MONTPELIER, VT – The Vermont Economic Development Authority (VEDA) approved $9.2 million in business and agricultural financing to support a variety of economic development projects throughout the state. “The Authority is pleased to provide financing assistance to help further the economic growth goals and jobs expansion efforts of these businesses,” said VEDA Chief Executive Officer Jo Bradley.
Among the projects approved for VEDA financing are:
- Thetford Academy, Inc., Thetford – The Authority approved reissuance of up to $5.7 million in tax-exempt bonds to Thetford Academy, Inc., replacing bonds originally issued at a higher interest rate in 2009. The original tax-exempt bonds helped Vermont’s second oldest secondary school pay off existing debt, finance the construction of a 46,000 square foot addition to one of the school’s buildings and renovate the science building. Mascoma Savings Bank will continue to own the bond and serve as Trustee, and the school will benefit from a reduced interest rate.
- Gray Rock Quarry, LLC, Milton – Financing of $332,400 was approved to help Gray Rock Quarry purchase machinery and equipment it has leased for the past several years, and provide working capital to help the company grow. Gray Rock Quarry is a stone crushing plant whose products are used in concrete production, asphalt production, drainage, landscaping, and other applications. Business owners anticipate growing employment numbers at the company from 10 to 35 within three years of the project, for which Northfield Savings Bank is also providing financing.
- Fulcrum Arts, LLC, Brattleboro - Financing of $211,680 was approved to help Fulcrum Arts, LLC purchase and renovate an 11,000 square foot Brattleboro property to create an arts destination on Route 30 West in Brattleboro. The Brattleboro Savings and Loan Bank is also providing financing for the $540,620 project, in which the former Tom & Sally's Chocolates building will be renovated to house art studios and other businesses, and provide a retail showroom for local artists.
- Champlain Valley Equipment, St. Albans – Financing of $110,000 was approved as part of a $1.1 million project to help Champlain Valley Equipment (CVE) purchase the building on six acres the company currently leases in St. Albans. Merchants Bank is also providing financing for the project, which will help CVE grow employment from 23 to 28 jobs within three years of the project. Established in 1970, CVE is a dealer of agricultural and light industrial equipment, with locations in St. Albans, Middlebury, Derby, and Berlin.
VEDA also approved:
- Financing of $2.5 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
- Small Business Loan Program financing of $370,360 to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.
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.