§ 280aa. Findings and purpose

(a)(1) Vermont-based businesses in seed, start-up, and growth stages are a vital source of innovation, employment, and economic growth in Vermont. The continued development and success of these businesses is dependent upon the availability of flexible, risk-based capital.

(2) Because the primary assets of Vermont-based businesses in seed, start-up, and growth stages often consist almost entirely of intellectual property or insufficient tangible assets to support conventional lending, these companies frequently may not have access to conventional means of raising capital, such as asset-based bank financing.

(b) To support the growth of Vermont-based businesses in seed, start-up, and growth stages and the resultant creation of higher-wage employment in Vermont, the General Assembly hereby creates in this subchapter the Vermont Entrepreneurial Lending Program. (Added 2009, No. 54, § 28, eff. June 1, 2009; amended 2013, No. 179 (Adj. Sess.), § F.100; 2013, No. 199 (Adj. Sess.), § 4.)