VEDA APPROVES $5.2 MILLION IN BUSINESS DEVELOPMENT FINANCING

first_imgMontpelier, VT Vermont business development projects totaling $21 million will receive $5.2 million in financing assistance from the Vermont Economic Development Authority (VEDA). Principals of two of the manufacturing projects approved for VEDA financing estimate 100 new jobs will be created within three years of the investments. VEDA is especially excited and pleased to offer financing assistance that helps stimulate jobs creation in the manufacturing sector of Vermonts economy, said Jo Bradley, the Authoritys Chief Executive Officer. Among the projects approved by VEDA are:Revision Eyewear, Ltd., Essex Junction Financing of $1 million was approved as part of a $3 million capital expenditure project, enabling this highly-specialized military eyewear company to upgrade its plant, laboratory, and production facilities. TD Banknorth is also participating in the project, which aims to add 60 new jobs to the companys current payroll of 44 within three years. Based in Essex Junction since 2007, and in Williston for three years prior, Revision Eyewear is an ISO 9001:2000 registered company that has a diverse global supply chain, including custom made components from all over the United States, Europe and the Far East. With this equipment and leasehold investment, the company will be better able to service its most important customer the U.S. military by assuring advanced training, R&D, quality control, production flow, and protection of intellectual property. Vermont Composites, Inc., Bennington VEDA approved up to $1 million in mortgage insurance on a $4.5 million working capital line of credit extended to Vermont Composites, Inc. (VCI) by Chittenden Bank. VCI is a market leader in the design and fabrication of carbon fiber reinforced composite structures for the aerospace and medical industries. VCI projects adding 48 jobs to its current payroll of 195 within three years of the expansion project.Vermont Precision Woodworks, Morrisville VEDA agreed to insure $375,000 of a $500,000 working capital line of credit offered Vermont Precision Woodworks (VPW) by Union Bank. Based in Morrisville, VPW employs 37, and both produces and imports youth bedroom and home office furniture for independent furniture stores and high-volume national retailers.Grafton Village Cheese Company, Inc., Brattleboro – An additional $500,000 in industrial revenue bond financing was approved by VEDA, supplementing $8.2 million in financing given final approval by the Authority in August, 2007. The funds support the construction of a new cheese manufacturing and aging facility, now nearing completion, on land owned by the Windham Foundation in Brattleboro.Additional financings approved by the VEDA Board of Directors include:Over $1.1 million in farm ownership and operating loans through the Authoritys agricultural financing program, the Vermont Agricultural Credit Corporation;Business real estate development loans totaling $664,000 through the Authoritys Vermont 504 Corporation; and Small business loans totaling $578,668 through the Authoritys Vermont Small Business Development Corporation.VEDAs mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.3 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.last_img

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