July 29, 2009 MONTPELIER, VT - The Vermont Economic Development Authority has approved $3 million in financing to support business and agricultural development projects totaling $7 million.
“We are pleased to help businesses strengthen and grow in the manufacturing, agricultural, and small business sectors of our state’s economy,” said the Authority’s Chief Executive Officer Jo Bradley.
Approved for financing assistance by VEDA are:
- Manufacturing Solutions, Inc., Morristown – VEDA approved an $825,000 loan to Manufacturing Solutions, Inc. (MSI) to partially finance a $3.5 million project to purchase and renovate the 95,000 square foot H.A. Manosh, Inc. hardwood sawmill property and the adjacent 22,000 square foot former Lamoille Valley Railroad Engine House in Morrisville. MSI assembles, tests and ships products for Concept II and other companies. The project will allow MSI to consolidate production from three other buildings in Morrisville and Hyde Park, making that space available for lease to other small businesses. MSI employs 81 persons, a number expected to grow to 95 within three years of the project. Union Bank is also participating in the project.
- Bradford Veneer & Panel Co., Inc., Bradford – A mortgage insurance commitment in the amount of $182,000 was approved by VEDA relative to a $232,000 working capital bank loan extended to Bradford Veneer & Panel Co., Inc. by Wells River Savings Bank. Bradford Veneer & Panel has been in operation since 1906, initially manufacturing, and then purchasing and adding value to plywood blank panels. The company employs 16 persons, a number expected to grow to 25 positions within three years.
- Green Mountain Urology, Middlebury – A direct loan of $130,781 was approved to Green Mountain Urology as part of a $326,952 project to move the medical practice’s Middlebury operations from a leased trailer at Porter Hospital to a purchased Exchange Street condominium. Operating since 1993, Green Mountain Urology has 18 employees. In addition to the Middlebury location, the practice has offices in Colchester, Morrisville and St. Albans.
The Authority also approved:
- More than $1.6 million in farm ownership and operating loans through the Vermont Agricultural Credit Corporation;
- $245,805 for several small business development projects through the Vermont Small Business Loan Program; and
- $50,250 through the Vermont Business Energy Conservation Loan Program to help a small business make energy efficiency and 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 $1.4 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
VEDA
802.828.5627
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