VEDA APPROVES $10.2 MILLION IN BUSINESS DEVELOPMENT FINANCING

June 28, 2010

MONTPELIER, VT – Business development projects totaling $16.4 million received approval from the Vermont Economic Development Authority (VEDA) for $10.2 million in financing assistance.  

“We’re pleased that VEDA financing will help these development projects move forward,” said Jo Bradley, VEDA Chief Executive Officer.  “Jobs will be created and retained through these business investments, and that is good news for Vermonters.”

Among the projects approved for VEDA financing assistance are:

• DEW West and Wales, and Community College of Vermont, Rutland – Preliminary approval was given by VEDA for $5.9 million in Recovery Zone Facility Bond financing to support plans by Community College of Vermont (CCV) to enter into a long-term lease for a new college classroom and campus facility in downtown Rutland.  DEW West and Wales would be the real estate development partner in the planned project, which proposes a new three-story, 30,000 square foot downtown building to replace CCV’s existing 17,000 square feet of leased space in two separate Rutland locations.  The Rutland location is CCV’s second largest campus and employs 16 full-time administrative staff and over 90 part-time professors.   The Project will help CCV meet a significant increase in enrollment and expand its course offerings in Rutland. 

• CDL USA, St. Albans – VEDA approved financing of $210,000 toward the purchase of land and a building located at 3 Lemnah Drive in St. Albans to be leased to Maple Pro, Inc. d/b/a CDL USA.  CDL USA has outgrown the space it currently leases in St. Albans, and the new space will allow the company to grow its operations.  Community National Bank is also participating in financing for the project.  CDL is a U.S. distributer of maple sugaring equipment.  The company employs 12 people, a number expected to increase to 15 within three years of the project.
  
  
• Flex-A-Seal, Inc., Essex Junction – Financing of $122,000 was approved as part of a $305,000 project to support Flex-A-Seal’s purchase of two new CNC milling machines and a variety of other production machinery and equipment.  Chittenden Bank is also participating in financing for the project.  Founded in 1983, Flex-A-Seal produces many different types of sealing products for use in a variety of industries, including hydrocarbon processing, pulp and paper, chemical and food processing, drug manufacturing, water, wastewater, marine and pipeline systems. Flex-A-Seal employs 54 persons, a number expected to increase to 63 within three years of the project.
   
  VEDA also approved:
  
  ·         $2.8 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
   
  ·          $729,333 to small business projects in Vermont 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. 
                                          
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