Small Business and Brownfield Revitalization Loan Programs
As San Francisco-founded KAD Models and Prototypes, Inc., worked to bring its innovative manufacturing approach to Vermont, VEDA played an integral role in creating a seamless transition.
The maker of product prototypes for clients in the medical device, aerospace, automotive, and consumer electronics fields, whose East Coast home is now in Randolph, received the Brownfields Revolving Loan — underwritten by VEDA — and $175,000 in PPP funding in 2020 and 2021.
This meant workers could be paid during a shutdown resulting from the COVID-19 pandemic, while at the same time KAD continued moving the state’s manufacturing industry forward. The company produces everything from automotive drive axles, silicone valves for cardiovascular usage, and more.
Because of the support it has received from VEDA, KAD will in turn support Vermont through work with local suppliers and recruitment of local graduates, including Vermont Technical College, which is located just down the road. Four VTC alumni have joined the team since the East Coast move.
“Both Brian (Kippen, KAD’s founder and owner) and myself grew up in Vermont, so we know how special it is, and are happy to be back home and contributing to the local economy,” COO Kacie Merchand said.
“VEDA financing assisted with environmental remediation that was necessary in order to purchase the property. VEDA also worked with community national bank to provide financing for kad to purchase the property where we are now located. Overall, VEDA played a key role in helping us set up shop in Vermont and become integrated in the community.” — Kacie Merchand, COO