§ 280gg.
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§ 280gg. Disaster Recovery Loan Fund
(a)(1) There is established within the Authority the Vermont Disaster Recovery Loan Fund, referred to in this subchapter as “the Fund,” the purpose of which is to enable the Authority to provide loans and other forms of financial assistance to businesses, including agricultural and forest product enterprises, after disasters.
(2)The Authority shall consult with the Secretary of Commerce and Community Development; the Secretary of Agriculture, Food and Markets; and the Commissioner of Forests, Parks and Recreation in determining whether funds shall be made available following a nondeclared disaster event impacting areas of the State. A consultation shall not be required in the event of a disaster declaration declared by the Governor or the President of the United States.
(b)The Authority shall establish:
(1)policies and procedures for the Fund that the Authority determines are necessary to carry out the purposes of this subchapter; and
(2)financing programs necessary to ensure timely delivery of financial assistance after a disaster.
(c)The Authority shall limit the interest rates charged for loans provided utilizing funds from the Disaster Recovery Loan Fund to rates necessary to cover the costs of administering the Fund.
(d)This is a revolving loan program and any excess of revenues over expenses derived from this program shall be deposited in the Fund.
(e)In determining whether to issue financial assistance from the Vermont Disaster Recovery Loan Fund established by this subchapter 15, the Authority shall consider whether a business has received disaster recovery financial assistance from the State for the same disaster event. (Added 2025, No. 26, § 1, eff. July 1, 2025.)