Commercial Loan Program (Subchapter 5)
Ski Magic, LLC owns and operates Magic Mountain ski area in Londonderry. Founded by Swiss ski instructor Hans Thorner in 1960, the ski area was a top destination for some 60,000 skiers for many years until it was forced to shut down in 1991. After a few ownership changes and rocky seasons, Ski Magic purchased the area in 2016 and has been slowly growing its successful operations ever since.
VEDA provided financing to help the company install a new 19-tower chairlift and purchase other equipment to complete the project, which includes trail clearing, a new communications line and stormwater management/mitigation. The chairlift will help the resort better serve its growing customer base, which now sees 20,000 skier visits per year. The area is open Thursday – Sunday during the winter season and also offers visitors activities during late summer and fall.
The project is also supported by the Vermont Community Loan Fund and People’s United Bank.