Current News

Vermont Business Magazine Janice St Onge, President of the Flexible Capital Fund, L3C, announced Thursday an investment of $600,000 in two Vermont companies to accelerate growth in the renewable energy and natural resource market sectors. Northern Reliability, a renewable and distributed energy systems provider located in Waitsfield, received a $400,000 royalty (revenue share) loan for permanent working capital. Pulmac Systems International, a testing equipment manufacturer for the pulp and paper mill industry based in Colchester, secured a $200,000 term loan plus royalty.

Vermont Business Magazine Vermont's weekly unemployment claims, which had surged to over 700 the last couple of months, fell back modestly last week, after their historically low run at the end of the summer. For the week of November 14, there were 666 claims, a decrease of 38 from the previous week's total and 126 fewer than they were a year ago. Generally, claims have been running below last year's totals. Total claims were up in most regions of the state for the week, but down nearly everywhere for the year. By industry, claims decreased significantly for Manufacturing, but nearly doubles for Construction, as its season wound down. As has been the trend, Services led all categories with 48 percent of all claims, which was down for the week.

by Timothy McQuiston Vermont Business Magazine Despite no change in Vermont’s unemployment rate for October, the seasonally adjusted supporting numbers are actually worse, as there was a loss in both the workforce and the number of employed. However, there was no change in the number of unemployed. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for October was 3.7 percent. This is the same as the revised September rate (3.7 percent). The national average in October was 5.0 percent. Vermont remains tied for eighth lowest in the nation and second lowest east of the Mississippi; New Hampshire's rate is 3.3 percent.

Vermont Business Magazine The People’s United Community Foundation, the philanthropic arm of People’s United Bank, announced today that it has awarded $5,000 to Cathedral Square Corporation for accessibility improvements at Kelley’s Field. Cathedral Square, created in 1977, develops and operates communities for seniors and individuals with special needs. Modifications to Kelley’s Field - a subsidized, 24-unit senior development in the heart of Hinesburg - began this spring, when Cathedral Square and Housing Vermont collaborated to rehabilitate the 1979 property. Improvements included increased accessibility, greater energy efficiency and water conservation measures, and preserved affordability.

by Timothy McQuiston Vermont Business Magazine Vermont Auditor Doug Hoffer had praise for the progress made by Vermont Health Connect, the state’s health insurance marketplace, but also had several concerns, in an audit of VHC dated November 18. Among the concerns he has is: the lack of full implementation of enhancements; the software developer’s (Exeter) decision to no longer support a key component; a failure to follow protocol in contracting policy; and lingering security weaknesses.

Hoffer said in the report: “The addition of automated change of circumstances and QHP (Qualified Health Plan) renewals are significant improvements to the VHC system’s functionality that should help alleviate customer dissatisfaction with the system.

by Timothy McQuiston Vermont Business Magazine Vermont Gas CEO Don Rendall said at a news conference today at company headquarters in South Burlington that the company has reached agreements with 98 percent of landowners – 160 out of 164 – along the 41.2-mile Addison Natural Gas Project corridor. Nearly 11 miles of the project are completed with the next phase of construction coming by the end of the construction season in 2016 “on time and on budget,” according to Rendall, who is celebrating his first anniversary on the job.

Vermont Business Magazine Autumn Harp, Inc, located in Essex Junction, has been named a Vermont Green Business by the state of Vermont for their environmental stewardship and sustainability efforts. The Vermont Green Business Program provides assistance to businesses desiring to “green up” their operations and recognizes businesses of all sizes for meeting a set of environmental standards. These standards are posted on the program websites (www.vbep.org). In addition to participating in an environmental assessment, Autumn Harp initiated a composting program, committed to purchasing environmentally sustainable supplies, and adopted a company environmental mission statement. Construction of the company’s warehouse, completed in 2013, incorporated energy efficiencies through insulation, energy recovery ventilators, and high-efficiency furnaces.

Vermont Business Magazine A Vermont organization that educates students about climate science was awarded $91,000 by the US Environmental Protection Agency to better prepare youth for the challenges of climate change. The Vermont Energy Education Program in Montpelier received the funding for its Vermont Climate Change & Education Project, which educates elementary and high school students and teachers throughout the state on climate change and climate science.

The program was one of seven New England groups awarded a total of $533,000 for programs that educate the community about climate change and other environmental issues. The organizations selected from Massachusetts, Vermont, Connecticut and Maine were among nearly four dozen organizations in New England to apply for funding.

Vermont Business Magazine The goal of powering a company, city, state, or nation with 50%, 75%, or even 100% renewable electricity would have seemed preposterous not long ago. But increasingly, a growing number of companies and governments are aim­ing to achieve such targets.

Vermont Business Magazine Fill up your bellies with a burger, fill your mind with information, and fill up your car with clean electricity! It’s all possible at Zoey’s Double Hex Restaurant in Manchester Center and the Northshire Bookstore, thanks to a partnership between Green Mountain Power and the two Manchester businesses. GMP’s commitment to a comprehensive statewide EV charging network will help increase Vermont’s energy independence and contribute to cleaner air and lower carbon emissions. GMP has installed charging stations in 22 locations, eight of which have a DC Fast Charger.

Vermont Business Magazine The Agency of Natural Resources has launched its new Web site, anr.vermont.gov. Aimed to better serve the public, the new site features intuitive links to existing programs within each of the Agency’s three departments in addition to expanded content on available maps, planning tools, permitting requirements, grants, loans, and internship opportunities. Working in close communication with the Departments of Environmental Conservation, Fish & Wildlife, and Forests, Parks and Recreation, and the Offices of Planning and General Counsel, the ANR web team has created a central hub where visitors can expect complete and current information about state-funded environmental initiatives.

Wall Street pleased with results, shares up 25 percent

by Timothy McQuiston Vermont Business Magazine Keurig Green Mountain, Inc (NASDAQ: GMCR), the Waterbury, Vermont-based personal beverage system company known for its single-serve coffee brewers, on Wednesday announced that both its quarterly and year-end results were down from the same period last year, as net income was off by double digits for both reporting segments. While single-serve pod sales were up slightly up, brewers, which have been struggling to maintain sales for a year, were down 23 percent for the year. However, national analysts were generally happy with the results, which exceeded Wall Street expectations (pushing shares up 25 percent by noon Thursday to $56.60), and which included a hike in the firm's dividend.