Blueprint Intelligence / Specialized Pathways / Vermont SSBCI venture capital, VEDA's direct and venture fund models
Specialized Pathways
Vermont SSBCI venture capital, VEDA's direct and venture fund models
Vermont defined two models for the same pool of SSBCI capital, one investing directly in businesses and one pooling with private money at the fund level.
The State of Vermont appointed the Vermont Economic Development Authority as the implementing entity for its approved SSBCI plan, and VEDA set out to place up to $28 million of the state's SSBCI money into a managed venture capital fund. What makes Vermont worth reading closely is that it defined two alternative models for that fund, and the 1:1 private match sits in a different place in each.
Two models, and the match sits differently in each
Under the direct model, the fund consists entirely of SSBCI money invested by VEDA and managed by the fund manager on VEDA's behalf. It makes direct investments of SSBCI funds in small businesses alongside co-investments from private capital sources at a minimum 1:1 level. The match happens at the deal.
Under the venture fund model, the fund consists of SSBCI money invested by VEDA plus at least an equal amount of private capital, meaning 1:1 investment matching at the fund level. The fund then uses the pooled capital to invest in small businesses. The match happens before any deal does.
That difference decides who a private investor is committing to and when. A company reading this should ask which model the fund approaching it was built on, because it changes where the private capital had to come from.
The capital stays with the state
SSBCI funds invested through the fund remain under the ownership of the State of Vermont and are administered by VEDA in perpetuity, for the benefit of the state. Vermont's stated vision is a long-term vehicle for the investment and reinvestment of funds to develop entrepreneurial ventures, with earning a return described as a vital objective so resources are replenished and reinvestment can continue.
There is also a pacing constraint worth knowing: the fund may call up to 15 percent of the SSBCI funds committed by VEDA in an initial capital call.
The manager was selected through a procurement that has closed
VEDA sought fund managers through a request for proposal issued on January 26, 2023, with questions due February 16 and responses due March 1, 2023. That RFP covered management of up to $12.5 million for a period of up to ten years, with potential renewal following completion of the SSBCI program.
Those dates have passed, so the procurement is closed rather than open. Nothing available here states a current application window for either managers or companies, and this page claims none. Confirm the present position with VEDA.
What the sources do not cover
Three things a reader might expect are absent because no source carries them. The RFP text does not name CORI, Hula, or RDF Ventures, does not use the term pari passu, and does not frame the program around early-stage technology specifically. Those were checked against the document rather than assumed.
Vermont's SBDC page, which covers SSBCI technical assistance, states that no SSBCI debt capital is available at this time. That is about debt rather than equity, and it is noted here only so the two are not confused.
Vermont's two models differ in where the private match sits. Under the direct model the 1:1 match happens deal by deal alongside SSBCI money; under the venture fund model it happens at the fund level before investing starts.
Sources and currency
Information checked as of August 3, 2026.
Program terms, eligibility, participation limits, and application windows change on the program administrator’s own schedule, not on ours. Treat everything above as a starting point for a conversation, and confirm the current requirements with the administrator before you act on any of it.
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