MONTPELIER, VT – A long-established Chittenden County company will acquire a Windham County business, saving jobs in the process. This is one of several Vermont economic development projects approved by the Vermont Economic Development Authority (VEDA) for a total of $3.7 million in financing assistance.
“VEDA is pleased to provide financing assistance for several exciting manufacturing expansion projects throughout Vermont,” said Jo Bradley, VEDA’s Chief Executive Officer. “The Authority’s financing will help stimulate $9.2 million in economic development investment, creating and saving Vermont jobs.”
Projects approved by VEDA for financing assistance include:
- Koffee Kup Bakery, Inc., Burlington –VEDA approved $683,165 in Subchapter 5 financing to help Koffee Kup Bakery acquire the Vermont Bread Company and its east coast affiliate company from Boulder, Colorado-based Charter Baking Company. Koffee Kup Bakery has been a significant regional bakery operating in Burlington since the 1940’s and now employs 148 people. The company produces, sells and delivers donuts and bread products throughout Vermont and New Hampshire, and parts of New York, Maine and Massachusetts. The Vermont Bread acquisition includes significant bakery facilities and equipment in Brattleboro, Vermont and northeastern Connecticut. The acquisition will enable Koffee Kup to further expand operations, and save a considerable number of well-paying jobs in southern Vermont. People’s United Bank also provided financing for the project. In conjunction with the Vermont Bread Acquisition Project, VEDA also approved $180,000, and People’s United Bank provided additional financing, to help Koffee Kup Bakery acquire $450,000 of bakery and distribution machinery and equipment.
- Sterling Technologies, Inc., Morrisville – Financing of $350,000 was approved as part of a $938,000 machinery and equipment acquisition project undertaken by Sterling Technologies, Inc. in Morrisville. Founded in 2004, Sterling manufactures intricate precision components from raw materials such as titanium, technical ceramics and glasses used in the semi-conductor, medical, aerospace and microwave communications industries. Sterling has nine employees, a number expected to grow to thirteen within three years of the expansion project, for which Union Bank is also providing financing.
- T. Copeland and Sons, Inc., Bradford –VEDA approved financing of $140,000 as part of a $350,000 machinery and equipment acquisition project for furniture manufacturer T. Copeland and Sons (TCS) in Bradford. TCS expects the equipment purchase will increase manufacturing flexibility and capacity and in combination with other initiatives, will help satisfy increased demand for its products and lead to increased job creation in the Bradford region. Ledyard Bank is also providing financing for the project. Founded in 1977, TCS manufactures all of its furniture at its Bradford facility, using woods sustainably harvested from forests within 500 miles of the company plant. TCS also operates a 4,500 retail store on Main Street in Bradford, selling their furniture directly to the public.
- Burlington Laboratories, Inc., Burlington -- Financing of $120,000 was approved to help Burlington Laboratories, Inc. (BLI) acquire new machinery and equipment associated with their intended move to Main Street in Burlington. BLI’s new location will help the company triple the capacity of their drug-testing laboratory. BLI is the only drug testing lab headquartered in Vermont. Founded in 2006, the lab employees 26 people, a number expected to more than double to 57 within three years of the $345,000 expansion project. Northfield Savings Bank is also providing financing for the project.
VEDA also approved:
- An additional $113,598 in Direct Loan Program financing;
- $1.5 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
- $550,000 through the Authority’s Small Business Loan Programto assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
- $125,000 through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
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.