Press Releases 

VEDA APPROVES $11 MILLION IN ECONOMIC DEVELOPMENT FINANCING

Mar 7, 2012, 4:21:55 AM

MONTPELIER, VTThe Vermont Economic Development Authority (VEDA) has approved business and agricultural financings totaling $11 million, helping stimulate $25 million in economic development activity throughout the state.

Recent financing approvals by the Authority include:

  • Appalachian Engineered Flooring, Inc., North Troy – Financing of $1.2 million was approved to help an establishedQuebec company create a new 26,000 square footU.S. production facility inNorth Troy. Appalachian Flooring (AF) ofCowansville,Quebec manufactures and sells pre-finished and finished solid hardwood flooring to retailers and distributors acrossNorth America. AF also sells finished engineered hardwood flooring that will be produced in the newNorth Troy facility under the business name, “Appalachian Engineered Flooring, Inc.” AF principals estimate that up to 40 jobs will be created at theNorth Troy plant within three years of the project.
  • Northeast Kingdom Human Services, Inc., Derby -- The Authority approved an inducement resolution for the issuance of up to $3.9 million in tax-exempt bonds to help finance consolidation of operations among several leased Northeast Kingdom Human Services (NKHS) facilities in the Newport/Derby area. Pending final approval by the Authority, the $6.55 million project would enable NKHS to purchase approximately five acres of land in Derby, and construct and equip a 30,200 square foot building on the property. If approved, the consolidation project would help NKHS better coordinate and manage outpatient services, school-based programs, substance abuse treatment, developmental services, and administrative services. A non-profit corporation providing a wide range of mental health services to residents in theNortheastKingdom, NKHS has 350 full-time employees.
  • Franklin County Industrial Development Corporation (FCIDC) for Peerless Clothing International, Inc., St. Albans -- VEDA approved $4 million in financing as part of an $11.5 million expansion of FCIDC’s facilities that are leased to Peerless Clothing International, Inc. (PCI) in the St. AlbansIndustrial Park. The project will replace one of PCI’s current buildings with a much larger, more efficient facility. The newly-designed structure will enable Peerless to design and construct four floors of racking systems to accommodate a new product line. Once constructed, the expansion project will bring Peerless’s total square footage in the park to 281,200. PCI serves as the U.S.sales and distribution network for Peerless, the largest manufacturer of men’s clothing in North America, and the largest supplier of Canadian-made and imported men’s tailored clothing to most major department and specialty retail stores in the U.S.

In addition, VEDA approved financings totaling:

  • $960,000 to Vermontfarmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
  • $204,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing; and
  • $433,737 through the Drinking Water State Revolving Loan Fund, whichprovides funds to repair or improve existing privately-owned drinking water systems.

VEDA’s mission is to promote economic prosperity in Vermontby 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 $1.8 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.

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