MONTPELIER, VT – The Vermont Economic Development Authority (VEDA) has approved $33.5 million in financing assistance to Vermont businesses undertaking commercial and manufacturing expansion projects throughout the state. Also included is financing to support agricultural, real estate development, and business technology projects.
“VEDA is pleased to offer financing support to these projects,” said VEDA Chief Executive Officer Jo Bradley. “Jobs are being retained or created in a variety of economic sectors, and that is good news for Vermont.”
Projects approved by the Authority for financing assistance are:
- Central Vermont Public Service Corporation, Rutland –A total of $30 million in Recovery Zone Facility Bond (RZFB) financing was given final approval by the Authority to support the $48.7 million in planned infrastructure upgrades by Central Vermont Public Service Corporation (CVPS). The low-interest, tax-exempt federal bond financing was made available through the American Recovery and Reinvestment Act of 2009 (a.k.a. the Stimulus Act). In May of this year, VEDA gave inducement approval for $25 million in bond financing for the CVPS project; an additional $5 million in eligible project costs have been approved since then. Vermont’s largest utility, CVPS operates in 13 of the state’s counties and employs 530 people. Over the next two years, CVPS plans to install and upgrade distribution and transmission lines. Improvements and upgrades are also planned to distribution and transmission substations and hydro systems, telecommunication infrastructure and a Smart Grid investment is anticipated.
- Swan Valley of Vermont and Jonergin Realty, LLC, Swanton – A $5.6 million project to purchase a former cheese manufacturing facility and bring it back to productive use will receive $1.3 million in VEDA financing assistance. Through a newly-formed partnership between Jonergin Realty, LLC and Swan Valley of Vermont, LLC, the former VIA (Lucille Farms) cheese facility in Swanton will be purchased and upgraded with new equipment and machinery. Swan Valley of Vermont will gear up to produce a variety of specialty artisan cheeses for wholesale to various institutional buyers. It is estimated that within three years of the project, more than 50 new jobs will be created. Bank of America is also participating in the project.
- Rock Art Brewery, Inc., Morrisville – Financing was approved to help Rock Art Brewery buy land and build a new brewing facility, more than doubling their current leased production and retail space in Morrisville. The project also includes financing participation by Merchants Bank. The brewing company, started as a home business in 1997, will move from their current leased facility to property which they will purchase on Route 100. The company will build a new structure and purchase machinery and equipment to be used in the brewing process. Rock Art Brewery employs eight people, a number expected to grow to ten within three years of the expansion project.
- Mad River Park Corporation, Waitsfield – Financing of $210,000 was approved to Mad River Park Corporation to fund its purchase of a 14,000 square foot industrial building on 3.47 acres of land in Waitsfield.
In addition, VEDA approved:
- $1.05 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
- $100,000 in financing through the Authority’s Technology Loan Program, designed to assist smaller technology-related firms; and
- $350,000 in small business project financing through the Authority’s Small Business Loan Program.
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 $1.5 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.