Montpelier, VT – The Vermont Economic Development Authority (VEDA) approved over $25 million in loans for Vermont enterprises between July 1 and September 30, 2019. That total exceeds the previous quarter’s approval volume by $10 million.
The financing was approved to help small businesses, farmers and other borrowers expand their operations, build solar energy arrays, conserve and clean-up land, revitalize a city block in downtown St. Albans, and create new job opportunities across the state.
“We’re happy to see the volume of loan approvals growing at a healthy rate compared to the previous quarter, especially in the small business and renewable energy sectors,” said Cassie Polhemus, Chief Executive Officer at VEDA. “It’s actually a great time to apply for financing, and we encourage Vermont businesses to take advantage of low interest rates.”
VEDA approved loans totaling $4.2 Million for commercial and small businesses, including:
- Congress & Main, LLC – As part of a broader redevelopment of downtown St. Albans, VEDA approved financing for the redevelopment of the Congress and Main Street Commercial Building. The renovated 23,000 square-foot building will be used for both commercial and retail space.
- Ski Magic, LLC – The owners of Magic Mountain Ski Area in Londonderry secured partial financing from VEDA to help install a new chairlift and purchase equipment to support its growing customer base and need for increased operations.
- Black Flannel Brewing Company, LLC & Black Flannel Distilling Company, LLC – VEDA provided partial financing to help two sister companies, a distillery and a brewery, renovate space and begin operating at the Essex Experience Shopping Center in Essex Junction. The two companies will share a building with separate spaces for the brewpub and tasting rooms.
VEDA approved loans in the renewable energy sector totaling $4.3 Million for the quarter, including:
- Green Lantern Development, LLC – This full-service solar development company has developed over 60 solar projects in Vermont, generating over 30 MW (AC) of capacity. VEDA has supported five of its solar projects this quarter, with an average project size of 150KW. Green Lantern expects to develop up to twenty additional solar projects across Vermont by the end of 2020.
The Vermont Agricultural Credit Corporation (VACC), a program of VEDA, also approved loans totaling $4.5 Million in the quarter, distributing financing to sixteen family farms and agricultural businesses around the state.
Finally, VEDA also facilitated the approval of $11.8 Million in financing for its affiliate state loan programs, including the Drinking Water State Revolving Loan Fund and Clean Water State Revolving Fund.
The Vermont Economic Development Authority (VEDA) is Vermont’s economic development finance lender. Created by the Vermont General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to eligible businesses that create jobs and help advance Vermont’s public policy goals.
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 inception, VEDA has provided $2.5 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.
VEDA has five offices throughout Vermont – in Montpelier, Burlington, Middlebury, St. Johnsbury and Brattleboro. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.