State Loans And Incentives Assist Seven firms To Expand Throughout Vermont
“It is exciting to see so many businesses continue to grow and create jobs for Vermonters, and VEDA is pleased to provide financing support to these companies,” said Jo Bradley, VEDA’s CEO. “We are also especially excited to provide financing assistance to businesses through the Authority’s new Entrepreneurial Loan Program,”which provides expanding start-up and growth-stage businesses with working capital that might not be available through traditional financing routes.
Businesses approved for economic development assistance include;
KnowledgeWave Training in South Burlington which was awarded $200,000 to assist in further development of its platform for delivering cost-effective on-demand and instructor-led e-learning and training. KnowledgeWave now has nine employees, and expects to create sixteen additional jobs at the company within three years of the project.
Piematrix in Burlington received $200,000 to help the cloud-based software company fund sales and marketing investments in their business. The company has ten employees, and expects to grow to 20 employees within three years of the project.
In Vergennes, Nathaniel Electronics was approved for $200,000 to help Nathaniel Group move their newest products to market. In existence since 1984, Nathaniel Group designs, manufactures and services electro-mechanical devices, including medical equipment for surgical applications, as well as cameras and LED and Laser light sources for medical and scientific markets. The company has fifteen full-time employees, and expects to increase that number to 21 within three years of the project.
Patient Engagement Systems in South Burlington received $100,000 to help the nationally-recognized healthcare services company enhance clinical and mobile solutions for its patient engagement programs, expand business development efforts, and build customer service infrastructure. The firm produces automated patient engagement tools as well as timely clinical analytics and decision support to physicians, care managers, health insurers, health systems and government agencies. The company has four employees, and the company expects to triple that number within three years of the project.
Projects approved by the Authority for over $1.8 million in direct commercial financing include:
In Northfield, Cabot Hosiery Mill, was approved by the VEDA for $470,400 in financing to help the firm meet growing demand for its popular proprietary Darn Tough Vermont socks by purchasing and installing 30 new knitting machines.
The new machines are in addition to the 35 machines the company purchased and installed earlier this year as part of a construction and renovation project at the Northfield factory, also financed in part by VEDA. Cabot Hosiery Mill has been designing and manufacturing socks since 1978, and introduced the Darn Tough Vermont sock line in 2004. The product has gained a growing reputation for its high quality, and is now currently available in over 1,600 retail outlets throughout the United States and Canada.
Employment at Cabot Hosiery Mill is expected to grow from its current 143 to 170 within three years of the expansion project, for which Peoples United Bank is also providing financing.
Vermont Precision Tools in Swanton, and Vermont Custom Gag in, Lyndon received VEDA financing of $350,000 will help Vermont Precision Tools, Inc. further expand its operations by forming a new manufacturing subsidiary to operate out of vacant Lyndon manufacturing space previously occupied by the former NSA Industries. The subsidiary, Vermont Custom Gage, is expected to create five new jobs at the Lyndon plant, with projected growth to fifteen jobs there within three years of the project.
Since 1968, Swanton-based Vermont Precision Tools has been manufacturing super high-precision gages and other tools used by metalworking industries throughout the country, including aerospace, automotive, medical tooling, ejection molding, and die casting industries. The company employs 200 people at its Swanton headquarters and manufacturing facility. The Lyndon subsidiary will manufacture gage blanks for Vermont Precision Tools. Northern Community Investment Corporation (NCIC) is also providing financing for the Lyndon project.
In Burlington, Rhino Foods, Inc. was approved for financing of $280,000 to help it purchase and install new production machinery and equipment to improve efficiency and safety, and make a variety of processing and packaging improvements. Peoples’ United Bank also approved financing for the project.
Founded in 1981, Rhino Foods operates out of a 27,600 square foot building on Industrial Avenue in Burlington. Over the years, Rhino Foods has grown to become the number one manufacturer of ice cream cookie dough pellets and a leader in bakery other ice cream inclusion products in the country. Rhino now employs 79 people, and that number is expected to grow to 102 within three years of the project.
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