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Vermont Economic Development Authority Approves Financing For Economic Development Projects

12/27/2016
“VEDA is pleased to provide financing that will help manufacturing, agricultural and small business projects move forward with their growth plans,” said Jo Bradley, the Authority’s CEO. “In addition, a community health center will expand, and several renewable energy and start-up initiatives will also receive VEDA financing.”

Flex-A-Seal, Inc. in Essex Junction, Vermont was approved for $240,000 as partial financing to purchase new production equipment and fit up a new leased facility. The project will provide greater growth capacity for the company. People’s United Bank is also providing financing for the $600,000 expansion project.

Established in 1983, Flex-A-Seal produces many types of sealing products used in industries including hydrocarbon processing, chemical and food processing, potable water, and drug manufacturing. Flex-A-Seal employs 101 persons, a number expected to grow within three years to 116.

Cynosure, Inc., a non-profit affiliate of Greater Burlington Industrial Corporation, received $371,000 for the purchase and installation of new HVAC systems in its building in the Catamount Industrial Park in Milton.

The building is leased to Champlain Valley Dispensary, Inc., a State-licensed non-profit distributor of medical cannabis since June of 2013. The renovation will allow the company to build out and increase its production space. Within three years, Champlain Valley Dispensary expects to increase employment from 30 to 49 positions; and VRS Solar was approved for $808,042 to partially fund construction of a 420 kW net metered solar array in Shoreham while Hunter and Hand Solar, received $150,000 to partially refund costs associated with development of a net metered 106.7 kW solar array on the roof of the Fisher School in Arlington, Vermont.

40-year old Village Cannery of Vermont was approved for $300,000 in working capital as part of a $1 million project to support the fast-growing organic apple cider vinegar business in Barre. Ledyard Bank is also providing financing for the growth project. Within three years, Village Cannery hopes to increase employment from 20 to 25 jobs.

Mamava, Inc. in Burlington, designer and developer of the first and only free-standing kiosk-type lactation suites for nursing mothers on the go, received $50,000 in working capital. The working capital project will help the business grow employment within three years from five to ten jobs.

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