VEDA approves $2.6 million in financing

VEDA approves $2.6 million in financing

January 1, 2021 qrcdssnf 0

first_imgVEDA BOARD APPROVES $2.6 MILLION IN BUSINESSPROJECT FINANCING STATEWIDE Montpelier, VT A Bennington manufacturer will add almost 100 new jobs within three years and a growing Essex Town company will acquire its own facility with financial assistance approved by the Vermont Economic Development Authority (VEDA) Board of Directors. The Directors approved loan financing requests of $2.6 million to support business development projects totaling $7.8 million statewide. It is gratifying to all of us to see businesses investing in solid growth and good-paying jobs in Vermont, and VEDA is pleased to help these companies achieve their goals, said Jo Bradley, VEDAs Chief Executive Officer. Projects approved by the VEDA Board are:” Vermont Composites, Inc., Bennington VEDA will guarantee $1 million of an increased $3.5 million working capital line of credit issued to Vermont Composites, Inc. (VCI) by Key Bank National Association. VCIs sales are growing rapidly, and the increased credit capacity will help the company meet the growing demand for their carbon composite products. VCI currently employs 148 people, and expects to boost that number to 241 in the next three years as a result of the project investments. VCI is a leader in the carbon composites field, producing customized parts for the aerospace, defense, medical, automobile, and sporting goods industries.” FoodScience Corporation, Essex Town An $800,000 loan was approved, leveraging an additional $1.6 million in private investment, to finance the purchase by FoodScience Corporation (FSC) of the former Belden Wire facility. The companys move from currently leased space to the 18.4 acre, 77,000 square foot facility will provide FSC the inventory and distribution space it needs to continue growing over the next several years. FoodScience Corporation, established in 1972, packages, markets and distributes nutritional supplements for animal and human consumption to the medical professional and retail consumer markets. Banknorth is also participating in the $2.4 million property acquisition project. The VEDA Board also approved $730,000 in Vermont SBA 504 Program loans to support $1.8 million in project costs associated with purchases of several hospitality and retail establishments. In addition, an agricultural loan of $80,000 was approved through Vermont Agricultural Credit Corporation (VACC), VEDAs farm financing assistance program. VEDAs mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling nearly $1.2 billion. -30-last_img

 

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