June 30, 2008 Montpelier, VT - The Vermont Economic Development Authority (VEDA) approved $8.3 million in business development financing to support commercial, agricultural and small business projects throughout Vermont. The approved projects total $22.8 million.
“We are pleased to help leverage a significant amount of private financing through the Authority’s investment in these business development and expansion projects,” said VEDA’s Chief Executive Officer Jo Bradley.
Among the projects approved for financing are:
- Hawkeye International, Ltd., North Hyde Park – Hawkeye International, Ltd., North Hyde Park – Financing of $328,629 was approved to support the plans of an established California manufacturer to expand operations into Vermont. Hawkeye International, manufacturers of pressure-sensitive tape and composite products used by the aerospace, defense, recreational and housing industries, will construct a 9,600 square foot manufacturing facility on property the company owns in North Hyde Park Industrial Park. Hawkeye will maintain a warehouse in southern California, but will move all manufacturing and processing to Vermont, allowing the company to expand its global operations. Within three years of the $855,000 project, the company expects to create eight new jobs at the North Hyde Park facility.
- Franklin County Industrial Development Corporation (FCIDC), St. Albans – FCIDC was approved for $700,000 in VEDA financing related to the purchase of 93 acres adjacent to the St. Albans Town Industrial Park. The existing industrial park is completely filled, and the now-permitted additional acreage is expected to help FCIDC provide for business expansion at the park for the next fifteen to twenty years.
- Springfield Printing Corporation, North Springfield – Final approval was given for issuance of a $2,240,000 tax-exempt industrial revenue bond to support a major equipment upgrade at a long-established printing facility. The $2,365,000 project will support Springfield Printing Corporation’s purchase of a 6-color sheet-fed printing press, expanding the printing capabilities of the company. People’s Capital and Leasing Corporation has committed to purchasing the tax-exempt bond. Located in the North Springfield Industrial Park, Springfield Printing Corporation has been a family-owned operation since it was purchased in 1967. The company serves clients throughout the Northeast, including museums, colleges and universities, and high-end retailers.
- Bolton Valley Resort, Bolton – Mountain Operations Development, LLC will invest in capital improvements at Bolton Valley Resort with the help of $400,000 in VEDA-approved financing. Bolton Valley Resort owners will spend $1.1 million to purchase and install a variety of new snowmaking equipment and piping, pave the Timberline parking lot, make lodge improvements, lease a new snow groomer, and make a variety of other capital equipment purchases. Within three years of the investment, Bolton owners foresee increasing employment at the resort from 37 to 52 jobs.
VEDA also agreed to insure a portion of a Chittenden Trust working capital line of credit for Global Resource Options, Inc., a White River Junction distributer and installer of photovoltaic electric panels. And, the Authority approved almost $2 million in financing for five commercial real estate development projects totaling $5.9 million, with $941,000 of the financing approved through VEDA’s Vermont 504 Loan Program.
In addition, close to $1.5 million in farm ownership and operating loans were approved through the Authority’s agricultural financing program, the Vermont Agricultural Credit Corporation, and $249,100 was approved for two drinking water system improvement projects through the Drinking Water State Revolving Loan Fund.
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 $1.3 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
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Contact Information:
Jo Bradley
Chief Executive Officer
Vermont Economic Development Authority (VEDA)
802-828-5627
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