The state’s Economic Development Authority provided grant incentives to help various manufacturing, commercial, and economic development projects move forward in St. Albans, Northfield and West Marlboro, Vermont.
“VEDA is pleased to offer financing assistance that will help businesses expand,” said VEDA CEO Jo Bradley. “Renewable energy generation projects will also come to fruition with VEDA’s help.”
Grants and loans approved to promote industry and manufacturing, include:
VEDA approved financing of $578,580 to Franklin County Industrial Development Corp. to partially fund completion of infrastructure improvements to four of the nine lots in the expanded 93-acre St. Albans Industrial Park.
The improvements to the park land will prepare the lots for sale and development. A Northern Borders Regional Commission Grant that was awarded to FCIDC will offset some of the costs of the project, intended to support the continued growth of manufacturing and jobs creation in Franklin County.
VEDA also approved financing of $160,000 to Cabot Hosiery, Inc. in Northfield, Vermont, as part of its $400,000 capital improvements and machinery and equipment project. In addition, People’s United Bank is providing financing for the project.
Begun in 1978, Cabot Hosiery, Inc. is a long established family owned and operated sock manufacturing company. The company’s recent growth has been driven primarily by the success of the company’s “Darn Tough Vermont” proprietary line of premium performance socks. Cabot Hosiery, Inc. has 210 employees, a number expected to grow to 330 within three years of the project.
In addition VEDA approved $50,000 in financing to help micro-distillery Vermont Distillers Inc. in West Marlboro, Vermont, purchase distillation equipment that will be used to produce an apple brandy using fermented cider from locally-produced apples, and make smaller production runs of other distilled spirits.
Operating since 2012, Vermont Distillers, Inc. was founded in 2010 after its owners won $10,000 in the Brattleboro Development Credit Corporation’s annual business plan competition.