MONTPELIER, VT – A total of $5.7 million in business and agricultural financing has been approved by the Vermont Economic Development Authority (VEDA) to support commercial and agricultural development projects throughout Vermont. “Financing assistance approved by VEDA will help strengthen Vermont businesses and farms, and expand job opportunities for Vermonters,” said VEDA Chief Executive Officer Jo Bradley.

Among the projects approved for VEDA financing are:

Agri-Mark, Inc., Waitsfield – Financing of $2 million was approved as part of Agri-Mark, Inc.’s $2.8 million project to acquire and renovate as its Cabot corporate headquarters the former Northern Power Systems building in Waitsfield. In 2007, the Central Vermont Investment Corporation (CVIC) took adverse possession of the property and has been leasing space to Diffraction LTD. and the State of Vermont. “We are thrilled to see the ownership of this property transfer to Agri-Mark,” stated Sam Andersen, Executive Director of CVIC/CVEDC. “We greatly appreciate their commitment to Vermont and to the economic vitality of the Mad River Valley.” Agri-Mark currently has 599 employees in Vermont at several plant and administrative locations, and has plans to continue to expand its Cabot Brand business into the future. Established in 1918, Agri-Mark is a 100% dairy farmer-owned cooperative, with more than 1,200 member farms located in all six New England states and throughout upstate New York State. The farmers produce more than 2.5 billion pounds of milk each year. The cooperative owns and operates four dairy plants in Massachusetts, New York, and Vermont, including Cabot Creamery in Cabot and a cheese and whey processing plant in Middlebury, where it makes its award-winning products.

Green Mountain Economic Development Corporation (GMEDC) and Pompanoosuc Mills Corporation, East Thetford –  VEDA approved a $1.58 million loan to Green Mountain Economic Development Corporation (GMEDC) and Pompanoosuc Mills Corporation (PMC) to finance the company’s sale/lease back agreement for PMC’s manufacturing, headquarters and showroom facility in East Thetford. Under this agreement, GMEDC will purchase the facility with financing from VEDA and lease it back to PMC on a long-term basis. The low annual lease payments will enable PMC to invest more in growth, product development, marketing and sales development. Established in 1973, PMC manufactures premium quality hardwood and upholstered furniture, all constructed from North American hardwoods at its facility in East Thetford. PMC’s marketing slogan is: Real American Furniture, Handcrafted in Vermont. PMC primarily sells directly to retail customers through its twelve Northeast and Mid-Atlantic retail stores, online at www.pompy.com, and directly to commercial accounts. VEDA has a long positive relationship with PMC dating back to 1980 when it helped PMC finance construction of a 10,000 square-foot manufacturing facility on ten acres of land it purchased in East Thetford. Over the years, the facility has grown to 74,000 square feet. Today, Pompanoosuc Mills Corporation has 137 employees, a number expected to grow to 150 within three years of the Project. GMEDC is an active, non-profit, regional development corporation promoting and supporting growing companies in Orange and northern Windsor Counties. “GMEDC is fully committed to the success of PMC and is encouraged by this VEDA approval,” said GMEDC Executive Director Joan Goldstein. “VEDA and GMEDC have partnered on many economic development projects.”

KE Durasol Awnings, Inc., Middlebury – Financing of $720,000 was approved as part of KE Durasol Awning’s $1.8 million purchase of Middlebury property that the company has leased since 2009. KE Durasol Awnings, Inc. is a manufacturer of commercial and residential awnings. The company’s commercial division is based in Middlebury, and its residential division is located in Chester, New York. Since 2009, KE Durasol has leased 27,600 square feet at 38 Pond Lane in Middlebury, known as the Geiger Building. The company will remain in the Pond Lane facility, leasing a portion of the 51,600 square foot building on 19.1 acres to Geiger, and retaining a portion for future expansion or sublease. KE Durasol currently has 23 employees. The company expects jobs to increase to 34 within three years of the project, for which National Bank of Middlebury is also providing financing.

VEDA also approved:

• Financing of $1.1 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and

• Small Business Loan Program financing of $317,372 to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.

About VEDA

The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy. VEDA offers a wide range of low-cost lending options for Vermont businesses and

farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

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They said VEDA will use the $2 million grant to create the EDA Business Recovery Loan Fund.  VEDA will team with the Vermont Small Business Development Center (SBDC) to offer special financing and technical assistance to businesses still suffering from the effects of Tropical Storm Irene.  The recovery loan fund will provide low-interest loans to affected businesses and others to help stabilize communities, support innovation-based entrepreneurs, and create jobs.  VEDA encourages any businesses affected by Irene to give the Authority a call at 802-828-JOBS.

In addition, the State of Vermont will use the $500,000 grant to implement the Vermont Economic Resiliency Initiative (VERI), a statewide project aimed at minimizing the short and long-term impacts of future disasters on the state’s economy.  The grant will enable the state to document and map the state’s natural disaster risk, focus on where that risk intersects with key areas of economic activity, employee access, and infrastructure, enabling communities and private business to make informed investments on strategies to mitigate future disaster risk. 

Leahy, Sanders and Welch said:  “Vermont businesses worked tirelessly to get back on their feet in the weeks and months after Irene – many, with VEDA’s help.  We hope the Business Recovery Loan Fund provides these businesses with an opportunity to not only recover, but to grow more resilient to future disasters.  The state’s Vermont Economic Resiliency Initiative project should also help businesses, and communities, by making sure we not only identify potential at-risk elements of our communities, but then mitigate those weaknesses.”

VEDA Chief Executive Officer Jo Bradley said:  “Even though it has been almost two years since Tropical Storm Irene hit Vermont, there are still many businesses struggling – especially in light of the recent, deep national recession – to get back to their pre-Irene state.  Through VEDA’s partnership with the Vermont SBDC, and the Vermont Agency of Commerce, we will do all we can to help these businesses.  We are incredibly grateful for the grant assistance the EDA has provided to help us do this work, and VEDA will commit another $500,000 in matching funds to help capitalize this special loan fund.”

Vermont Department of Economy, Housing and Community Development Commissioner Noelle MacKay said:  “There will be future disasters in Vermont and the state is determined to provide the leadership to create a more resilient state – one that anticipates threats, develops resources to reduce their impact, responds appropriately and recovers quickly.  As a first step, the Vermont Agency of Commerce & Community Development (ACCD), in partnership with the Regional Planning Commissions other State agencies (including Transportation and Natural Resources) will identify projects and investments needed to hasten post-disaster economic recovery and reduce the long-term financial burden of disasters on impacted communities, businesses, and individuals.”

Leahy, Sanders and Welch fought to include special one-time EDA disaster funding in the 2011 Irene disaster recovery bill, and then advocated for funding for the Vermont Telecommunications Authority and several other Vermont applicants in a letter sent to the EDA Regional Director in June 2012.  With Friday’s announcement Vermont organizations have received $6,812,000 in EDA disaster assistance, including $1.6 million for the Vermont Telecommunications Authority’s Cellular Resiliency Project, $1.8 million for the Vermont Council on Rural Development’s Vermont Digital Economy Project, $472,000 for the Southern Vermont Disaster Recovery Project, $300,000 for the Vermont Agency of Commerce and Community Development, and $140,000 for the Village of Waterbury. 

The EDA is a sub-agency of the U.S. Department of Commerce.  EDA awards disaster grants to support a community’s long-term recovery, spur job creation, leverage private investment, and promote disaster recovery.

Congressional delegation 4.26.2013

 Among the projects approved for VEDA financing are:

• Thetford Academy, Inc., Thetford – The Authority approved reissuance of up to $5.7 million in tax-exempt bonds to Thetford Academy, Inc., replacing bonds originally issued at a higher interest rate in 2009.  The original tax-exempt bonds helped Vermont’s second oldest secondary school pay off existing debt, finance the construction of a 46,000 square foot addition to one of the school’s buildings and renovate the science building.  Mascoma Savings Bank will continue to own the bond and serve as Trustee, and the school will benefit from a reduced interest rate.

• Gray Rock Quarry, LLC, Milton – Financing of $332,400 was approved to help Gray Rock Quarry purchase machinery and equipment it has leased for the past several years, and provide working capital to help the company grow.  Gray Rock Quarry is a stone crushing plant whose products are used in concrete production, asphalt production, drainage, landscaping, and other applications.  Business owners anticipate growing employment numbers at the company from 10 to 35 within three years of the project, for which Northfield Savings Bank is also providing financing.

• Fulcrum Arts, LLC, Brattleboro – Financing of $211,680 was approved to help Fulcrum Arts, LLC purchase and renovate an 11,000 square foot Brattleboro property to create an arts destination on Route 30 West in Brattleboro.  The Brattleboro Savings and Loan Bank is also providing financing for the $540,620 project, in which the former Tom & Sally’s Chocolates building will be renovated to house art studios and other businesses, and provide a retail showroom for local artists.

• Champlain Valley Equipment, St. Albans – Financing of $110,000 was approved as part of a $1.1 million project to help Champlain Valley Equipment (CVE) purchase the building on six acres the company currently leases in St. Albans.  Merchants Bank is also providing financing for the project, which will help CVE grow employment from 23 to 28 jobs within three years of the project.  Established in 1970, CVE is a dealer of agricultural and light industrial equipment, with locations in St. Albans, Middlebury, Derby, and Berlin. 

VEDA also approved:

• Financing of $2.5 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and

• Small Business Loan Program financing of $370,360 to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.

About VEDA

The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender.  VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.  VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs.  Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed.  VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.  For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

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“VEDA is pleased to provide financing assistance for several exciting manufacturing expansion projects throughout Vermont,” said Jo Bradley, VEDA’s Chief Executive Officer.  “The Authority’s financing will help stimulate $9.2 million in economic development investment, creating and saving Vermont jobs.”                                        

Projects approved by VEDA for financing assistance include:

• Koffee Kup Bakery, Inc., Burlington –VEDA approved $683,165 in Subchapter 5 financing to help Koffee Kup Bakery acquire the Vermont Bread Company and its east coast affiliate company from Boulder, Colorado-based Charter Baking Company.  Koffee Kup Bakery has been a significant regional bakery operating in Burlington since the 1940’s and now employs 148 people.  The company produces, sells and delivers donuts and bread products throughout Vermont and New Hampshire, and parts of New York, Maine and Massachusetts.  The Vermont Bread acquisition includes significant bakery facilities and equipment in Brattleboro, Vermont and northeastern Connecticut.    The acquisition will enable Koffee Kup to further expand operations, and save a considerable number of well-paying jobs in southern Vermont.  People’s United Bank also provided financing for the project.  In conjunction with the Vermont Bread Acquisition Project, VEDA also approved $180,000, and People’s United Bank provided additional financing, to help Koffee Kup Bakery acquire $450,000 of bakery and distribution machinery and equipment.

• Sterling Technologies, Inc., Morrisville – Financing of $350,000 was approved as part of a $938,000 machinery and equipment acquisition project undertaken by Sterling Technologies, Inc. in Morrisville.  Founded in 2004, Sterling manufactures intricate precision components from raw materials such as titanium, technical ceramics and glasses used in the semi-conductor, medical, aerospace and microwave communications industries.  Sterling has nine employees, a number expected to grow to thirteen within three years of the expansion project, for which Union Bank is also providing financing.

• T. Copeland and Sons, Inc., Bradford –VEDA approved financing of $140,000 as part of a $350,000 machinery and equipment acquisition project for furniture manufacturer T. Copeland and Sons (TCS) in Bradford.  TCS expects the equipment purchase will increase manufacturing flexibility and capacity and in combination with other initiatives, will help satisfy increased demand for its products and lead to increased job creation in the Bradford region.  Ledyard Bank is also providing financing for the project.  Founded in 1977, TCS  manufactures all of its furniture at its Bradford facility, using woods sustainably harvested from forests within 500 miles of the company plant.  TCS also operates a 4,500 retail store on Main Street in Bradford, selling their furniture directly to the public.

• Burlington Laboratories, Inc., Burlington — Financing of $120,000 was approved to help Burlington Laboratories, Inc. (BLI) acquire new machinery and equipment associated with their intended move to Main Street in Burlington.  BLI’s new location will help the company triple the capacity of their drug-testing laboratory.  BLI is the only drug testing lab headquartered in Vermont.  Founded in 2006, the lab employees 26 people, a number expected to more than double to 57 within three years of the $345,000 expansion project.  Northfield Savings Bank is also providing financing for the project.

VEDA also approved:

• An additional $113,598 in Direct Loan Program financing;

• $1.5 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);  

• $550,000 through the Authority’s Small Business Loan Programto assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;

• $125,000 through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and

About VEDA

The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender.  VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.  VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs.  Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed.  VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.  For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

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“VEDA is pleased to help stimulate economic activity and job creation in Vermont by approving financing for these exciting projects,” said Jo Bradley, VEDA’s Chief Executive Officer.  “The Authority’s financing will leverage enough private financing to support economic development projects totaling $28.5 million.  The resulting business expansions and downtown redevelopment work will protect and grow Vermont job opportunities.”

In addition to $1.7 million approved to small businesses throughout Vermont through the Authority’s Small Business Loan Program, VEDA approved financing to support the following projects:

• DEW Barre City Place, Barre – Financing of $1.11 million was approved to help support DEW Construction’s ambitious $15.4 million downtown redevelopment project known as “Barre City Place” in Barre.  With financing assistance also provided by Mascoma Savings Bank, and a New Market Tax Credit investment by US Bankcorp, DEW Barre City Place will construct and lease out an 80,462 square foot building on .74 acres of land at 219-225 Main Street.  Through this project, the City of Barre is hoping to bring 250 state employee positions to their downtown, as well as 42 positions from the Central Vermont Medical Center, and additional positions through businesses expected to occupy leased space at the new building.  It is expected that personnel from the State Departments of Education and Human Services will occupy space at Barre City Place beginning in February, 2014.  Ultimately, project developers expect that 331 jobs may be located at Barre City Place within three years of the project.

• Red Can Recycle Center, Colchester – VEDA financing of $1.4 million was approved as part of a $4.5 million development project being undertaken by Myers Container Service.  Under the project name “Red Can Recycle Center,” Myers will purchase 27.9 acres in Colchester and construct a 12,230 square foot office and shop building and 13,600 square foot transfer station/recycling facility on the property.  The planned recycling center will enable Myers to recycle approximately 25,000 tons of commercial debris instead of taking it to a landfill.  Myers Container Service, founded in 1994, offers residential trash and container hauling services, and employs approximately 58 people.  The recycling center project is expected to help the company add another seventeen jobs to their payroll. Merchants Bank is also providing financing for the project. 

• Rhino Foods, Inc., Burlington – Financing of $224,000 was approved as part of a $560,000 machinery and equipment project at Rhino Foods’ Burlington plant.  People’s United Bank is also providing financing for the project, which will help Rhino improve efficiency and safety, reduce waste, increase capabilities, and address ergonomic concerns.  Rhino’s primary products are bakery style inclusions for ice cream applications sold to ice cream manufacturers and quick service restaurants. Rhino also manufactures desserts for regional and national companies and makes the Rhino-branded Chesster Ice Cream Sandwich found throughout VT.  Started in 1981, Rhino Foods now employs 79 people, a number expected to grow to 102 within three years of the project.     

• Vermont Commercial Warehouse, Williston – Financing of $74,000 was approved as part of a $191,000 renovation and improvement project to be undertaken by Vermont Commercial Warehouse (VCW).  VCW offers dry storage, cooler and freezer space, as well as cross-docking, pick-and-pack, assembly, and delivery services at its commercial warehouse facility in Williston.  The project, for which Key Bank is also providing financing, involves the renovation of 12,000 square feet of VCW’s space for lease to a new tenant, Green Mountain Co-Pack (GMC).  GMC will operate a food and beverage manufacturing facility, warehouse, and fulfillment center there.  Within three years of the project, it is expected that GMC will boost their employment from six positions to twenty.

In addition, VEDA approved financings totaling:

• $1.37 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);  and

• $98,705 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.

About VEDA

The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender.  VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.  VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each

borrower’s individual needs.  Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed.  VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.  For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

The newly elected VEDA Officers are:

• Leon C. Graves, Fairfield –

 Leon Graves was elected Chair of the VEDA Board. Graves has served on the VEDA Board for sixteen years, most recently as Vice-Chair. Graves is Vice-President for Dairy Marketing Services in New England.  From 1995 to 2003,Graves served as Commissioner of the Vermont Department of Agriculture under Governor Howard Dean.  Prior to that appointment,Graves served in the Vermont Senate in 1995, and from 1987 to 1994, as a member of the Vermont House of Representatives.  He has 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, the Dairy Export Council, and the Northwestern Medical Center Board, on which he also served as Chair.  He is a past President of the Green Mountain Federation of Dairy Cooperatives. 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 VEDA’s Vice-Chair, having served as the Authority’s Treasurer for the prior two years. 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 three 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.

• Steven J. Bourgeois, Swanton –

 Steven Bourgeois was elected to serve as Treasurer of the VEDA Board.  During his long tenure as a VEDA Board member, Bourgeois served four previous terms as the Authority’s Board Chair.  Bourgeois is founder and Chief Executive Officer of Strategic Initiatives for Business, LLC, providing consulting services focused on planning and expansion to corporate clients.  In 2002, Bourgeois retired as President and Chief Executive Officer of the Franklin Lamoille Bank, capping a 22-year career with that institution. 

Bourgeois graduated from Stonier Graduate School of Banking, the National Commercial Lending Graduate and Undergraduate Schools, and the Northern New England School of Banking.  Bourgeois serves on the Recruitment Advisory Council for the Vermont Department of Economic Development, and is a Director of the Union Bank and holding company Union Bank Shares.  Formerly, he served on the Governor’s Board of Economic Advisors, and the Board of the Vermont Sustainable Jobs Fund, Inc.  He also has been active in local and regional civic and community organizations, including the Northwestern Medical Center, Sterling College, and the Franklin County Industrial Development Corporation.  

About VEDA

The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender.  VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.  VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs.  Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed.  VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.  For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

These and other Fiscal Year 2012 summary figures will be presented today at the Authority’s 38^th Annual Meeting inBurlington.  Governor Peter Shumlin will be the featured Speaker at the event.

“Fiscal Year 2012 was an incredible period of sustained, dynamic activity at VEDA,” said VEDA Chief Executive Jo Bradley.  “Vermontbusinesses and farms continued to rely heavily on the Authority’s flexible low-interest financing programs to help weather economic pressures brought on by a deep, national recession.  And, in response to the severe damages wrought by Tropical Storm Irene, in coordination with Governor Shumlin’s Administration and Legislative leaders, the Authority undertook the most aggressive emergency lending program in its history.”    

The Authority’s total direct lending to businesses and farms in Fiscal Year 2012 was up significantly over the prior two fiscal years — $54.7 million in direct loans closed in Fiscal Year 2012 compared to $40.4 million closed in 2011, and $36.1 million closed in 2010.  All financings closed by the Authority during Fiscal Year 2012 – including direct loans, loans attributable to Tropical Storm Irene, agricultural loans, industrial development bonds, mortgage insurance contracts, and loans made under the U.S. Small Business Administration 504 loan program – numbered 564 separate instruments totaling $103.3 million.  “VEDA’s $103.3 million in financings leveraged $197.1 million in economic activity statewide,” said Bradley.  “This is truly a measure of the degree to which VEDA’s financing programs rely on the valued partnerships the Authority maintains with Vermont’s commercial lenders, and our federal, state and regional partners.”

To better serve the Authority’s commercial and agricultural borrowers, and better coordinate with the Authority’s regional and lending partners, VEDA in FY2012 further expanded its presence of satellite offices throughout Vermont.  In addition to offices housed at regional development headquarters in Burlington (Greater Burlington Industrial Corporation), and St. Johnsbury (Northeastern Vermont Development Association), VEDA opened an office in Middlebury (Addison County Economic Development Corporation), and is in the process of opening a location inBrattleboro(Brattleboro Development Credit Corporation).

About VEDA

The Vermont Economic Development Authority (VEDA) isVermont’s statewide economic development finance lender.  VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs inVermontby providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”

Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.  VEDA offers a wide range of low-cost lending options forVermontbusinesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs.  Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermontbusinesses and farms have the capital they need to grow and succeed.  VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity inVermont.

Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.  For more information about VEDA, visit www.veda.org or call 802-828-JOBS.

.

“VEDA is very pleased to help support a variety of manufacturing and business investments throughout Vermont,” said Jo Bradley, VEDA Chief Executive Officer. “These development projects will help to protect and create job opportunities for Vermonters.”

Among the projects approved by the Authority for financing assistance:

• Revision Ballistics, LTD., Newport – Financing of $1.16 million was approved to help a newly-established LLC, Revision Ballistics, Ltd. (RBL), save approximately 45 well-paying jobs in Newport, VT. This financing supported Revision Ballistics’ purchase of the inventory, machinery and equipment of MSA’s Newport, Vermont manufacturing plant. RBL will continue to manufacture advanced combat helmets for the US Army and other military customers. This acquisition will launch the diversification of Revision’s existing military product lines. Revision Ballistics, LTD is a wholly-owned subsidiary of Revision Military, LTD (RML) of Essex Jct., VT, manufacturers of mission-critical eyewear for military, law enforcement and tactical clients worldwide. RML is a wholly owned subsidiary of Revision Military, Inc., (RMI), a Canadian company. Within three years, RMI hopes to grow their Vermont-based employees from 150 to 200.

• Tivoly, Inc., Derby Line – Financing of $332,320 was approved to help Tivoly, Inc. undertake various capital investment projects at their Derby Line facility. Community National Bank will provide additional financing for the $830,800 project. Planned capital expenditures include replacement and purchase of machinery and equipment, and facility and equipment repair. Tivoly, Inc., a wholly owned subsidiary of Tivoly, S.A., a French manufacturer of cutting tools, is the largest tap and reamer private manufacturing label in North America. These projects will ensure Tivoly’s continued competitiveness and allow the company to develop new market share opportunities. Tivoly employs over 160 people in Vermont’s Northeast Kingdom.

• Green Mountain College, Poultney – Final approval was given for the reissuance of up to $14.6 million in tax-exempt revenue bonds associated with capital improvements made several years ago at Green Mountain College. The college, a four-year liberal arts institution with approximately 700 students and 118 employees, made infrastructure investments including a biomass (wood chip) heating system, renovations to Sage Hall, and improvements to the electrical distribution system. The bond purchaser will be Key Government Finance, Inc., a subsidiary of KeyBank.

• Leo D. Bernstein & Sons, Inc., Shaftsbury – VEDA approved a Small Business working capital loan to Leo D. Bernstein & Sons, Inc., in conjunction with TD Bank, to help the company fund expenditures associated with a large national purchase order. Bernstein manufactures and supplies clothing mannequins for sale to large department store retailers nationwide. The company is headquartered in New York City. Its production facility was relocated to Shaftsbury, Vermont with VEDA assistance in 2005. Bernstein employs a total of approximately 132 persons, with 55 of those jobs based in Vermont.

• Bristol Works, LLC, Bristol – Financing of $350,000 was approved through the Authority’s Small Business Loan Program to help Bristol Works, LLC renovate the former Autumn Harp building in Bristol, a 38,800 square foot facility on four acres. The building will be retrofitted and leased to tenants in the sectors of health, wellness, recreation, value-added agriculture, and green energy manufacturing. Total project costs are expected to be $1.7 million, with financing also provided by National Bank of Middlebury.

VEDA also approved:

• $2.8 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and

• An additional $160,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.

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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On June, 14, 2012, VEDA was 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.

From left: Vermont Business Magazine’s John Boutin, VEDA CEO Jo Bradley, and VT Administration Secretary Jeb Spaulding

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). 

“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.

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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“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.