VEDA APPROVES $7.4 MILLION IN BUSINESS FINANCING

December 15, 2009

Montpelier, VT - The Vermont Economic Development Authority (VEDA) approved $7.4 million in commercial and agricultural financing for business projects throughout Vermont, leveraging another $7.4 million in private funding to support projects totaling $14.8 million.

 
“VEDA is pleased to support these manufacturing, renewable energy, small business and family farm projects,” said Jo Bradley, VEDA’s Chief Executive Officer.  “Jobs will be sustained and new jobs created, and that growth is critically important for Vermont’s economy.” 

 
Among the projects approved by VEDA:

 

• Vermont Composites, Inc., Bennington – The Authority agreed to insure up to $1 million of the $5 million in working capital being extended by Peoples United Bank to Vermont Composites, Inc.  The new financing will help the company expand production to meet new product demand.  VCI is experiencing strong sales growth due to its reputation as a high-quality manufacturer of sophisticated carbon fiber products and components for the aerospace and medical industries.  Creation of up to 85 new jobs is expected within three years at the plant.
  

• Gristmill Properties, LLC, Stowe – Financing of $331,026 was approved as part of a $987,548 project to develop the “Gristmill Energy Mill” on Route 100 in Stowe.  Five acres of land will be purchased and a 10,992 square foot, three-level facility constructed to house Beaver Pond Millworks, Gristmill Builders, Ltd., and an environmental research company.  The long-range plan for the project is to develop the Gristmill Energy Mill into a “green” business complex offering buyers a one-stop shop for information and resources on building green.  Chittenden Bank is also participating in the project.  Within three years of construction, it is expected that nine new jobs will be created by the resident firms.
  

• Carbon Harvest Energy, LLC, Brattleboro – A direct loan of $360,000 was approved to partially fund Phases I and II of a $1 million four-phase project to acquire, restore and upgrade an existing gas-to-energy plant at the Brattleboro landfill.  Brattleboro Carbon Harvest will include an initial gas collection system that adds 250 kW of renewable energy to the grid, a number expected to increase to 560 kW in combined heat and power when upgrades are made in later project phases.  Phases III and IV will include construction of a 20,000 square foot greenhouse with 30,000 gallons of fish culture and an algae biofuel feed research component.  Within three years of project completion, it is expected that 8.5 new jobs will be created. 
  

• Juno Rising, d/b/a Isis, Burlington – VEDA agreed to extend its mortgage insurance commitment of up to $900,000 on $1.5 million in working capital provided by Peoples United Bank.  Isis, which creates and markets dynamic outdoor apparel for women, expects to increase jobs from 15 to 25 within three years of the project.
  

• Brass Lantern Inn, Stowe – VEDA approved $346,500 to help finance the purchase of the Brass Lantern Inn in Stowe.  The 9-room bed and breakfast, located on 1.5 acres near Stowe village, has been in operation since 1988.  Chittenden Bank is also participating in the $1.04 million project.
  

• Veremedy Pet Hospitals, LLC, White River Junction – A $780,000 real estate expansion project received $312,000 in financing assistance from VEDA.  Veremedy Pet Hospital’s facilities will be expanded and updated through the project, in which Lake Sunapee Bank is also participating.  The pet hospital serves the Upper Connecticut River Valley region.  Within three years of the expansion project, it is expected that jobs at the pet hospital will increase from 12.75 positions to 19.