Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved nearly $11.8 million in financing for commercial, agricultural, energy and small business projects totaling $29 million.
“VEDA is pleased to provide financing for projects that will help small businesses grow, strengthen family farms, and increase the availability of renewable energy in Vermont,” said Jo Bradley, VEDA Chief Executive Officer.
VEDA approved more than $5.07 million through the Authority’s Vermont 504 Loan Program. VEDA’s Vermont 504 Corporation, with SBA’s approval, makes SBA 504 loans to eligible and qualified borrowers, funding these loans through SBA-guaranteed debentures which are sold to private investors. The proceeds of the debenture are subsequently loaned to the borrower. Included among the projects approved for financing through the Vermont 504 Loan Program:
- Talcott Twenty LLC, Williston – VEDA approved debenture financing of $231,000 as part of Dr. Ryan and Kristina Goslin’s project to purchase the medical office condominium located at 75 Talcott Road in Williston. The location offers an office already renovated for a dentist in a newer, more modern space than their practice’s current location. People’s United Bank is also providing financing for the project.
Agricultural loans totaling almost $2.8 million were approved through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC), which provides credit to Vermont farmers, agricultural facilities, forestry and forest product-based businesses. Included among the approvals is:
- Corey Chapman, Tunbridge – Organic dairy farmers Corey and Ann Chapman were approved for a $265,000 VACC loan as partial financing to help them purchase and improve the 203-acre Merle Howe Farm property in Tunbridge. The USDA Farm Service Agency is providing an additional $265,000 in financing for the project. Corey Chapman had been herd manager for the nearby Howeacres Farm, purchasing that farm’s well-managed herd in 2011 and leasing the farm property to start Chapman Family Farm. Today, Chapman Family Farm is a certified organic dairy farm with 47 mature cows and 44 replacement animals, with almost all of the feed for the herd grown and harvested from the leased farm and adjoining farm land. VACC financing will enable Corey and Ann to purchase and move their growing farm operation to the former Merle Howe Farm property located 1.5 miles away. At the newly-acquired farm property, Corey will continue to manage his herd and land organically, utilizing an intensive rotational grazing system. The larger farm facilities, and improvements planned as part of the purchase project, will enable the further expansion of Chapman Family Farm over time.
Through VEDA’s Commercial Energy Loan Program, which helps Vermont businesses finance qualifying renewable energy generation and energy efficiency improvement projects, the Authority approved three loans totaling $2.4 million to partially finance three separate solar arrays being constructed by GLC Chester Community Solar, LLC, Novus Royalton Solar, LLC, and Charter Hill Solar, LLC, all of which are wholly owned subsidiaries of Green Maple, LLC. The total cost of the three systems will be approximately $6 million. The Charter Hill project is a 1 MW array being constructed in Rutland, the GLC Chester project is a 500KW array being constructed in Chester, and the Novus Royalton is a 500 KW array being constructed in Royalton. The Charter Hill project will produce renewable electricity to be sold directly to Green Mountain Power (GMP) under a 25-year power purchase contract; the GLC Chester project will produce renewable electricity under Group Net Metering Agreements for the Towns of Chester, Pittsford, and the St. Johnsbury Academy; and, the Novus Royalton project will produce renewable electricity under Group Net Metering Agreements for the Towns of Bethel, Royalton, and the Royalton Town School District. Together, the three projects will produce enough renewable electricity to power the equivalent of 445 average households, and reduce CO2 emissions by 1,780 tons each year.
VEDA approved $1.3 million in loans through the Authority’s Small Business Loan Program, which assists growing Vermont small businesses that are unable to access adequate sources of conventional financing. Approved small business loans include:
- $300,000 in financing as part of a $1 million project to construct The Barn at Smugglers’ Notch in Jeffersonville, a 5,500 square foot event barn that will include a 25-30 seat restaurant/wine bar. Within three years of construction, project principals estimate seven new jobs will be created. Union Bank is also providing financing for the project.
Additional commercial financing of $212,241 was approved, including $35,000 in Brownfields Revitalization Fund Loan Program 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 $2.07 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.