Authority Approves $2.0 Million Loan as Farmers Invest to Purchase Headquarters for Cabot
MONTPELIER, VT – A total of $5.7 million in business and agricultural financing has been approved by the Vermont Economic Development Authority (VEDA) to support commercial and agricultural development projects throughout Vermont. “Financing assistance approved by VEDA will help strengthen Vermont businesses and farms, and expand job opportunities for Vermonters,” said VEDA Chief Executive Officer Jo Bradley.
Among the projects approved for VEDA financing are:
Agri-Mark, Inc., Waitsfield - Financing of $2 million was approved as part of Agri-Mark, Inc.'s $2.8 million project to acquire and renovate as its Cabot corporate headquarters the former Northern Power Systems building in Waitsfield. In 2007, the Central Vermont Investment Corporation (CVIC) took adverse possession of the property and has been leasing space to Diffraction LTD. and the State of Vermont. "We are thrilled to see the ownership of this property transfer to Agri-Mark,” stated Sam Andersen, Executive Director of CVIC/CVEDC. “We greatly appreciate their commitment to Vermont and to the economic vitality of the Mad River Valley." Agri-Mark currently has 599 employees in Vermont at several plant and administrative locations, and has plans to continue to expand its Cabot Brand business into the future. Established in 1918, Agri-Mark is a 100% dairy farmer-owned cooperative, with more than 1,200 member farms located in all six New England states and throughout upstate New York State. The farmers produce more than 2.5 billion pounds of milk each year. The cooperative owns and operates four dairy plants in Massachusetts, New York, and Vermont, including Cabot Creamery in Cabot and a cheese and whey processing plant in Middlebury, where it makes its award-winning products.
Green Mountain Economic Development Corporation (GMEDC) and Pompanoosuc Mills Corporation, East Thetford – VEDA approved a $1.58 million loan to Green Mountain Economic Development Corporation (GMEDC) and Pompanoosuc Mills Corporation (PMC) to finance the company’s sale/lease back agreement for PMC’s manufacturing, headquarters and showroom facility in East Thetford. Under this agreement, GMEDC will purchase the facility with financing from VEDA and lease it back to PMC on a long-term basis. The low annual lease payments will enable PMC to invest more in growth, product development, marketing and sales development. Established in 1973, PMC manufactures premium quality hardwood and upholstered furniture, all constructed from North American hardwoods at its facility in East Thetford. PMC’s marketing slogan is: Real American Furniture, Handcrafted in Vermont. PMC primarily sells directly to retail customers through its twelve Northeast and Mid-Atlantic retail stores, online at www.pompy.com, and directly to commercial accounts. VEDA has a long positive relationship with PMC dating back to 1980 when it helped PMC finance construction of a 10,000 square-foot manufacturing facility on ten acres of land it purchased in East Thetford. Over the years, the facility has grown to 74,000 square feet. Today, Pompanoosuc Mills Corporation has 137 employees, a number expected to grow to 150 within three years of the Project. GMEDC is an active, non-profit, regional development corporation promoting and supporting growing companies in Orange and northern Windsor Counties. "GMEDC is fully committed to the success of PMC and is encouraged by this VEDA approval," said GMEDC Executive Director Joan Goldstein. "VEDA and GMEDC have partnered on many economic development projects."
KE Durasol Awnings, Inc., Middlebury – Financing of $720,000 was approved as part of KE Durasol Awning’s $1.8 million purchase of Middlebury property that the company has leased since 2009. KE Durasol Awnings, Inc. is a manufacturer of commercial and residential awnings. The company’s commercial division is based in Middlebury, and its residential division is located in Chester, New York. Since 2009, KE Durasol has leased 27,600 square feet at 38 Pond Lane in Middlebury, known as the Geiger Building. The company will remain in the Pond Lane facility, leasing a portion of the 51,600 square foot building on 19.1 acres to Geiger, and retaining a portion for future expansion or sublease. KE Durasol currently has 23 employees. The company expects jobs to increase to 34 within three years of the project, for which National Bank of Middlebury is also providing financing.
VEDA also approved:
• Financing of $1.1 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
• Small Business Loan Program financing of $317,372 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.