runoff, leading to cleaner rivers and streams,” says Oliver Pierson, director, Division of Forests.

Loggers who want to take advantage of these savings are subjected to a two-step review: FPR determines if the equipment qualifies for the low rate, VEDA analyzes the application and makes a final loan determination.

This new offering is in addition to other discounted VEDA loans available to all Vermont businesses in the forest economy. To learn more, visit VEDA’s Forestry Loan page.