Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $4.3 million in financing for economic development projects totaling $9 million throughout Vermont.
“VEDA is pleased to provide financing support to a number of small business, manufacturing, energy, technology, and agricultural projects,” said Jo Bradley, VEDA Chief Executive Officer. “Jobs will be created as a result of these projects, helping to boost Vermont’s economic growth.”
Projects approved by the Authority for nearly $1.3 million in direct commercial financing include:
- Sugarbush Resort, Warren and Waitsfield – VEDA approved a $500,000 Commercial Energy Loan to Summit Ventures, NE, LLC (Sugarbush Resort) that will help it take advantage of Efficiency Vermont’s Great Snow Gun Roundup Program this Summer to replace approximately 350 of its older snow guns with new, energy-efficient models. The equipment upgrade project will significantly reduce Sugarbush’s electricity consumption, improve snowmaking capacity and snow quality, and reduce labor costs. Efficiency Vermont’s Great Snow Gun Round up is helping Vermont ski areas substantially cut their energy consumption and costs while improving their snowmaking capabilities this summer. On this project, Sugarbush will receive a $939,000 grant funding a substantial portion of the project cost. It is estimated that the new snowguns will help Sugarbush Resort avoid consuming just under 2,000 mwh of electricity annually, effectively reducing carbon dioxide emissions from New England by more than 1,100 tons per year. Sugarbush Resort is a 5,100-acre, four-season resort in Warren, Waitsfield and Fayston. The resort has sixteen ski lifts, 53 miles of trails and substantial glade skiing, and also includes the 18-hole Robert Trent Jones-designed golf course and the 42-room Sugarbush Inn.
- Concepts ETI, Inc., Hartford -- Concepts ETI, Inc. of Hartford provides engineering services and testing, develops software, and produces products involving advanced turbo machinery technology. VEDA is providing $145,612 in financing to help Concepts acquire several new CNC machining centers and related equipment to expand its own in-house manufacturing capability. The loan will help Concepts ETI expand the number and types of items produced at the plant. Currently, 80 persons work at the company and this is expected to increase to 90 over the next three years. The Community National Bank is also providing financing for the project.
- Manufacturing Solutions, Inc., Morrisville -- A growing Morrisville company has been approved for a $62,884 loan to partially finance the purchase and installation of a cutting table to meet increased demand. The loan will also be used for required building fit-up and refurbishment of the existing cutting table. Manufacturing Solutions assembles, tests and ships products and sub-assemblies for various companies. The company has been in existence since 1996 and currently employs 176 people. Employment is expected to grow to 210 over three years. The Union Bank is also providing financing for the project.
- Route 802 LLC, Williston -- Route 802 LLC of Williston, founded in 2012, has created a mobile and digital marketing platform to serve local communities and large public venues. The company was recently selected to develop Vermont’s official mobile application, "ThisisVT," to help both residents and visitors discover Vermont, search for events, and book and pay for travel-related services. With the help of $150,000 in financing provided through VEDA’s Entrepreneurial Loan Program, Route 802 LLC will redesign and improve the integration capacity of its current mobile platform. Route 802 LLC now provides 5.5 jobs; employment is expected to increase to 20 jobs over a three-year period.
VEDA also approved nearly $1.7 million in financing through its agricultural loan program, the Vermont Agricultural Credit Corporation.
Small Business projects were approved for $1.2 million in financing, including:
- A $175,000 loan to partially fund the purchase of Al’s Snowmobile Parts Warehouse of Newport, a national and international supplier of snowmobile parts. The current owners, Al and Elaine Briere, are selling the property to their son and daughter-in-law, Scott and Carole Briere, and selling the business to son, Scott and daughter, Denise; and
- $80,000 in working capital to help Caledonia Spirits of Hardwick expand into the growing aged whiskey market. Caledonia Spirits is well-known for its variety of distilled spirits, such as Barr Hill gin and vodka, and Caledonia elderberry cordial.
In addition, VEDA approved $139,115 through its 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. Now in its 40th year of operations, 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 $2.0 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.