Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $5.6 million in financing for economic development projects throughout Vermont. The Authority’s financings leveraged enough private funds to bring project totals to $14.3 million.
“VEDA is pleased to be able to offer financing support to a variety of commercial, agricultural, entrepreneurial, energy and small business projects,” said VEDA CEO Jo Bradley.
Close to $1.7 million in direct commercial financing was approved, including:
- Cresta Cooper Nedde, LLC, Burlington - A $1.5 million direct loan was approved as part of a $4.4 million project to fund the renovation of a vacant commercial warehouse on Pine Street for lease to a variety of small businesses that will create a number of new jobs in the facility over the next several years. People’s United Bank is expected to provide a portion of the funding with the balance being invested by the principals. The project will bring this underutilized building back into productive use as part of the developing and vibrant South End Business and Arts District of Burlington. The project received the strong support of Burlington’s Community and Economic Development Office and the Greater Burlington Industrial Corporation.
VEDA approved $993,500 in energy financing through VEDA’s Commercial Energy Loan Program, which helps Vermont businesses finance qualifying renewable energy generation and energy efficiency improvement projects. Approvals included:
- A $749,900 loan to Williamstown Old Town Road Solar, LLC (WOTRS) for the construction of a 498 KW AC community net-metered solar array project in Williamstown. The system is expected to annually produce approximately 889,000 KWH of electricity, or enough renewable electricity to power 129 homes and reduce emissions by 517.2 tons each year. St. Johnsbury Academy will be the sole net metering member, using all the renewable power produced by the system and modestly reducing its cost of electricity.
A $170,000 loan was approved through VEDA’s Entrepreneurial Loan Program, which provides financing to meet the working capital and capital-asset financing needs of Vermont-based businesses in seed, start-up and growth stages that may not have access to conventional means of financing:
- Greensea Systems, Inc. of Richmond was founded in 2006 and specializes in the development of control, navigation, and operator interface technology for unmanned systems, with particular focus on unmanned, remotely-operated underwater vehicles. With the help of VEDA financing, Greensea plans to invest in facility improvements for greater production efficiencies; marketing and promotional tools and resources; and needed hardware and software purchases. Within three years of the project, Greensea expects to increase employment from the current 12 to 20 positions.
VEDA also approved:
- Nearly $1.7 million 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;
- $728,500 through the Authority’s Small Business Loan Program, which assists growing Vermont small businesses that are unable to access adequate sources of conventional financing, including $350,000 to partially finance the purchase of Heart of the Village Inn in Shelburne; $100,000 to Green Mountain Economic Development Corporation (GMEDC) for feasibility expenses related to the planning and permitting of a proposed industrial/ commercial park; and $44,500 to a startup vinyl record manufacturing company in Burlington, Burlington Record Plant, to help purchase equipment and provide working capital;
- $300,000 through the Authority’s Brownfields Revitalization Fund (BRF) Loan Program, designed to provide funding to assist in the redevelopment of contaminated properties; and
- $62,411 through the Authority’s Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water 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 $2.07 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.