Montpelier, VT – The Vermont Economic Development Authority (VEDA) approved over $15 million in financing for Vermont businesses between April 1 and June 30, 2019. The approved financing will support the growth and development of businesses and farms across the state, create new jobs, and improve Vermont’s renewable energy infrastructure.
“A significant portion of our loan activity this quarter supported small businesses. This is a key sector for job creation and enhancing economic vitality in our state”, said Cassie Polhemus, Chief Executive Officer at VEDA. “We also approved several projects to help revitalize our downtowns, and we continue to see steady demand for renewable energy projects and farmers who are diversifying their revenue streams.”
VEDA approved loans totaling $6.6 million for commercial businesses across the state including:
- Bennington Redevelopment Group, LLC– The Putnam Block in Bennington is a full city block of historic buildings that’s being revitalized to create over 58,000 square feet of retail storefronts, office space and rental housing. In addition to historic preservation, the project includes demolition of neglected structures, environmental mitigation of a Brownfields site, and introduction of a fresh grocer into the area.
- Emmons Supermarket, LLC– VEDA approved a loan to help Craig and Lisa Emmons purchase A&B Beverage, Inc. and Bill’s Sport’s Shop (also on the premises) from longtime owner Bill Champagne, Jr. Mr. Emmons has worked there since 2006 and was named Chief Financial Officer in 2015. The pair of Grand Isle stores have operated on Route 2 since 1993 and will soon become Emmons Supermarket.
VEDA approved loans in the renewable energy sector total $4.8 million for the quarter, including:
- MHG Solar, LLC– The Manchester Center based solar project development company received approval for construction financing for seven group net metering solar projects in Rutland and Bennington counties. The loan enables MHG to build two projects at a time and they expect to serve subscribers such as municipalities, high schools, colleges, banks, golf courses, ski resorts and hotels.
The Vermont Agricultural Credit Corporation (VACC), a program of VEDA, approved loans totaling $3.9 million in the quarter, including:
- Champlain Orchards, Inc– In order to support ongoing operations and capital improvements, VEDA has built on its long-standing relationship with the Shoreham-based orchard by approving financing for working capital, equipment and operating expenses. VACC has worked with the farm since 2009 and helped it expand operations from apples to a variety of fruit, as well as cider and its own bakery, farm store and employee housing.
About VEDA
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.
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