Vermont Economic Development Authority Approves Financing To Expand Manufacturing Projects
“VEDA is so pleased to be able to provide growth financing to several start-up and early-stage businesses,” said Jo Bradley, VEDA Chief Executive Officer.
Projects approved by VEDA for financing assistance include:
Hoosic River Hydro was approved for $2 million in financing as part of a $4 million project to redevelop the hydroelectric production facility at the long-dormant Pownal Tannery Dam, now owned by the Town of Pownal, Vermont. VEDA also approved $250,000 in Brownfields Revitalization Fund financing to help project developers remove contaminated sediments as part of the project’s approved Corrective Action Plan.
When completed, the project will consist of a turbine with 500 kW of electrical capacity, and will produce enough renewable electricity to power the equivalent of 472 average households, reducing CO2 emissions by 1,888 tons each year. Hoosic River Hydro has negotiated a Group Net Metering Agreement with a local institution and the Town of Pownal for 100% of the production credits of the project.
In Springfield, Vermont, Konrad Prefab was approved for $180,000 in VEDA financing to help the start-up manufacturer purchase machinery and equipment. It will also provide working capital for the company’s move to a larger 17,000 square foot space owned by the Springfield Regional Development Corporation.
Mascoma Savings Bank is also providing financing for the project. Konrad Prefab, a manufacturer of architectural and marketing products, will produce private lactation suites for nursing mothers, as well as interior and exterior shelters and kiosks. The company will also offer design and production services for custom signs, displays and exhibits.
In addition, VEDA approved $150,000 in financing for Railroad Row in White River Jct, Vermont, as part of a nearly $4.4 million project that includes the construction of an 18,800 square foot, four-story, mixed-use building in the historic downtown. The 4,600 square foot corner lot has been vacant since 2005 when the 55-year-old building that housed the Polka Dot Diner was destroyed by fire.
Loans were also approved through the Authority’s Small Business Loan Program, which assists growing Vermont small businesses that are unable to access adequate sources of conventional financing. Approved small business loans include:
In Middlebury, Appalachian Gap Distillery, Inc., was approved for partial VEDA financing of $100,000 for a $537,500 building expansion project to accommodate the warehousing of inventory for Appalachian Gap Distillery, Inc.
A distiller of whiskey, gin, rum and bourbon, the company is in need of space to warehouse barrels for aging its inventory. The building being expanded currently houses the distillery owner’s other business, The Friday Group, a specifications consulting firm working directly with and for architectural firms. People’s United Bank and the Addison County Economic Development Corporation are also providing financing for the project. Within three years of the expansion project, Appalachian Gap Distillery expects to create five new jobs;
In Shelburne, Douglas Sweets received a loan of $90,000 to help Douglas Sweets move its shortbread biscuit manufacturing operation to a larger space at the Shelburne Green Complex. In the new location, the company will be able to greatly increase production capacity, and through its new storefront, also offer direct sales to walk-in customers.
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