Four Vermont Firms Receive Incentive Financing to Fund Expansion Projects
“VEDA is pleased to be able to offer financing support to a variety of commercial, entrepreneurial, energy and small business projects,” said VEDA CEO Jo Bradley.
In Burlington, Vermont, a $1.5 million direct loan was approved as part of a $4.4 million project designed by Cresta Cooper Nedde to renovate a vacant commercial warehouse on Pine Street for lease to a variety of small businesses. The project is expected to create a number of new jobs in the facility over the next several years.
According to state officials, People’s United Bank is expected to provide a portion of the funding with the balance being invested by the principals. The project will bring this underutilized building back into productive use as part of the developing and vibrant South End Business and Arts District of Burlington. The project received the strong support of Burlington’s Community and Economic Development Office and the Greater Burlington Industrial Corporation.
In other projects, a $749,900 commercial energy loan was given to Williamstown Old Town Road Solar for construction of a 498 KW AC community net-metered solar array project in Williamstown, Vermont. The system is expected to annually produce approximately 889,000 KWH of electricity, or enough renewable electricity to power 129 homes and reduce emissions by 517.2 tons each year. St. Johnsbury Academy will be the sole net metering member, using all the renewable power produced by the system and modestly reducing its cost of electricity.
A $170,00 loan was approved for Greensea Systems, Inc. of Richmond, a firm that specializes in the development of control, navigation, and operator interface technology for unmanned systems, with particular focus on unmanned, remotely-operated underwater vehicles.
With the help of VEDA financing, Greensea plans to invest in facility improvements for greater production efficiencies; marketing and promotional tools and resources; and needed hardware and software purchases. Within three years of the project, Greensea expects to increase employment from the current 12 to 20 positions.
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