Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $4.7 Million in development financing for commercial energy, small business and agricultural projects throughout Vermont. Financing approvals by the Authority include:
· $2.0 Million to Claire Solar Partners, LLC in South Burlington to help finance the construction and management of a 2.2 MW AC solar array on 22 acres of land on Hinesburg Road (Route 116), adjacent to the Chittenden Cider Mill property. Mascoma Savings Bank also is providing financing for the $8.7 Million project;
· Renewal of VEDA's 75% mortgage insurance agreement for another year's commitment by Wells River Savings Bank to renew its existing loan balance of $117,942 to Bradford Veneer & Panel Co., Inc. in Bradford. Original loan proceeds allowed the company to restructure its debt and provide it with working capital;
· $1.88 Million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
· $726,750 through the Authority’s Small Business Loan Program, which assists growing Vermont businesses that are unable to access adequate sources of conventional financing. Projects approved for small business financing assistance include:
- o $296,000 to Panther Bedding and Compost in Salisbury to partially fund the construction of a metal building, make leasehold improvements, and finance the purchase of machinery and equipment to produce and market animal bedding and soil enrichment products made from dairy manure;
- o $169,000 to help finance the purchase of Chester House Inn in Chester. The owner-occupied Inn was built on the Chester Village Green in 1780, and is listed on the National Register of Historic Places in the U.S.
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.