August 24, 2009 MONTPELIER, VT - The Vermont Economic Development Authority has approved $4.2 million in financing to support Vermont business and agricultural development projects totaling $9.9 million.
“Investments in Vermont’s manufacturing sector will help businesses grow and create jobs for Vermonters, and VEDA is pleased to support that growth,” said the Authority’s Chief Executive Officer Jo Bradley.
Approved for financing assistance by VEDA are:
- Vermont Machine Tool Corporation, Springfield - VEDA agreed to insure a portion of a $900,000 of a working capital line of credit extended by Mascoma Savings Bank to Vermont Machine Tool Corporation. The VEDA-insured loan is part of a package of financing being offered to the company by Mascoma Savings Bank to help the company maintain and expand operations. Vermont Machine Tool has been in operation since 1983, and rebuilds large machine tools, particularly precision metal grinders, gear cutters, and turning and boring machines. The company current employs 35, a number expected to more than double to 71 within three years.
- Global Resource Options, Inc., White River Junction – VEDA also agreed to insure up to $1 million of a $6 million working capital line of credit extended by Peoples United Bank to Global Resource Options, Inc. (GRO Solar). GRO Solar is a rapidly-growing distributor and installer of photovoltaic (PV) electric panels for commercial and residential applications.
The Authority also approved:
- Almost $1.3 million in farm ownership and operating loans through the Vermont Agricultural Credit Corporation;
- $863,780 to repair or improve existing privately-owned drinking water systems through the Drinking Water State Revolving Loan Fund;
- $20,250 for several small business development projects through the Vermont Small Business Loan Program; and
- $183,053 through the Vermont Business Energy Conservation Loan Program to help small businesses 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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