“VEDA is pleased to offer financing support to these exciting development projects,” saidJo Bradley, VEDA Chief Executive Officer.  

Among the projects approved by VEDA for financing assistance:

Wake Robin Corporation, Shelburne – VEDA approved reissuance (refunding) of up to $27 million in tax-exempt 501 (c) (3) (Non-Profit) Revenue Bond financing for the benefit of Wake Robin Corporation, Vermont’s first Continuing Care Retirement Community offering “life care” to residents as they age.  VEDA has assisted Wake Robin with tax-exempt bond financing several times.  Wake Robin presently has 212 independent living units, 31 residential care (assisted) living units and 51 skilled nursing beds.  The skilled nursing unit includes an 18-bed dementia-focused wing. The 136-acre facility also has a community center, library, dining facilities, and other social and recreational amenities. Wake Robin presently employs approximately 178 full and part-time people, and nearly 330 people live at Wake Robin.

Hotel Vermont Holdings, Burlington – Financing of $1.3 million was approved to help Hotel Vermont Holdings construct a new 126-room boutique hotel on a .3 acre parcel of land adjacent to the Courtyard Marriott hotel inBurlington. The new hotel is the final phase of an overall private/public $65 million project begun in 2003 on land owned by the City of Burlington, also including the Courtyard Marriott, Westlake condominiums, a two-deck expansion of the municipal parking garage, and a 7,500 square foot “green roof” atop the public parking.  It is anticipated that within three years of the construction project, 76 new jobs will be created.  NBT Bank is also providing financing for the $20 million project.

Butternut Mountain Farm, Morrisville – Financing of $1.3 million was approved for a project to help Butternut Mountain Farm (BMF) construct a 30,800 square foot addition to their existing 40,100 square foot facility in the Morrisville Industrial Park.  The addition will be primarily dedicated to the receiving, storage, batching and pumping of bulk maple syrup.  Union Bank is also providing financing for the project.  BMF was established in 1972 as a family business producing maple syrup, Christmas trees and timber products.  Today, the company operates farms in Johnson and Barton, a retail store in Johnson, and its warehouse and processing facility in Morrisville.  Along with producing its own maple syrup, BMF purchases pure maple syrup from over 300 independent producers inVermont and throughout the maple region.  BMF sells to specialty stores as well as national mail order companies, major grocery chains, and multinational companies.  It is projected that within three years of the expansion project, employment numbers at BMF will grow from the current 67 to 79.

Dorset Park Skating Association, Inc., South Burlington – Final approval was given for the reissuance (refunding) of nearly $1.5 million of 501 (c) (3) (Non-Profit) Revenue bond financing for the benefit of the Dorset Park Skating Association, Inc. (DPSA) inSouth Burlington.   DPSA is the non-profit corporation that operates the Cairns Skating Arena inDorsetPark inSouth Burlington.  The bond reissuance will help DPSA refund the outstanding balance on a $2.8 million bond issued by VEDA to cover costs associated with construction of the original 32,430 square foot skating arena in 1996 and the adjacent 35,500 square foot skating rink constructed in 2001.  TD Bank purchased and holds the VEDA revenue bonds.

VEDA also approved:

• $1.3  million to Vermontfarmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
  
• $392,000  through the Authority’s Small Business Loan Program  to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing; and
• $201,354 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermontby providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.  Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion.  For more information about VEDA, visit www.veda.org or call 802-828-5627.

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“VEDA is very pleased to offer financing support to a number of small business projects around Vermont,” said Jo Bradley, VEDA Chief Executive Officer. “In addition, bond financing has been approved for several large facility expansion projects.”

Among the projects approved by the Authority for financing assistance:

Rutland Plywood Corporation, Rutland – Financing of $346,000 was approved to help Rutland Plywood Corporation complete a wood-fired electric co-generation project at the company’s Ripley Road facility, and provide working capital to help the company expand operations. People’s United Bank and Rutland Economic Development Corporation provided financing for the $1.5 million project. The electric co-generation system utilizes the Company’s wood waste to fire boilers, which supply steam to the mill for manufacturing processes and also to a steam driven turbine and generator. Electricity generated from the project is sold to Vermont utilities to help meet local demand. Rutland Plywood is a significant manufacturing employer in Rutland, with jobs expected to increase from 149 to 156 within three years of the project. Rutland Plywood manufactures hardwood laminates used by manufacturers of gunstocks, musical instruments, knitting needles, exercise machines, wire, and many other items.

Whetstone Station Restaurant and Brewery, Brattleboro – A new restaurant and brew pub will be established in Brattleboro, with the help of $200,000 in VEDA financing. Brattleboro Savings and Loan is also providing financing for the $789,670 project. Whetstone Station Associates will purchase and renovate 4,500 square feet of real estate formerly known as the Riverview Restaurant. The new Whetstone Station Restaurant and Brewery will be a family-friendly brewpub with a mixture of on-site brews, regional micro- and international brews, pub food, local specialties and a children’s menu. Business principals expect to employ 25 people within three years of the start-up project.

Washington County Mental Health Services, Inc., Barre – VEDA gave final approval for issuance of up to $5.3 million in tax-exempt bonds to help finance a two-part $6.9 million real estate development project being undertaken by Washington County Mental Health Services, Inc. (WCMHS) in Barre Town. The project received preliminary VEDA bond financing approval in January. Part I of the project entails the purchase of 6.6 acres of land and a building for conversion to a school for students unable to operate in normal academic settings. This facility is expected to include classroom, cafeteria, gymnasium, and auditorium space for 60 students in grades 1 through 12. Part II of the project entails the purchase of 4 acres of land and a building to create a larger central administration building for WCMHS. Northfield Savings Bank is also providing financing for the project. WCMHS is a 501(c)(3) non-profit corporation providing a wide range of mental health services to residents in Washington County and several Orange County towns. WCMHS has 498 full-time employees.

Vermont School Boards Insurance Trust, Inc., Berlin – Preliminary (inducement) approval for the issuance of $3.65 million in tax-exempt bonds was given the Vermont School Boards Insurance Trust (VSBIT) for their planned construction of a 12,000 square foot office building in Berlin. VSBIT, a 501(c)(3) non-profit corporation formed in 1978 to provide insurance and risk management services to Vermont school districts, currently operates out of 4,000 square feet of leased space.

Crash Palace, LLC, Rutland – Financing of $300,000 was approved to help Crash Palace, a Rutland auto body repair shop, purchase the property it currently leases. Berkshire Bank is also providing partial financing for the $750,000 real estate acquisition project. Crash Palace employs 13 persons.

VEDA also approved:

• An additional $461,900 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing; and
  
• $201,354 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

On June, 14, 2012, VEDA will be honored, along with other SBA award-winning Vermont individuals, companies and organizations, at a ceremony presented by Vermont Business Magazine in the Shelburne Farms Coach Barn, Shelburne, Vermont.  The winners of the 2012 Vermont Small Business Awards:

Small Business Person
Charles “Chach” Curtis Jr. CEO of Draker Laboratories, Inc.
Burlington, Vermont

Financial Services Champion
Vermont Economic Development Authority
Jo Bradley, CEO on behalf of the VEDA Team
Montpelier, Vermont

Small Business Exporter
Joel Melnick, President, Nathaniel Group, Inc.
Vergennes, Vermont

Home-Based Business Champion
Simeon Geigel, Small Business Development Specialist, CVOEO Micro Business Development Program
Burlington, Vermont

Jeffrey Butland Family-Owned Small Business
James Mount and Karen Mount, Owners, Westaff
Burlington, Vermont

Women In Business Champion
Sarah S. Spencer, Founder/President, Got Clicks?
Richmond, Vermont

Vermont Micro-Enterprise
Andrew Boutin, General Manager, Pellergy, LLC
Montpelier, Vermont

Community/Rural Lender
Passumpsic Savings Bank
Bob Bishop, Senior Vice President on behalf of the Passumpsic Team
St, Johnsbury, Vermont

Special Award for Disaster Assistance
Linda Rossi, Associate State Director, Vermont Small Business Development Center
Randolph, Vermont

For more information about the 2012 awards, visit the Vermont Small Business Administration (SBA).

Recent financing approvals by the Authority include:

• Appalachian  Engineered Flooring, Inc., North Troy – Financing of $1.2 million  was approved to help an establishedQuebec      company create a new 26,000 square footU.S. production facility inNorth Troy.  Appalachian Flooring (AF) ofCowansville,Quebec manufactures and sells pre-finished and finished solid hardwood flooring to retailers and distributors acrossNorth America.  AF also sells finished  engineered hardwood flooring that will be produced in the newNorth Troy facility under the business name,  “Appalachian Engineered Flooring, Inc.”  AF principals estimate that up to 40      jobs will be created at theNorth Troy plant within three years of the project.
• Northeast Kingdom Human Services, Inc., Derby  – The Authority approved an inducement resolution for the issuance of up to $3.9 million in tax-exempt bonds to help finance consolidation of operations among several leased Northeast Kingdom Human Services (NKHS) facilities in the Newport/Derby area. Pending final approval by the Authority, the $6.55 million project would enable NKHS to purchase approximately five acres of land in Derby, and construct and equip a 30,200 square foot building on the property.  If approved, the consolidation project would help NKHS better coordinate and manage outpatient services, school-based programs, substance abuse treatment, developmental services, and      administrative services. A non-profit corporation providing a wide range of mental health services to residents in theNortheastKingdom, NKHS has 350 full-time employees.
• Franklin  County Industrial Development Corporation (FCIDC) for Peerless Clothing International, Inc., St. Albans  –   VEDA approved $4 million in financing as part of an $11.5 million      expansion of FCIDC’s facilities that are leased to Peerless Clothing International, Inc. (PCI) in the St. AlbansIndustrial Park. The project will replace one of PCI’s current buildings with a much larger, more efficient facility.  The newly-designed structure will enable Peerless to design and construct four floors of racking systems to accommodate a new product line.  Once constructed, the expansion project will bring Peerless’s total square footage in the park to 281,200.  PCI serves as the U.S.sales and distribution network for Peerless, the largest manufacturer of men’s clothing in North America, and the largest supplier of Canadian-made and imported men’s tailored clothing to most major department and specialty retail stores in the U.S.

In addition, VEDA approved financings totaling:

• $960,000 to Vermontfarmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
• $204,000 through the Authority’s Small Business Loan Program  to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing; and
• $433,737 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermontby providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.  Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion.  For more information about VEDA, visit www.veda.org or call 802-828-5627.

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“VEDA is pleased to help stimulate economic activity and job creation in Vermont by approving financing for these business and farm projects,” said Jo Bradley, VEDA’s Chief Executive Officer.

The projects approved for VEDA financing are:

• Catamount-Malone/Hinesburg, LLC, Hinesburg – Financing of $1 million was approved as part of a $3.1 million project by real estate developer Catamount-Malone/Hinesburg (CMH) to restore an important downtown Hinesburg manufacturing facility to productive use.  CMH has purchased and renovated the 88,720 square foot former Saputo Cheese factory for lease to several commercial ventures, including tenants Green Mountain Organic Creamery and Vermont Smoke and Cure. The Project will create space for up to four additional tenants and is estimated that at least 37 new jobs will be created at the facility within three years.   NBT Bank is collaborating with VEDA to finance the Project.
• Autumn Harp, Inc. and Black Bay Ventures V, LLC, Essex Junction – The Authority approved the reissuance of $2.4 million in lower-interest rate bond financing (originally issued in 2007, and owned and disbursed by TD Banknorth) to partially cover costs related to leasehold improvements at Autumn Harp’s Essex Junction facility, and new machinery and equipment purchases at the company’s Essex Junction and Bristol facilities. Autumn Harp is a manufacturer of personal care products, selling to internationally-known  companies such as Bath and Body Works, Victoria’s Secret, Body Shop and Gap.
• Washington County Mental Health Services, Inc., Barre – VEDA approved an inducement resolution for issuance of up to $5.3 million in tax-exempt bonds to help finance a two-part $6.9 million real estate development project being undertaken by Washington County Mental Health Services, Inc. (WCMHS) in Barre Town.  Part I of the project entails the purchase of 6.6 acres of land and a building for      conversion to a school for students unable to operate in normal academic settings.  This facility is expected to include classroom, cafeteria, gymnasium, and auditorium space for 60 students in grades 1 through 12. Part II of the project entails the purchase of 4 acres of land and  a building to create a larger central administration building for  WCMHS.  Northfield Savings Bank is also providing financing for the project. WCMHS is a 501(c)(3) non-profit corporation providing a wide range of mental health services to residents in Washington County and several Orange County towns.  WCMHS has 498 full-time employees.
• Vermont Hospitality Management, Inc. d/b/a New England Culinary Institute (NECI), Montpelier –  VEDA approved the renewal of mortgage insurance capped  at $500,000 on a $720,000 working capital line of credit being advanced by Vermont State Employees Credit Union (VSECU) to NECI.   The insurance and VSECU Line of Credit are a renewal of an existing working capital facility.  NECI is a nationally-known culinary school based in Montpelier with an enrollment of nearly 600 students annually in four semester programs.  NECI offers a wide range of certificate and degree programs including short 15 week certificates, two-year associates degrees, and four year bachelor of arts degrees.  In addition to its onsite programs, NECI offers online instruction and is just introducing an exciting online “apps” program allowing users to download instructional video materials on particular culinary topics and techniques.  NECI reports that it has 134 full-time employees.

In addition, VEDA approved financings totaling:

• $1.6 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); 
• $634,200 through the Authority’s Small Business Loan Program  to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
• $887,000 through the Authority’s VT504 Program which, with SBA’s approval, makes SBA 504 loans to eligible and qualified borrowers; and
• $1.04 million through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.  Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion.  For more information about VEDA, visit www.veda.org or call 802-828-5627.

“VEDA is pleased to help support the expansion and start-up plans of these businesses and farms,” said Jo Bradley, VEDA’s Chief Executive Officer.  “These small business, technology and agricultural investments will help stimulate economic activity and create jobs in Vermont.”

Projects approved for VEDA financing include:

• Champlain Chocolate Company, Inc., Burlington – $1.3 million in VEDA financing was approved as part of a $3.5 million project to support Champlain Chocolate  Company Inc.’s (d/b/a Lake Champlain Chocolate’s) purchase and renovation of the 32,000 square foot former Sondik building on Pine Street in  Burlington.  TD Bank will also provide financing for the project.  Champlain Chocolate Company’s new facility is directly across  Birchcliff Parkway from the company’s current headquarters, production and   retail facility.  The new facility will help Champlain Chocolate Company expand production over the next several  years to meet growing demand for its award winning chocolates.  Management reports that the Project will enable Champlain Chocolate Company to expand employment by nearly 22% over the next three years.
• American Crafted Spirits, Windsor – Financing of $101,250 was approved as part of a $938,750 project to help American Crafted Spirits construct a 3,000 square foot manufacturing facility in      Windsor and purchase equipment.   Connecticut River Bank is also providing financing for the project.  American Crafted Spirits Artisan Distillery will manufacture Silo Vodka.  The company      projects creation of five new jobs within three years of the project.

In addition, VEDA approved financings totaling:

• Almost $1.9 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
  
• $1.4 million  through the Authority’s Small Business Loan Program  to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
  
• Almost $600,000 through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
• $344,628 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.  Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion.  For more information about VEDA, visit www.veda.org or call 802-828-5627.

VEDA’s year-end figures will be presented today at the Authority’s 37^th Annual Meeting in South Burlington.

“FY 2011 was a period of tremendous activity at the Authority,” said VEDA Chief Executive Officer Jo Bradley. “Financing activity was very strong as part of Vermont’s continuing recovery from a deep national recession. But, the year also brought special challenges and opportunities: heavy spring flooding necessitated emergency lending, and $13.2 million in new federal funding, to be administered by VEDA, was committed to Vermont.”

Direct loan closings went from $27.4 million in 2009 to $36.1 million in 2010, to $40.4 million in 2011. And, closings of off-balance sheet financings went from $41.7 million in 2010 to $94.3 million in 2011.

Revenue bond financing at VEDA was also up for the year. In FY 2011, VEDA utilized the last of $135 million in increased federal tax-exempt bond capacity made possible by the American Recovery and Reinvestment Act. Bond financing was $128 million in 2011, second only to the $170 million in revenue bonds issued by the Authority last year.

“These significant increases in volume show the special need for VEDA financing assistance during difficult economic times,” said Bradley. “In remaining flexible and responsive to changes in the Vermont economy, VEDA plays a vital role, helping Vermont businesses and farms remain strong, especially in the face of serious economic challenges.”

In FY 2011, the U.S. Department of the Treasury announced the approval of Vermont’s application for $13.2 million in State Small Business Credit Initiative (SSBCI) funding under the Small Business Jobs Act. The funding, to be administered by VEDA, will help create new jobs, and with an expected private dollar leverage of 10:1, is expected to spur more than $132 million in small business lending in Vermont.

During the first quarter of VEDA’s Fiscal Year 2012, the Authority approved $24.4 million in business and agricultural financings, including:

• Vermont Industrial Products, Inc., Essex – Financing of $237,600 will help a mechanical seal machine shop expand its business. Vermont Industrial Products, Inc. (VIP) was started in 2004 and currently operates out of 6,000 feet of leased space in Colchester. VIP services and repairs mechanical seals for customers throughout Vermont, the United States and Canada. The company’s planned $677,499 capital investment project will include the purchase of 2.61 acres and a 9,000 square foot building in Saxon Hill Industrial Park in Essex. Vermont Industrial Products has six employees, a number expected to grow to eight within three years of the expansion project. Merchants Bank is also participating in the project financing.

• Green Mountain Economic Development Corporation for Advanced Illumination, LLC, Rochester – Financing of $1.08 million was approved to help Advanced Illumination purchase and renovate the building formerly owned by Oatmeal Studio in Rochester. Founded in 1993, Advanced Illumination is a lighting solutions company, specializing in the use of LEDs for the machine vision industry. The company has been operating out of two buildings totaling approximately 7,000 square feet in Rochester, and needed to expand. With help from Green Mountain Economic Development Corporation (GMEDC), Advanced Illumination plans to relocate and expand operations to the newly-renovated 23,000 square foot building. The company employs 43 persons, and payroll is expected to increase to 52 within three years of the $1.28 million project.

• Numia Medical Technology, LLC, Newport – Financing of $412,000 was approved to Numia Medical Technology, a rapidly-growing designer, developer and manufacturer of medical devices and systems used for continuous infusion of small-volume medications at a controlled rate. The VEDA financing will help Numia expand out of its existing space to a newly-acquired and renovated 24,200 square-foot vacant building in Newport. Numia employs 22 people, a number expected to grow to 30 within three years of the $1.03 million expansion project, in which Passumpsic Bank is also participating.

• Chroma Technology Corporation/Spencer, LLC, Bellows Falls – Financing of $1.12 million was approved to help Chroma Technology Corporation/Spencer purchase and renovate a 26,000 square foot building in Bellows Falls, and acquire and install new equipment. The new facility will be the second plant owned and operated by Chroma Technology in Bellows Falls, where the company employs 96 people. A developer and manufacturer of optical coatings and coated optical components marketed through the United States, Europe and Southeast Asia, Chroma expects to accommodate the company’s growth to 109 employees within three years of the $2.8 million expansion project, in which Merchants Bank and TD Bank are also participating.

• Flex-a-Seal, Inc., Essex Junction – Flex-a-Seal, Inc., Essex Junction – As part of a $675,000 equipment purchase and installation project, VEDA approved $270,000 in financing to Flex-a-Seal, Inc., a manufacturer of many different types of sealing products used in industries such as pulp and paper, hydrocarbon processing, chemical and food processing, drug manufacturing, and water systems.  New inventory control and production equipment will help Flex-a-Seal grow their business from its current 72 employees to 82 within three years of the project.  People’s United Bank is also participating in the project financing.

• WCW, Inc., Manchester – A New York-based mattress manufacturing company will relocate to Manchester, Vermont with the help of $1.2 million in VEDA financing. The $3 million project, which also includes financing provided by Merchants Bank, will help WCW, Inc. purchase the former Applejack property, and consolidate the company’s operations in southern Vermont. With a staff of 98, WCW, Inc. is a medical, consumer and hospitality bedding company, manufacturing and distributing mattresses in the United States and internationally. Within three years of the relocation and expansion project, WCW, Inc. hopes to increase employment to 122 positions.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

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MONTPELIER, VT – In recent weeks, many Vermont hurricane- and tropical storm-damaged businesses have sought emergency financing assistance from the Vermont Economic Development Authority (VEDA). In addition, VEDA wants to make sure Vermont farmers also take full advantage of the special financing assistance.

“On August 28th, Governor Peter Shumlin announced the immediate availability of up to $10 million in special low-interest VEDA financing for Vermont businesses and farms who suffered damage as a result of Hurricane and Tropical Storm Irene,” said VEDA Chief Executive Officer Jo Bradley. “While we’ve been receiving numerous applications for financing assistance from flood-damaged commercial businesses, we are concerned that Vermont farms damaged by Irene may not be completely aware of resources that are available to them.” Bradley said.

Additional financing for the emergency program, enabling the Authority to offer the lowest-possible interest rates, was approved by the State’s Emergency Board on September 13th.

“We understand affected Vermont farms are still assessing the damages they sustained as a result of this terrible storm,” said Bradley. “We encourage farmers to contact us as soon as they are able to.”

Emergency agricultural financing for farms damaged by Irene is available through VEDA’s agricultural financing program, the Vermont Agricultural Credit Corporation (VACC). The maximum loan size under the program is $100,000. The interest rate on the emergency VACC financing is 1% for the first two years with no payments required during the first year. At the beginning of the third year, the rate will adjust to the VACC Prime variable index. VACC financing is available for a variety of farm losses and damage attributable to Irene, including crop supplies, seed, livestock, fertilizer, machinery and equipment, fuel, lost inventory, and storm-related repairs to land, buildings and machinery.

Applications will be reviewed and loans approved on a first-come, first-served basis until all available funds are exhausted. For more information, or to apply on-line, please visit www.veda.org, or email info@veda.org.

The Hurricane Irene Assistance Loan Program funds are available immediately, the Governor said.

“This is important support for farmers and business owners across the state who found themselves in the path of the storm,” Gov. Shumlin said. “I hope those in need will take advantage of this program.”

“Many of Vermont’s businesses and farms suffered significant damage as a result of the terrible flooding caused by the hurricane,” said Bradley. “We want to do everything we can to help those affected rebound as quickly as possible from these devastating losses.”

The funds will be available to help commercial businesses and farms who suffered direct physical damage as a result of the hurricane. Affected not-for-profit organizations are also eligible for the special low-interest financing.

Eligible financing purposes include, but are not limited to, damages to and/or losses of inventory, equipment, business premises, feed, crops and livestock. The maximum loan amount under the program is $100,000; the interest rate will be 1 percent for the first two years of the loan, with no payments required during the first year. At the beginning of the third year, the rate will adjust for commercial businesses to the VEDA Small Business Loan Program variable index, and for farm loans, to the Vermont Agriculture Credit Corporation prime rate index.

Applications for financing may be obtained by calling VEDA at 802-828-5627. Applications may also be downloaded and/or completed on-line at www.veda.org.

Applications will be reviewed and loans approved on a first-come, first-served basis until all available funds are exhausted. For more information, please contact VEDA at 802-828-5627, visit www.veda.org, or email info@veda.org.

“VEDA is pleased to help support the business expansion plans of these companies,” said Jo Bradley, VEDA’s Chief Executive Officer. “Their investments in our state’s manufacturing, small business, and agricultural sectors will help stimulate economic activity in Vermont.”

Projects approved for VEDA financing include:

• Cabot Hosiery Mills, Inc., Northfield – VEDA approved $273,000 in financing as part of a $682,500 project to purchase twenty new state-of-the-art knitting machines, ten of which are the latest generation of seamless toe technology. The new machines will replace many of the existing knitting machines currently in use by the sock design manufacturing facility. In operation since 1978, the family-owned company manufactures its own Darn Tough Vermont proprietary line of socks, as well as product for the North American higher-end private label sock market. Cabot Hosiery employs 99 people, a number expected to grow to 116 within three years of the development project, in which Peoples United Bank is also participating.
• Vermont Smoke and Cure, LLC, Hinesburg – VEDA approved an $800,000 participation in the financing for a nearly $5 million project to purchase machinery and equipment and improve a 21,000 square foot manufacturing space in Hinesburg. The new facility, which formerly housed Saputo Cheese, will help Vermont Smoke and Cure reduce processing costs and increase breadth and quantity of services for Vermont farmers, and increase production of all of its own products, particularly its new, award-winning single-serve natural snack sticks. Community National Bank is also participating in the project, which within three years, is expected to help Vermont Smoke and Cure more than double employment at the plant from the current 14 positions to 37.
• Springfield RDC and Great Bear Realty Corp, Windsor – VEDA approved $885,000 as part of a $985,000 project to help Springfield Regional Development Corporation (SRDC) build an 11,207 square foot building in the Windsor Industrial Park. The site of the building is a two-acre parcel owned by Great Bear Realty Corporation, which will enter into a long-term ground lease with SRDC so that the development corporation may manage the building and negotiate sub-leases for up to four tenants. A new business, The Vermont Farmstead Cheese Company, is expected to lease approximately 69% of the new building. The company produces, ages, processes, warehouses and distributes farmstead and artisanal cheese.

VEDA also approved financing for:

• The College of St. Joseph, Rutland – The Authority approved the reissuance of $2.56 million in Tax-Exempt Revenue Bonds to help The College of St. Joseph significantly lower annual interest costs on remaining debt associated with a former campus renovation project. Utilizing previously-issued bond funds, the four-year private liberal arts college constructed new athletic center and student center buildings, and relocated the college library. Campus improvements were completed in 1999. Peoples United Bank funded the Project through the purchase of the VEDA bonds.

In addition, VEDA approved financings totaling:

• $1.7 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
• $650,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
• $100,000 through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
• $14,000 through the Vermont Business Energy Conservation Loan Program, designed to help eligible businesses make energy conservation improvements.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.7 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

“These critical funds will help Vermont small businesses access the capital they need to expand their operations, create new jobs, and continue supporting our nation’s economic recovery,” said Treasury Secretary Tim Geithner. “Public-private lending partnerships, such as the State Small Business Credit Initiative, have a proven track record of success, and I’m pleased that this funding is on its way to support economic growth in Vermont.”

Under the Small Business Jobs Act, Vermont can access $13.2 million in SSBCI funds. Vermont expects to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, this $13.2 million allocation for Vermont is expected to support more than $132 million in new private lending in that state. Vermont’s SSBCI funds will be administered by Vermont Economic Development Authority (VEDA), which has 37 years experience in creating opportunities for small businesses, manufacturers, agricultural enterprises, and other businesses in Vermont.

“This $13.2 million in federal small business funding is terrific news for Vermont,” said Vermont Governor Peter Shumlin, “and it would not have been possible without the strong advocacy efforts of our Congressional delegation. We thank Senator Patrick Leahy, Senator Bernie Sanders, and Congressman Peter Welch for their efforts, and also thank the U.S. Department of the Treasury for this well-timed award. With the help of Vermont’s private sector leverage, these federal funds will go far, giving our small businesses the critical boost they need to create jobs for Vermonters.”

U.S. Senator Patrick Leahy said: “The largest obstacle to job creation in this recession has been access to capital. This $13.2 million infusion of federal funds, the result of Congress’ successful effort at including an all-state minimum in the program, is one of the most significant one-time influxes of capital VEDA has seen — and it couldn’t come at a better time.”

U.S. Senator Bernie Sanders commented: “As I travel across the state and speak with small business owners, I keep hearing how difficult it is to get the credit needed for these businesses to expand and create decent paying jobs for Vermonters. It is essential that the federal government support local businesses – and not just the giant banks on Wall Street that use government guarantees to speculate with taxpayer money. Clearly, we have an important role to play in terms of spurring small business lending. I am pleased that the availability of these funds will better enable the State of Vermont and Vermont’s community banks to extend more loans to small businesses – something our Vermont banks have done for years.”

U.S. Congressman Peter Welch said, “One of the biggest concerns I hear from Vermont small business owners is their ongoing difficulty in accessing credit in our struggling economy, in spite of the best efforts of our community banks. Vermont businesses are strong and ready to invest. That’s why we pushed so hard for this legislation. The announcement today is a real boost for small businesses that will give them the tools they need to create jobs and thrive.”

“This is a great federal and state partnership and a great opportunity for VEDA to enhance access to capital for a myriad of Vermont businesses,” commented Lawrence Miller, Secretary of the Vermont Agency of Commerce and Community Development. “VEDA has a proven track record and ability to leverage these dollars with private funds to help stimulate job creation in Vermont.”

“We are eager to start putting this money to use, and working with our banking partners to help Vermont’s economy grow,” said Jo Bradley, VEDA’s Chief Executive Officer.

Vermont’s approved plan dedicates $1 million of the state’s SSBCI funding to support its Financial Access Program, which provides loan portfolio insurance to encourage private financial institutions to lend to creditworthy small businesses. The remaining $12.2 million is allocated to three additional programs:

• Vermont has allocated a total of $5.9 million to its Commercial Loan Participation Program, which provides financing for the purchase of land; construction and renovation of facilities; and purchase and installation of equipment for eligible projects.
• Vermont has allocated $3.0 million to its Technology Loan Participation Program. This initiative supports loans to early stage firms primarily in the information technology and bioscience sectors.
• Vermont has also allocated $3.3 million to its Small Business Loan Program, which finances smaller commercial businesses’ fixed asset and working capital needs.

Under the SSBCI, all states are offered the opportunity to apply for federal funds for state-run programs that partner with private lenders to increase the amount of credit available to small businesses. States must demonstrate a reasonable expectation that a minimum of $10 in new private lending will result from every $1 in federal funding. Accordingly, the $1.5 billion federal funding commitment is expected to result in at least $15 billion in additional private lending nationwide.

Treasury Secretary Tim Geithner announced the approval of Vermont’s SSBCI application during a conference today at the Treasury Department entitled, “Access to Capital: Fostering Growth and Innovation for Small Companies.” The conference brings together policymakers, entrepreneurs, investors, academics, and other market participants to explore how both the public and private sectors can help promote access to capital at each stage of growth for a small business – from seed capital, to growth equity, to accessing the public markets.

“Development projects in many different sectors of Vermont’s economy will receive financing support from VEDA,” said VEDA Chief Executive Officer Jo Bradley. “Business investments will be made in Vermont’s commercial, manufacturing, agricultural, technology, energy, and small business sectors, translating into jobs being created or retained for Vermonters.”

Several projects were given Final Approval for Recovery Zone Facility Bond (RZFB) financing by the VEDA Board of Directors. The RZFB financing, enabled through the American Recovery and Reinvestment Act of 2009 (a.k.a. the Stimulus Act), provided VEDA with additional tax-exempt bond issuance capacity to commit to larger projects involving capital assets. Projects given final RZFB financing approval are:

• Weidmann Electrical Technology, Inc., St. Johnsbury – $25 million to help Weidmann Electrical Technology, Inc. undertake a major project to purchase new equipment, including a large new paperboard production machine, and construct a new building at its St. Johnsbury facility. The investments are expected to help the company improve production efficiency, and meet increasing product quality standards. The Weidmann companies are global leaders in the design, manufacture and supply of electrical insulation for oil-filled transformers of all voltage ranges. The St. Johnsbury facility employs 263 people.
• Community College of Vermont, Rutland – $5.52 million to help Community College of Vermont (CCV) enter into a long-term lease with developer DEW West and Wales for a new college classroom and campus facility in downtown Rutland. In addition to bond financing, a direct loan of $350,000 was also approved by VEDA to partially fund the project. The Rutland location is CCV’s second largest campus and employs 16 full-time administrative staff and over 90 part-time professors. The $8.6 million project will help CCV meet a significant increase in enrollment and expand its course offerings in Rutland.
• King Arthur Flour Co., Inc., Norwich – $10 million to help King Arthur Flour, Inc. nearly double the size of its Norwich retail flagship store and baking education center. King Arthur is America’s oldest flour company, founded in Boston in 1790 to provide pure, high-quality flour for residents of the newly-formed United States. King Arthur employs 151 people, a number projected to increase to 200 jobs within three years of the expansion project.

VEDA acts as underwriter for loans made through the Vermont Department of Public Service’s Clean Energy Development Fund (CEDF). CEDF loan funds are designated for business investments that bring about the development and deployment of cost-effective and environmentally-sustainable electric power resources to Vermont. Projects approved by VEDA for CEDF financing assistance are:

• Georgia Mountain Community Wind, LLC, Georgia – $750,000 to Georgia Mountain Community Wind, LLC for a proposed 10-12 megawatt wind generation project to be located on Georgia Mountain in Chittenden and Franklin counties. The nearly $30 million project will involve the purchase and installation of four GE turbines, construction of 2.2 miles of new or improved access road, and 2.5 miles of electric collection line which, when completed, could produce enough clean, renewable power to meet the annual needs of approximately 3,500 Vermont households.
• Burke Mountain Corporation, Burke – $500,000 to Burke Mountain Corporation as part of a $973,157 project to install a wind turbine, de-icing system, and transformer at the mountain. Through installing the wind turbine system and connecting to the utility grid, Burke hopes to reduce operating costs and ensure energy sustainability at the mountain. Burke Mountain has been in continual operation for over 50 years, and is the home of Burke Mountain Academy, the preeminent ski academy in the country with 45 Olympians to its credit.

Among other projects approved for VEDA financing assistance are:

• Highland Sugarworks, Inc., Barre Town – $658,000 to help the maple-syrup producer and distributor purchase the Wilson Industrial Park facility it has been leasing since 2009;
• JBM Carmel, LLC and JBM Sherman Carmel, LLC, Bennington – $380,000 to help two companies involved in armor painting and metal cutting, bending, and fabrication consolidate operations into one location through the joint purchase of an industrial building; and
• Brattleboro Development Credit Corporation (BDCC), Brattleboro – $500,000 to help Brattleboro’s development corporation retrofit space in its industrial park for lease to Bradford Machine, Inc., a local precision machine shop.

In addition, VEDA approved financings totaling:

• $4.2 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation(VACC);
• $1.4 million through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
• $823,000 through VEDA’s VT 504 Loan Program to support business real estate development projects;
• $300,000 through the Authority’s Technology Loan Program to assist smaller technology-related firms;
• $409,394 through the Drinking Water State Revolving Loan Fund Program to help privately-owned community and privately-owned nonprofit, noncommunity public water systems construct, repair, or improve an existing eligible water system to comply with federal and state standards;
• $214,525 through the Vermont Business Energy Conservation Loan Program, designed to help eligible businesses make energy conservation improvements; and
• $160,000 through the Brownfields Revitalization Fund Loan Program, designed to assist in the redevelopment of contaminated properties.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.7 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

Robert D. Britt, South Burlington –
Elected as VEDA’s Chair, Robert D. Britt is the Chief Financial Officer of SBE, Inc. in Barre, Vermont. For the last two years, he has served as VEDA’s Vice-Chair. Prior to joining SBE this past February, Britt was an independent management consultant to companies needing turnaround assistance, and to growing, entrepreneurial businesses needing assistance with strategic plan development, obtaining growth capital, and improving management reporting and profitability. Britt formerly worked for Green Mountain Coffee Roasters, Inc. in Waterbury, Vermont for ten years where he served as Chief Financial Officer and a member of the company’s Board of Directors.

Britt holds a BS in Accounting from the University of Connecticut and earned his MBA from the Wharton School at the University of Pennsylvania. He is also a Certified Public Accountant. In addition to serving on VEDA’s Board, Britt is a member of the Board of Directors of Local Motion, a member-supported, non-profit organization promoting people-powered transportation and recreation for a healthy and vibrant Vermont. He also serves on the Advisory Board of the Vermont Seed Capital Fund, L.P.

Leon C. Graves, Fairfield –
Leon Graves was elected Vice-Chair of the VEDA Board. Graves is the Vice-President for Dairy Marketing Services in New England. From 1995 to 2003, he served as the Commissioner of the Vermont Department of Agriculture under Governor Howard Dean. He was a member of the Vermont House of Representatives from 1987 to 1994, and the Vermont Senate in 1995.

Graves served as the Secretary, Treasurer, Vice-President and President of the National Association of State Departments of Agriculture. Additional prior professional Board memberships include service on the Lake Champlain Basin Program Steering Committee, the Vermont Housing and Conservation Board and the Dairy Export Council. He is a past President of the Green Mountain Federation of Dairy Cooperatives. Graves also currently serves as the President of the Pennsylvania Dairy Stakeholders Association.

Graves is a graduate of the University of Vermont where he obtained a BS degree in Animal Science and Vocational and Technical Education.

Kenneth D. McEwan, Panton -
Kenneth McEwan was elected as VEDA’s Treasurer. Throughout his professional career, McEwan has developed an extensive knowledge of business, legislative issues, stocks, bonds and financial markets. He began his career in financial services with Shearson Lehman Brothers in 1992, and is now a Senior Vice- President in Investments with UBS Financial Services, Inc.

Formerly, McEwan owned and operated First Sherburne Investors, Ltd., a real estate development company specializing in resort, residential, custom home and commercial development in Vermont, New Hampshire and Maine. In 1991 and 1992, McEwan served in the Vermont House of Representatives as a member of the Health and Welfare Committee. McEwan’s community service includes positions as President of the Killington Mountain School Board of Directors, Director and Treasurer of Crossroads Arts Council, Corporator of the Rutland Regional Medical Center, and member of the Mendon Planning Commission. He has been appointed to the VEDA Board by two governors and served as past Chair.

McEwan earned his B.A. in Education from Tarkio College in Missouri; his graduate work in Education has been at Montclair State University in New Jersey.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.7 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

VEDA’s year-end figures will be presented today at the Authority’s 36th Annual Meeting in Burlington.

“For the second year running since the beginning of the current deep national recession, VEDA loan programs have experienced far greater than usual demand,” said Jo Bradley, VEDA’s Chief Executive Officer.  “For many of the projects funded, VEDA played a pivotal role in cementing public/private financing packages to help businesses grow and create jobs for Vermonters,” said Bradley.

During FY 2010:

• VEDA received $1.95 million in State funding, helping the Authority to reduce interest rates and pass these savings on to Vermont businesses and farmers;
• VEDA’s federal tax-exempt bond capacity was increased by $135 million through the American Recovery and Reinvestment Act (ARRA), an amount VEDA worked successfully to allocate in its entirety prior to the federal deadline;
• VEDA closed 94 commercial and small business loans totaling $26.3 million, compared with 100 such closings totaling $19.4 million in 2009; and
• The Vermont Agricultural Credit Corporation (VACC), VEDA’s agricultural loan program, helped sustain the operations of Vermont farmers, closing 208 low-interest loans totaling $17.6 million.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.7 billion.  For more information about VEDA, visit www.veda.org or call 802-828-5627.

MONTPELIER, VT – The Vermont Economic Development Authority (VEDA) has announced that additional tax-exempt bond issuance capacity may be available under the Recovery Zone Facility Bond (RZFB) Program, created by the American Recovery and Reinvestment Act (a.k.a. the Stimulus Act), enacted by Congress in 2009.

“Thus far, VEDA has preliminarily committed all of Vermont’s $135 million in special tax-exempt bonding capacity under the Stimulus Act,” said VEDA Chief Executive Officer Jo Bradley. “However, there is no guarantee that every project approved earlier this year will succeed in finalizing all project details before the December 31, 2010 bond commitment deadline. Therefore, since it is vitally important that Vermont make the best and highest use of every dollar in tax-exempt bond issuance capacity allotted by the federal government, VEDA is inviting additional proposals, in case excess bonding capacity suddenly becomes available.”

Financing a project with tax-exempt bonds enables borrowers to make needed investments at the lowest possible cost, borrowing at a lower-than-normal interest rate. This financing vehicle is appropriate for larger projects, involving capital assets. Project funds may be used for the acquisition of machinery and equipment, the construction of new facilities, and in some cases, the purchase and renovation of existing real estate. Projects should total at least $2 million to make this type of financing cost effective for borrowers. Refinancing and working capital are not eligible uses.

All of Vermont was designated a Recovery Zone by Governor James Douglas, so eligible and qualified projects may be located anywhere in the state. A qualified business is any trade or business (including some non-profits), except those engaged in the rental of residential property and certain other prohibited facilities such as golf courses, country clubs, gambling facilities and liquor stores.

All applications for RZFB financing must be reviewed and approved by the VEDA Board. This review is a two step process. First, preliminary approval (Inducement) must be granted before any significant project expenditures are incurred. The most qualified applicants will have their proposals presented to the VEDA Board for Inducement approval. VEDA acts as a conduit issuer for RZFBs, and neither VEDA nor the State of Vermont guarantees payment of the RZFBs. The ability to sell these bonds is based solely on the creditworthiness of the borrower. Borrowing terms such as interest rate, amortization, collateral and required equity contribution are negotiated on a case-by-case basis between the borrower and the bond purchaser.

Recovery Zone Facility Bond inducement applications may be downloaded from the VEDA website (www.veda.org/RZFB ), or obtained from VEDA’s office by calling (802) 828-5627. For more information about the program, businesses may contact any of VEDA’s Commercial Loan Officers at (802) 828-5627.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion.

“New jobs will be created in Vermont, and current jobs retained, with the help of VEDA financing,” said Jo Bradley, VEDA’s Chief Executive Officer. “These business development projects will bring new growth to the manufacturing, technology, agricultural, tourism, and small business sectors of Vermont’s economy.”

Approved by VEDA are:

• Dealer Dot Com, Inc., Burlington – A financing package of $6.4 million in tax-exempt Recovery Zone Facility Bonds and $1.3 million in direct lending was approved to Dealer Dot Com, Inc. to help support the company’s expansion plans in Burlington. Founded in 1998, Dealer Dot Com is the global leader in Internet marketing solutions and technology for the automotive industry. Dealer Dot Com is a rapidly growing, significant employer that plans to create a large number of good paying jobs over the next few years. The company plans to purchase and substantially renovate the Lake Champlain Chocolate Company distribution facility on Pine Street in Burlington to create over 72,000 square feet of quality office space in the facility. Dealer Dot Com’s headquarters is currently located in the adjacent office condominium. Peoples United Bank has agreed to purchase the Recovery Zone Facility Bond being issued by VEDA to partially finance the Project at an attractive interest rate.
• Burlington Community Development Corporation, South Burlington – A package of up to $3.5 million in bond financing and direct lending was approved to the Burlington Community Development Corporation (BCDC) in connection with the 40,000 sq. ft. airport hangar and office facility at the Burlington International Airport that BCDC constructed in 2006 and leases to Heritage Flight. BCDC is a non-profit corporation formed by the City of Burlington to carry out economic development projects. VEDA gave final approval for the issuance of $2,977,500 in tax exempt revenue bonds to be purchased by Union Bank to refinance the VEDA’s 2006 tax exempt loan on the property. To facilitate the transaction, VEDA also approved approximately $539,000 in additional financing to cover various related fees and expenses. The refinancing will help BCDC reduce its annual debt payments and fix the interest rate on the tax exempt bond at a low rate for 10 years.
• Bariatrix Vermont, Inc., Georgia – Financing of $1.08 million was approved as part of Bariatrix Nutrition Corporation’s $2.7 million project to purchase and renovate the former Vermont Fastener’s Sales building in the Georgia Industrial Park. HSBC Bank is also participating in financing for the project. Bariatrix, a Canadian manufacturer of high-protein nutritional products for 35 years, has been operating its distribution and light manufacturing center out of leased space in South Burlington for 20 years. Relocation to the larger Georgia facility will enable the company to maintain inventory in one location, and expand its product offerings. The company presently has 17 Vermont-based employees, a number expected to grow to 22 within three years of the expansion project.
• Larkin Family Partnership, d/b/a Smart Suites Hotel, White River Junction – With the assistance of $1.3 million in VEDA financing, the Larkin Family Partnership plans to extensively renovate a 110-room hotel in White River Junction long operated as an EconoLodge franchise. Mascoma Savings Bank is also participating in financing for the $5.5 million project. Once renovated, the hotel will be converted to a Smart Suites extended stay hotel. John and Marilyn Larkin, the principals of the Larkin Family Partnership, have developed and managed a wide variety of real estate projects primarily in Chittenden County over the past 30 years, including residential apartment buildings, assisted care and nursing homes, and a variety of hotel properties, including the Smart Suites multi-building complex on Shelburne Road in South Burlington.
• Amoskeag Woodworking, Inc., Colchester – VEDA approved $538,000 in financing to assist Amoskeag Woodworking in their plans to purchase Morse Hardwoods and Millwork Company and their facility in Fairfax. Founded in 1992 as a home-based business, Amoskeag Woodworking has grown over the years to utilize 13,500 square feet in combined leased and owned commercial space in Colchester. Designers, fabricators and installers of all types of interior architectural millwork, Amoskeag plans to move all manufacturing and warehousing functions to the new Fairfax facility, while maintaining the Morse Hardwoods manufacturing line. Morse Hardwoods retail operation will move from its Essex location to combine with Amoskeag sales offices in Colchester. Amoskeag Woodworking employs 28 people, a number expected to grow to 40 within three years of the expansion project. Peoples United Bank is also participating in financing for the $1.46 million project.
• Rhapsody Natural Foods, Inc., Cabot – VEDA approved loans totaling $76,152 to Rhapsody Natural Foods, Inc. to help finance construction of a 1,000 square foot food manufacturing facility in Cabot. Rhapsody Natural Foods produces tempeh (a high-protein cultured soyfood), and amazake (a fermented rice drink), available through two New England distributors, and locally throughout Central Vermont. They also produce smoothies, vegetable eggrolls, and maple syrup sweetened cookies for their Rhapsody Café on Main Street in Montpelier. The $210,000 project will allow Rhapsody to improve efficiencies and expand their tempeh, amazake, and eggroll production, now taking place in their Montpelier restaurant kitchen. It is expected that jobs at Rhapsody Natural Foods will increase from 1.5 to 5 within three years of the project.

VEDA also approved:

• $3 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
• $398,000 in commercial real estate development financing through VEDA’s Vermont 504 Loan Program;
• $439,500 in small business project financing through the Authority’s Small Business Loan Program;
• $118,404 in financing through VEDA’s Business Energy Conservation Loan Program, designed to help small businesses make energy efficiency and conservation improvements; and
• $27,862 through VEDA’s Drinking Water State Revolving Loan Fund, designed to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

“VEDA is pleased to offer financing support to these projects,” said VEDA Chief Executive Officer Jo Bradley. “Jobs are being retained or created in a variety of economic sectors, and that is good news for Vermont.”

Projects approved by the Authority for financing assistance are:

• Central Vermont Public Service Corporation, Rutland –A total of $30 million in Recovery Zone Facility Bond (RZFB) financing was given final approval by the Authority to support the $48.7 million in planned infrastructure upgrades by Central Vermont Public Service Corporation (CVPS). The low-interest, tax-exempt federal bond financing was made available through the American Recovery and Reinvestment Act of 2009 (a.k.a. the Stimulus Act). In May of this year, VEDA gave inducement approval for $25 million in bond financing for the CVPS project; an additional $5 million in eligible project costs have been approved since then. Vermont’s largest utility, CVPS operates in 13 of the state’s counties and employs 530 people. Over the next two years, CVPS plans to install and upgrade distribution and transmission lines. Improvements and upgrades are also planned to distribution and transmission substations and hydro systems, telecommunication infrastructure and a Smart Grid investment is anticipated.
• Swan Valley of Vermont and Jonergin Realty, LLC, Swanton – A $5.6 million project to purchase a former cheese manufacturing facility and bring it back to productive use will receive $1.3 million in VEDA financing assistance. Through a newly-formed partnership between Jonergin Realty, LLC and Swan Valley of Vermont, LLC, the former VIA (Lucille Farms) cheese facility in Swanton will be purchased and upgraded with new equipment and machinery. Swan Valley of Vermont will gear up to produce a variety of specialty artisan cheeses for wholesale to various institutional buyers. It is estimated that within three years of the project, more than 50 new jobs will be created. Bank of America is also participating in the project.
• Rock Art Brewery, Inc., Morrisville – Financing was approved to help Rock Art Brewery buy land and build a new brewing facility, more than doubling their current leased production and retail space in Morrisville. The project also includes financing participation by Merchants Bank. The brewing company, started as a home business in 1997, will move from their current leased facility to property which they will purchase on Route 100. The company will build a new structure and purchase machinery and equipment to be used in the brewing process. Rock Art Brewery employs eight people, a number expected to grow to ten within three years of the expansion project.
• Mad River Park Corporation, Waitsfield – Financing of $210,000 was approved to Mad River Park Corporation to fund its purchase of a 14,000 square foot industrial building on 3.47 acres of land in Waitsfield.

In addition, VEDA approved:

• $1.05 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
• $100,000 in financing through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
• $350,000 in small business project financing through the Authority’s Small Business Loan Program.

VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.