MONTPELIER, VT – The Vermont Economic Development Authority (VEDA) has approved $6 million in financing to support business and farm projects throughout Vermont.
“VEDA is pleased to help stimulate economic activity and job creation in Vermont by approving financing for these exciting projects,” said Jo Bradley, VEDA’s Chief Executive Officer. “The Authority’s financing will leverage enough private financing to support economic development projects totaling $28.5 million. The resulting business expansions and downtown redevelopment work will protect and grow Vermont job opportunities.”
In addition to $1.7 million approved to small businesses throughout Vermont through the Authority’s Small Business Loan Program, VEDA approved financing to support the following projects:
- DEW Barre City Place, Barre – Financing of $1.11 million was approved to help support DEW Construction’s ambitious $15.4 million downtown redevelopment project known as “Barre City Place” in Barre. With financing assistance also provided by Mascoma Savings Bank, and a New Market Tax Credit investment by US Bankcorp, DEW Barre City Place will construct and lease out an 80,462 square foot building on .74 acres of land at 219-225 Main Street. Through this project, the City of Barre is hoping to bring 250 state employee positions to their downtown, as well as 42 positions from the Central Vermont Medical Center, and additional positions through businesses expected to occupy leased space at the new building. It is expected that personnel from the State Departments of Education and Human Services will occupy space at Barre City Place beginning in February, 2014. Ultimately, project developers expect that 331 jobs may be located at Barre City Place within three years of the project.
- Red Can Recycle Center, Colchester – VEDA financing of $1.4 million was approved as part of a $4.5 million development project being undertaken by Myers Container Service. Under the project name “Red Can Recycle Center,” Myers will purchase 27.9 acres in Colchester and construct a 12,230 square foot office and shop building and 13,600 square foot transfer station/recycling facility on the property. The planned recycling center will enable Myers to recycle approximately 25,000 tons of commercial debris instead of taking it to a landfill. Myers Container Service, founded in 1994, offers residential trash and container hauling services, and employs approximately 58 people. The recycling center project is expected to help the company add another seventeen jobs to their payroll. Merchants Bank is also providing financing for the project.
- Rhino Foods, Inc., Burlington – Financing of $224,000 was approved as part of a $560,000 machinery and equipment project at Rhino Foods’ Burlington plant. People’s United Bank is also providing financing for the project, which will help Rhino improve efficiency and safety, reduce waste, increase capabilities, and address ergonomic concerns. Rhino’s primary products are bakery style inclusions for ice cream applications sold to ice cream manufacturers and quick service restaurants. Rhino also manufactures desserts for regional and national companies and makes the Rhino-branded Chesster Ice Cream Sandwich found throughout VT. Started in 1981, Rhino Foods now employs 79 people, a number expected to grow to 102 within three years of the project.
- Vermont Commercial Warehouse, Williston – Financing of $74,000 was approved as part of a $191,000 renovation and improvement project to be undertaken by Vermont Commercial Warehouse (VCW). VCW offers dry storage, cooler and freezer space, as well as cross-docking, pick-and-pack, assembly, and delivery services at its commercial warehouse facility in Williston. The project, for which Key Bank is also providing financing, involves the renovation of 12,000 square feet of VCW’s space for lease to a new tenant, Green Mountain Co-Pack (GMC). GMC will operate a food and beverage manufacturing facility, warehouse, and fulfillment center there. Within three years of the project, it is expected that GMC will boost their employment from six positions to twenty.
In addition, VEDA approved financings totaling:
- $1.37 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
$98,705 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.
The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”
Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy. VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each
borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.
Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.