Governor Phil Scott and the Vermont Department of Economic Development (DED) opened the Business Emergency Gap Assistance Program (BEGAP) on Aug. 3. This $20 million grant program is intended to help businesses and nonprofits restore, reopen, and bring their employees back to work after suffering physical damages to their property beginning on July 7, 2023, when severe storms swept into Vermont.
The application portal opened on Aug. 3 at 12:00 p.m.
“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,” said Governor Scott. “My team and I will continue to work to support businesses, and work with our congressional delegation to try and secure additional resources that will be needed.”
Prior to the application opening, businesses and nonprofits were encouraged to visit the Business Emergency Gap Assistance Program page [www.accd.vermont.gov/economic-development/flood-emergency-funding] to learn how the program works and what they would need to have in and before beginning the online application process.
“We know that our businesses and nonprofits are hurting.” said DED 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.”
Here are some of the basics of the Business Emergency Gap Assistance Program:
Grantees can get up to 20% of their net, uncovered damages after factoring in other funding sources like 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 devoted to the Vermont Business Emergency Gap Assistance Program, $1 million is being set aside for the Vermont Agency of Agriculture, Food and Markets to disburse to farms and farm businesses. Once the application portal is live, submissions will be approved on a rolling basis until all funds are expended. Applicants with questions can email the Business Emergency Gap Assistance Program at ACCD.BizFloodGrant@Vermont.Gov.