Current News

Vermont Business Magazine Cabot Creamery took home four first place, five second place and nine third place awards at the American Cheese Society Awards Ceremony in Des Moines, Iowa this week. The American Cheese Society judging, and competition is the largest of its kind for American-made cheeses. The ACS highlights cheesemakers throughout the industry that are committed to the art of cheesemaking and food safety. Vermont in total won 44 awards. Among the winners were Vermont Creamery, Jasper Hill, Vermont Shepard, Maplebrook Farm, Grafton Village Cheese Co., Barn First Creamery, Mansfield Creamery and Springbrook Farm.

Vermont Business Magazine Sarah Waring, State Director for USDA Rural Development (RD) in Vermont and New Hampshire, today announced assistance for rural residents to recover and rebuild from the devastating floods occurring on Monday, July 10th of this year. On July 11th, President Joe Biden approved FEMA disaster assistance throughout the state, and on July 14th, declared six Vermont counties—Chittenden, Lamoille, Rutland, Washington, Windham and Windsor—as major disaster areas. With significant damage still being assessed outside of these areas, additional counties are being considered for the major disaster designation. Disaster relief changes to the USDA 504 Housing Repair Program include a higher grant maximum – increased from $10,000 to $40,675.

Vermont Business Magazine Governor Phil Scott today signed an addendum to his Emergency Declaration (Executive Order 03-23), providing additional flexibility regarding professional regulation to address community healthcare resources and security in connection with the disaster recovery. “I appreciate our collaboration with the Secretary of State and her team as we work to address emerging needs,” said Governor Scott. “My team will continue to do what is needed to provide regulatory relief to meet the needs of Vermonters as quickly and effectively as possible.”

Vermont Business Magazine The Vermont Department of Labor (VDOL) announced today that federal Disaster Unemployment Assistance (DUA) benefits will be available to Vermonters left without work due to the severe flooding that occurred in Vermont beginning on July 7, 2023. The Biden Administration and the Federal Emergency Management Administration (FEMA) have declared Chittenden, Lamoille, Rutland, Washington, Windham, and Windsor Counties as initial federal disaster areas. Under this declaration, individuals living, working, or scheduled to work in these counties may be eligible for DUA. This includes independent contractors, those who are self-employed, and agricultural workers. Governor Scott’s Disaster Declaration request covered all 14 counties; however, only the six listed above are currently eligible for DUA. 

Vermont Business Magazine Senators Peter Welch (D-Vermont) and Ben Ray Luján (D-NM) today introduced the Food for Thought Act, legislation to create a grant program within the Department of Education to help community colleges and minority serving institutions (MSIs) provide free meals to low-income students through on-campus meal programs. A March 2022 study from Temple University’s Hope Center found that 39% of students at two-year institutions and 29% of students at four-year institutions have experienced food insecurity. Those findings are supported by a 2017 study from the University of Vermont (UVM), which found that as many as one in five students at UVM is food insecure at any given time.  

Vermont Business Magazine Senator Bernie Sanders (I-Vermont), chairman of the Senate Health, Education, Labor, and Pensions Committee, on Thursday issued the following statement after the committee favorably reported out the Pandemic and All-Hazards Preparedness and Response Act: “Over 1 million Americans died from COVID. In fact, we lost more Americans as a result of COVID than we did in World War II. In my view, virtually every public health official in America tried their best, but it would be an understatement to say that we were tragically unprepared to respond to this crisis."

Vermont Business Magazine Union Bankshares, Inc (NASDAQ - UNB) announced on Wednesday results for the three and six months ended June 30, 2023, and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2023 was $2.7 million, or $0.60 per share, compared to $2.9 million, or $0.65 cents per share, for the same period in 2022, and $5.7 million, or $1.26 per share, for the six months ended June 30, 2023, compared to $5.4 million, or $1.20 per share for the same period in 2022. The Board of Directors declared a cash dividend of $0.36 per share for the quarter. Flood recovery continues, as the Jeffersonville branch has re-opened to serve customers through the drive-up window, and the Johnson branch remains closed while clean up and damage assessments continue.

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB) today reported results for the second quarter of 2023. Results include: 10% EPS Growth Year-over-Year; Period-end loan growth of 2%; total deposits unchanged; Net loan charge-offs decreased $1.1 million; credit loss allowance increased $2.2 million commensurate with loan growth; TCE ratio of 7.9 percent and CET1 ratio of 12.1 percent; Repurchased $12 million of stock in 2Q23. Berkshire Bank has branches in southern Vermont.

Vermont Business Magazine Average gasoline prices in Vermont were $3.59 per gallon, unchanged from last week and last month. Gas is 99 cents per gallon cheaper than a year ago. The lowest price in the state is $3.35/g in Rutland while the highest is $3.77/g in St Albans. The national average price of gasoline has risen 1 cent per gallon in the last week, averaging $3.54/g today.

Vermont Business Magazine The Vermont Department of Environmental Conservation (DEC) in coordination with Governor Scott has waived permit limits on transfer station and landfill hours of operation and daily facility tonnage limits during this State of Emergency. DEC advises residents and businesses to call before your haul, as facility hours may vary. Please be patient with solid waste haulers and facility staff who have been working close to 80-hour weeks to meet the current demand. If a town has a need for help with flood debris beyond what local contractors can handle, the town Emergency Management Director should contact the State Emergency Operations Center.

Vermont Business Magazine Following catastrophic flooding that damaged water systems throughout Vermont, Senator Peter Welch (D-VT) convened a hearing of the Senate Agriculture Committee’s Rural Development and Energy Subcommittee today to discuss the growing challenges our rural water systems as climate change progresses.  Joined by witnesses Jennifer Day, Director of Development at RCAP Solutions, Joseph Duncan, Professional Engineer at Champlain Water District/Green Mountain Water Environment Association, and Catherine Coleman Flowers, Founder and CEO at The Rural Center for Enterprise and Environmental Justice, Sen. Welch stressed the disproportionate impact of climate change on water systems in rural and low-income communities and communities of color.  

Vermont Business Magazine US population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I). Triple-I found the greatest dollar growth in the value of NFIP claim payouts over the past 20 years occurred in the following areas of the US: Texas coast and inland Louisiana; Coastal northern Florida, Georgia, and the Carolinas; and Inland northern New York, Vermont, and New Hampshire.