The Vermont Department of Economic Development

What The Vermont Department of Economic Development does

The Vermont Department of Economic Development is a department within the Vermont Agency of Commerce and Community Development (ACCD), the state agency responsible for administering economic, housing, community, historic preservation, and tourism programs across Vermont. It serves Vermont small businesses, startups, BIPOC business owners, manufacturers, farms, forest-product enterprises, small exporters, municipalities, and entrepreneurs pursuing government contracts through a portfolio of more than 15 programs including the Vermont Employment Growth Incentive (VEGI), Tax Increment Financing (TIF), Community and Housing Infrastructure Program (CHIP), State Trade Expansion Program (STEP), Vermont Training Program (VTP), Elevate Vermont, Rural Industry Development Program, Brownfields Revitalization Fund, and Vermont APEX Accelerator.

The department's underlying technology footprint is modest and non-proprietary: it relies on government systems including the GEARS online grant management platform, the BACH-DA online damage assessment system (co-developed with the Division of Emergency Management), the Vermont Business Registry & Bid System, and the Planning Atlas. Programs are delivered through a hybrid channel mix — direct ACCD staff in Montpelier, 12 Regional Development Corporations across the state, the Vermont APEX Accelerator's territory-based procurement counselors, federal partners (HUD, SBA, NBRC), and online self-serve portals.

The department has no commercial revenue model. It is funded through Vermont state appropriations, federal pass-through grants, and ARPA allocations — including $67.845 million in CDBG-DR disaster recovery funds for the July 2023 floods, $57.9 million in SSBCI capital (Venture Capital Program and Loan Participation Program), approximately $11 million annually in HUD Consolidated Plan funding, and $249,000 in FY2024 SBA STEP. Leadership comprises Secretary Lindsay Kurrle, Deputy Secretary Tayt Brooks (ACCD), Commissioner Lyle Jepson, and Deputy Commissioner Nick Grimley (DED), reporting through the executive branch to Governor Phil Scott.

Name

The Vermont Department of Economic Development

Legal name

Agency of Commerce and Community Development (ACCD)

Website

https://accd.vermont.gov

Company type

Public

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The Vermont Department of Economic Development is a state government department within the Agency of Commerce and Community Development (ACCD) that administers grants, tax incentives, training, housing, export, and disaster recovery programs for Vermont businesses, municipalities, and BIPOC entrepreneurs, funded through state appropriations and federal pass-through dollars.

Ownership category

akta.pro rank

Headquarters

HQ city

Montpelier

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Distribution channels5 records

Marketing channels6 records

Core offering

The Vermont Department of Economic Development administers state and federal economic development programs supporting Vermont businesses, municipalities, and communities. Core offerings include workforce training grants (VTP), export assistance (STEP), job creation incentives (VEGI, TIF, CHIP), brownfields cleanup funding, technology sector support (Elevate Vermont), government contracting assistance (APEX Accelerator), housing improvement programs (VHIP), community development block grants (CDBG/VCDP), disaster recovery funding (CDBG-DR), and small business credit initiative (SSBCI) capital programs. Programs are delivered through agency staff, regional development corporations, and online portals to Vermont-based businesses, municipalities, and community organizations.

Product overview

The Vermont Department of Economic Development operates as part of the Vermont Agency of Commerce and Community Development (ACCD), offering a portfolio of economic development programs and services. The department's offerings include: workforce training programs (VTP), export assistance (STEP), technology sector support (Elevate Vermont), business financing incentives (VEGI, TIF, CHIP), housing and community development programs, disaster recovery services, and government contracting support (Vermont APEX Accelerator). These programs function as a coordinated ecosystem designed to support Vermont businesses at various stages—from startup through expansion—with services spanning capital access, workforce development, international trade, housing infrastructure, and disaster preparedness.

Differentiator

Problem solved

Functional benefit

Products and services

• State Trade Expansion Program (STEP) Federal export assistance program that helps eligible Vermont small businesses expand into foreign markets through trade missions, trade shows, market research, e-commerce development, and export training.
• Vermont Training Program (VTP) Performance-based workforce development grants that partner employers with training providers to fund pre-employment training and training for new hires and incumbent workers in Vermont.
• BIPOC Business and Career Assistance Program Statewide business coaching, training, networking, and career support services for Black, Indigenous, and Persons of Color (BIPOC) business owners and workers, delivered at no cost through the Vermont Professional of Colors Network.
• Brownfields Revitalization Fund Financial assistance program that promotes the productive reuse of contaminated or underutilized sites in Vermont through cleanup funding, supporting environmental stewardship and economic growth.
• Rural Industry Development Program (RIDP) Grant program that provides funding through local development corporations to support business relocation and expansion efforts, including purchase, demolition, building, and renovation of industrial properties in Vermont.
• Vermont Employment Growth Incentive (VEGI) Performance-based economic incentive program that provides cash payments to Vermont businesses that create new jobs, payroll, and capital investments, with payments based on revenue return to the state.
• Tax Increment Financing (TIF) Municipal financing tool that enables Vermont communities to finance public infrastructure improvements within designated districts, leveraging additional private investment for housing, commercial, and retail development.
• Community and Housing Infrastructure Program (CHIP) Statewide tax increment financing tool designed to help Vermont communities invest in critical public infrastructure to unlock housing opportunities, with up to $2 billion available through 2035.
• Elevate Vermont Technology-based economic development program designed to catalyze growth in Vermont's high-tech business sector through increased access to targeted technical and research assistance.
• Northern Border Regional Commission (NBRC) Federal-State partnership administered through DED that invests in community and economic development projects in economically distressed counties across Maine, New Hampshire, Vermont, and New York.
• Vermont APEX Accelerator Government contracting assistance program providing counseling, bid matching, training, and networking support to help Vermont businesses sell to federal, state, and local government agencies.
• Community Development Block Grant (CDBG/VCDP) Federal grant program providing funding for housing, community development, and disaster recovery projects throughout Vermont, administered by the Department of Housing and Community Development within ACCD.
• Vermont Housing Improvement Program 2.0 (VHIP) Housing improvement program providing funding for rental housing improvements and affordable housing development across Vermont.
• Disaster Recovery Funding (CDBG-DR) Federal disaster recovery funding program providing $67.85 million in Community Development Block Grant funds for response to Vermont's July 2023 floods (FEMA Disaster Declaration 4720).
• State Small Business Credit Initiative (SSBCI) Federal ARPA funding program providing $57.9 million through two programs — a Venture Capital Program for seed and early-stage investment and a Loan Participation Program for small business growth — delivered through VEDA.
• Rapid Response Mobile Home Infill Program (MHIP) Program to support mobile home park improvements and infill development to increase affordable housing availability in Vermont.

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• Leahy Institute for Rural PartnershipscoreStrategic or Co-development PartnerPartner in the Windham Leadership Series providing educational programming on grant eligibility, timelines, and proposal strategies for accessing economic development funding. Collaborates with DED on rural development initiatives.
• Vermont Small Business Development Center (VtSBDC)coreStrategic or Co-development PartnerStatewide SBDC providing one-on-one confidential advising and training programs for startup planning, financing, sales/marketing, growth strategies, financial management, and operations. Also provides disaster recovery workbooks for businesses.
• Vermont Employee Ownership Center (VEOC)minorStrategic or Co-development PartnerNon-profit supporting business owners considering employee ownership exits via ESOP, worker co-op, or similar models. Offers free pre-feasibility consulting, seminars, annual conference, and revolving loan fund.
• Vermont Manufacturing Extension Center (VMEC)minorStrategic or Co-development PartnerProvides world-class assistance and resources to Vermont manufacturers and other enterprises to overcome challenges, become more competitive, and grow profitability.
• Vermont Farm & Forest Viability ProgramminorStrategic or Co-development PartnerVermont Housing & Conservation Board program offering business planning and technical assistance to Vermont's commercial-scale farm, food, and forestry enterprises.
• SCOREminorStrategic or Co-development PartnerNonprofit SBA resource partner fostering local small business communities through free professional mentoring and educational workshops for Vermont entrepreneurs.
• Agency of Agriculture, Food and MarketscoreStrategic or Co-development PartnerState agency partner in disaster response and recovery coordination. Collaborates on damage assessment for businesses, farms, and agricultural resources during emergencies.
• Division of Emergency Management & Homeland SecuritycoreStrategic or Co-development PartnerState emergency management partner for disaster planning and response. Jointly developed BACH-DA online system for damage assessment coordination.
• Lake Champlain ChambercoreStrategic or Co-development PartnerMajor regional business organization. Jeff Lawson (VP for Tourism) serves as Co-Chair of Convention Center Task Force. Commissioned feasibility study through Hunden Partners.
• Vermont Chamber of CommercecoreStrategic or Co-development PartnerJeremy Little represents Vermont Chamber on Convention Center Task Force. Collaborative partner on economic development initiatives and business advocacy.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Maine Department of Economic and Community Development: Direct peer as a New England state economic and community development agency administering CDBG, housing, and business incentive programs with similar rural economy and federal funding model.
• New Hampshire Department of Business and Economic Affairs: Direct peer as a neighboring small New England state economic development agency offering business finance, workforce, and international trade support to a similar rural/suburban business base.
• Connecticut Department of Economic and Community Development: Direct state-level peer administering business incentives (VEGI-like), CDBG, housing, and community development programs for a small-state New England business base.
• Rhode Island Commerce Corporation: Quasi-public state economic development corporation comparable in scale to Vermont ACCD, offering business attraction, financing, and workforce development programs for a small-state economy.
• Vermont Housing & Conservation Board: Closely aligned Vermont quasi-public body administering affordable housing and conservation funding (Farm & Forest Viability Program); a natural partner and functional peer in housing/community development.

Broad incumbents

• New York Empire State Development: Larger New York State economic development umbrella organization running business incentives, venture programs, and APEX-equivalent government contracting support; comparable function at greater scale.
• Massachusetts Executive Office of Housing and Economic Development: Comparable state secretariat-level housing and economic development portfolio with a much larger program budget and broader urban/rural split than Vermont's ACCD.
• California Governor's Office of Business and Economic Development (GO-Biz): Large-scale state economic development office providing business incentives, international trade, and small business support; comparable role at a vastly larger scale and budget.
• U.S. Economic Development Administration (EDA): Federal sister agency within the U.S. Department of Commerce that funds infrastructure, innovation, and disaster recovery programs, including the Northern Border Regional Commission that Vermont DED partners with.
• U.S. Small Business Administration (SBA): Federal partner agency that funds STEP, APEX, and SCORE programs administered by Vermont DED; provides the federal small business capital and contracting frameworks that the state agency delivers locally.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/ACCDVermont
• YouTubeyoutube.com/channel/UC_XuJ0xbrWx0rRk-MhxpQMQ
• Facebookfacebook.com/ACCDVermont
• LinkedInlinkedin.com/company/vermont-department-of-economic-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Vermont Department of Economic Development