MONTPELIER, VT – The Vermont Economic Development Authority (VEDA) has approved $6.9 million in economic development financing to businesses throughout the state.
“VEDA is pleased to help support the business expansion plans of these companies,” said Jo Bradley, VEDA’s Chief Executive Officer. “Their investments in our state’s manufacturing, small business, and agricultural sectors will help stimulate economic activity in Vermont.”
Projects approved for VEDA financing include:
- Cabot Hosiery Mills, Inc., Northfield – VEDA approved $273,000 in financing as part of a $682,500 project to purchase twenty new state-of-the-art knitting machines, ten of which are the latest generation of seamless toe technology. The new machines will replace many of the existing knitting machines currently in use by the sock design manufacturing facility. In operation since 1978, the family-owned company manufactures its own Darn Tough Vermont proprietary line of socks, as well as product for the North American higher-end private label sock market. Cabot Hosiery employs 99 people, a number expected to grow to 116 within three years of the development project, in which Peoples United Bank is also participating.
- Vermont Smoke and Cure, LLC, Hinesburg – VEDA approved an $800,000 participation in the financing for a nearly $5 million project to purchase machinery and equipment and improve a 21,000 square foot manufacturing space in Hinesburg. The new facility, which formerly housed Saputo Cheese, will help Vermont Smoke and Cure reduce processing costs and increase breadth and quantity of services for Vermont farmers, and increase production of all of its own products, particularly its new, award-winning single-serve natural snack sticks. Community National Bank is also participating in the project, which within three years, is expected to help Vermont Smoke and Cure more than double employment at the plant from the current 14 positions to 37.
- Springfield RDC and Great Bear Realty Corp, Windsor – VEDA approved $885,000 as part of a $985,000 project to help Springfield Regional Development Corporation (SRDC) build an 11,207 square foot building in the Windsor Industrial Park. The site of the building is a two-acre parcel owned by Great Bear Realty Corporation, which will enter into a long-term ground lease with SRDC so that the development corporation may manage the building and negotiate sub-leases for up to four tenants. A new business, The Vermont Farmstead Cheese Company, is expected to lease approximately 69% of the new building. The company produces, ages, processes, warehouses and distributes farmstead and artisanal cheese.
VEDA also approved financing for:
- The College of St. Joseph, Rutland – The Authority approved the reissuance of $2.56 million in Tax-Exempt Revenue Bonds to help The College of St. Joseph significantly lower annual interest costs on remaining debt associated with a former campus renovation project. Utilizing previously-issued bond funds, the four-year private liberal arts college constructed new athletic center and student center buildings, and relocated the college library. Campus improvements were completed in 1999. Peoples United Bank funded the Project through the purchase of the VEDA bonds.
In addition, VEDA approved financings totaling:
- $1.7 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
- $650,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
- $100,000 through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
- $14,000 through the Vermont Business Energy Conservation Loan Program, designed to help eligible businesses make energy conservation improvements.
VEDA’s mission is to promote economic prosperity in Vermont by 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 $1.7 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.