Financing was approved by the Vermont Economic Development Authority to support economic development projects throughout The Green Mountain State in Northfield, Middlebury and Derby Lane, Vermont.
“The variety of projects for which VEDA has approved financing is impressive,” said VEDA CEO Jo Bradley. “Manufacturers are expanding, renewable energy projects are underway, farmers are growing their businesses, and small businesses and entrepreneurs are making investments that will help create jobs.”
Nearly $2.4 million in direct commercial financing was approved, including:
Cabot Hosiery Mills, Inc. in Northfield, Vermont – Financing of $1,215,508 as part of a $4.1 million machinery and equipment project to help the long-established family-owned and -operated sock manufacturing company meet the growing demand for its products.
People’s United Bank is also providing financing for the project. Demand is being driven primarily by Cabot’s “Darn Tough Vermont” proprietary line of premium performance socks, currently available in over 1,600 retail outlets throughout the U.S. and Canada. Cabot is undertaking a large multi-phase expansion over the next five years to meet its distribution and manufacturing space needs, knitting capacity and staff requirements.
The first phase involves the purchase and installation of 80 new knitting machines and related tools and equipment, as well as some necessary changes to the physical plant to accommodate the machines. Cabot employs 189 persons, and that number is expected to grow to 312 within three years of the project.
Maple Landmark, Inc., Middlebury – Financing of $742,500 as part of a $2.3 million plant expansion project to increase operational efficiencies and enable the company’s growth. National Bank of Middlebury is also providing financing for the project. Maple Landmark is a family-run business producing wooden toys and gift items for sale online, through catalogs, and to toy and gift shops across the country.
The company will add approximately 11,000 square feet to its existing 16,000 square foot building, and a new CNC router will also be purchased and installed. Maple Landmark expects to employ 45 persons within three years of the expansion project, an increase from the company’s current 36 employees.
Tivoly, Inc., Derby Line – Financing of $342,765 as part of a planned $856,913 capital expenditures project. Community National Bank is also providing financing for the project. Tivoly, Inc. is a subsidiary of Tivoly S.A., a France-based company that specializes in the design, manufacture and distribution of cutting tools and accessories. Tivoly employs 155 persons, a number expected to grow to 173 within three years of the project.