Montpelier, VT – The Vermont Economic Development Authority (VEDA) recently approved $4.5 million in financing to support economic development projects throughout Vermont. “This round of Authority approvals included manufacturing, agricultural and small business loans,” said Jo Bradley, VEDA’s Chief Executive Officer.
Approved for financing by the Authority:
· $810,000 to partially insure a working capital line of credit renewed and extended by Mascoma Savings Bank to Vermont Machine Tool Corporation in Springfield. Vermont Machine Tool has 19 employees, a number expected to grow to 32 within three years of the project;
· $3.1 Million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
· Over $640,000 through the Authority’s Small Business Loan Program, which assists growing Vermont businesses that are unable to access adequate sources of conventional financing. Projects include:
o Hill Farmstead, LLC, Greensboro Bend – Financing of $350,000 was approved to partially fund a project for the two-phase construction of a new brew house;
o Peter and Jayne Chevalier, St. Albans - Financing of $150,248 was approved as part of a $375,620 project to help the Chevaliers purchase a 6,000 square foot building in St. Albans for lease to Chevalier Fire Protection, Inc.;
o Britch & Sons Welding & Fabrication, Inc., Highgate Center - Financing of $25,000 was approved as part of a $34,000 project to fund the construction of a garage for use by the Britch & Sons welding and fabrication business; and
o Rutland Plywood Corporation, Rutland – $114,963 was approved as partial financing for a project to increase the company’s log inventory and upgrade electric and hydraulic production systems.
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 $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.