Current News

by Bill Smith, NEFCU SVP, Chief Marketing and Retail Officer Sixty years ago, nobody in Vermont said, “local banking.” They didn’t need to. There was only one way to bank--the branch close to your home, or office, or—even closer--right inside the office building itself. Your banker often was a friend or neighbor and personally knew his customers. Banking was by definition local. I know this because my dad managed one of those branches sixty years ago and I managed one forty years ago. But that was then. What’s local got to do with anything now? For starters, “local” and “banking” are no longer synonymous.

Vermont Business Magazine The work of economic development specialist Cairn Cross will be celebrated Friday, September 30 at Caledonia Spirits in Montpelier. Cairn’s work has helped grow the entrepreneur ecosystem in Vermont. In turn, Vermont entrepreneurs have created thousands of jobs. Since it was founded in 2000, FreshTracks has catalyzed more than $500 million in investments to high-growth Vermont companies, including the EatingWell Media Group, still based in Vermont and now a leading national source of diet and wellness information, and SunCommon, which has now helped 8,000 homeowners go solar and expanded to serve customers in New York’s Hudson Valley.

Vermont Business Magazine Amorepacific has entered into a definitive agreement to acquire Tata’s Natural Alchemy, LLC, known as Tata Harper, a pioneer in natural luxury skincare, in a move that further signals the company’s intention to continue its penetration of global markets with a firm focus on consumers in North America. Tata Harper is based in Whiting. Financial terms were not disclosed, but Amorepacific has set aside $125 million for the transaction, which was announced on September 1 and is scheduled to close October 31.

Vermont Business Magazine Advancing its commitment to environmental and social stewardship, King Arthur Baking Company (KABC), a 100% employee-owned founding B Corp, today launched its new sustainability platform with planet-forward and people-positive ambitions to restore nature and build a more equitable world. This elevated commitment will guide how King Arthur Baking Company balances purpose and profit to transform operations to meet the company's 2030 sustainability goals: from protecting natural resources through regenerative farming practices to responsible sourcing of ingredients and products to increasing supplier diversity and advancing equity in the baking community.

Vermont Business Magazine Senator Bernie Sanders (I-Vermont) on Tuesday issued the following statement after Majority Leader Schumer (D-N.Y.) announced he was removing Senator Joe Manchin’s (D-WV) big oil side deal from a critical government funding bill: “I want to congratulate the more than 650 environmental groups and community organizations who made clear that, in the midst of the horrific climate crisis that we face, the last thing we need is a side deal which would build more pipelines and fossil fuel projects that would have substantially increased carbon emissions. This is a victory for the survival of the planet and a major loss for the fossil fuel industry."

by Timothy McQuiston, Vermont Business Magazine The state’s tax revenues continue to exceed expectations, as they have for more than a year. The General Fund, Transportation Fund and Education Fund in August all finished the month with revenue above target, continuing a show of strength early in the fiscal year. The monthly revenue report was released by Secretary of Administration Kristin Clouser today. The state’s three funds were a combined $240.1 million, or 13.8%, above monthly consensus expectations. For the first two months of the fiscal year, combined revenues across all three funds were 8.2% above target. General Fund revenues collected for the month totaled $154.4 million, $26.7 million above the monthly consensus cash flow revenue target. The August numbers reflect a continuation of the above-forecast trend in personal income taxes and corporate income taxes, which handily offset slight misses in meals & rooms tax and estate tax receipts.

Vermont Business Magazine NorthCountry Federal Credit Union has partnered with nuLogic, a division of nuwave Equity Corporation, to measure and improve its DEI (diversity, equity, and inclusion) efforts. By collecting and analyzing a comprehensive range of DEI data, nuLogic will provide the credit union with unique insights into how it performs when viewed through a DEI lens, as well as insights into HR processes such as payroll, turnover, recruitment, and advancement. The organizations will then work together to identify and ultimately resolve current inequities.

by Jack Hoffman, Public Assets Institute Vermonters who qualify for a reduction in their student loan debt will get another break from the state: The loan forgiveness won’t be taxed. Debt forgiveness is typically counted as income and taxed by both federal and state governments. People who negotiate debt reduction with credit card companies are sometimes surprised to learn they owe income taxes on the amount written off.

Vermont Business Magazine Examiner-In-Charge Jim DeVoe-Talluto has been promoted to Assistant Director of Captive Insurance at the Department of Financial Regulation. DeVoe-Talluto will fill the role that Christine Brown held, who was recently promoted to Director of Captive Insurance of the Captive Insurance Division.

Vermont Business Magazine Governor Phil Scott and the Agency of Commerce and Community Development (ACCD) today in St Albans announced over $4 million in funding supporting a record number of rehabilitation and revitalization projects throughout Vermont’s designated downtown and village centers. These 49 project awards will help generate over $95 million in building improvements and public infrastructure around the state.

Vermont Business Magazine GE a world leader in providing aircraft engines, systems and avionics, with a location in Rutland, Vermont, announces that its GE Manufacturing Technician Apprenticeship Programs graduated 41 apprentices in toolmaking, electrical maintenance, and mechanical maintenance on August 26, 2022. The graduation took place at the Killington Grand Resort Hotel. Patricia Moulton, executive director of Vermont State Colleges System’s workforce development division, was the keynote speaker.

Vermont Business Magazine Senate Appropriations Committee Chairman Patrick Leahy (D-Vermont) Tuesday announced that $1 billion in new funding for the Low Income Home Energy Assistance Program (LIHEAP) was included in the Continuing Resolution. Leahy was the leading advocate for securing new funding for the popular program in the continuing resolution, which is estimated to deliver $5.7 million in support for Vermonters.