Current News

by Christine McGowan, Forest Program Director, Vermont Sustainable Jobs Fund As development creeps into our rural landscapes and woodlot ownership changes hands, our forests face an uncertain future. Vermonters value working landscapes, but do they value the work it takes to keep these landscapes intact? Not unlike other Vermont business sectors, our forest and wood products industry has struggled with an aging workforce, shifting markets and economic pressures that have caused a contraction in jobs and a feeling of futility in many of Vermont’s rural communities at a time when they can’t take much more.

Vermont Business Magazine Norwich University, the oldest private military college in the United States, has announced a new income share agreement initiative aimed at improving affordability, student retention, and degree completion. Beginning in fall 2018, Norwich undergraduate students will have the opportunity to opt-in to an innovative financing model in which they will pay reduced tuition in exchange for a set percentage of income after graduation over a set period of time.

Vermont Business Magazine Barre-based Northern Power Systems Corp (TSX:NPS) announced Thursday in a press release its intention to effect a financing pursuant to which the company will issue Convertible Subordinated Promissory Notes to certain new investors as well as certain existing investors, including John Simon and Richard Hokin, who are both current and significant shareholders of the Company and members of the Company’s Board of Directors pursuant to the financial hardship exemption available to companies listed on the Toronto Stock Exchange under certain circumstances. Mr. Hokin is effecting the investment through CWE II, LLC. The wind turbine and energy storage firm furloughed most of its 50 Vermont employees last spring as its revenue plummeted, largely due to a loss in its Italian wind business.

by Jules Older, photos by Effin Older, Vermont Business Magazine When I say I test everything before I write about it, there are a few exceptions. Like the Absorbits Phone Pouch. The company sent me a sample. So why not test it? Because, while I’d do just about anything for you, dear reader, immersing my iPhone in water isn’t one of them. And what Absorbits does — drying out wet phones — demands a wet phone to dry. So, no immersion this time. I can report that the Absorbits looks good, the tech makes sense, and I advise you to spend the bargain $10 … and dunk your own phone. I’ll keep the Absorbits handy in case mine goes in the drink.

Vermont Business Magazine Employers and beneficiaries have begun seeing the positive effects to the low unemployment rate and Unemployment Insurance (UI) claims. The changes took effect July 1, 2018. These changes reduce the cost of UI taxes for employers for the second year in a row. The Vermont Department of Labor announced the changes last month. Nearly 22,200 employers remit state unemployment taxes to the Vermont Department of Labor on a quarterly basis.

These taxes are deposited into the Unemployment Insurance Trust Fund and are used for the payment of unemployment insurance benefits to eligible claimants. The Department moved to Tax Rate Schedule IV (4) in July of 2017, which triggered a reduction in unemployment insurance tax rates for employers starting July 1, 2017. These new changes are triggered by a move from Tax Rate Schedule IV (4) to Tax Rate Schedule III (3), starting in July of this year.

Vermont Business Magazine People's United Bank, NA, a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has acquired Vend Lease Company, a nationwide provider of equipment financing to suppliers and vendors primarily in the hospitality industry. Headquartered in Baltimore, MD, Vend Lease will become a division of the bank's operating subsidiary, LEAF Commercial Capital, Inc.

Vermont Buisness Magazine Governor Phil Scott today announced the Agency of Commerce & Community Development’s Department of Economic Development awarded Bethel-based GW Plastics Inc Vermont Training Program (VTP) grants of more than $80,000. Two distinct initiatives will be funded under the grant program. The VTP grant, awarded at $63,750, will support process engineer training for new employees, leadership training, the GW Certificate in Manufacturing Leadership Technology, and molder apprenticeship training. This investment will help up-skill incumbent workers, enhance performance and broaden understanding of business skills.

Vermont State Police On July 20, 2018 at approximately 1049 hours VSP Williston Troopers responded to a two vehicle collision with entrapment on VT Route 12 in the town of Elmore by Camp Road. Investigation at the scene revealed that 26 y/o Op#1 Colby Costello traveled left of center and collided head on with vehicle#2 driven by 19 y/o Dexter C. Thurston. Thurston died at the scene as a result of his injuries.

VT Route 12 in Elmore was closed for approximately six and a half hours while VSP and the Crash Reconstruction Team investigated this collision. The road has reopened.

Op#1 speed and impairment were contributing factors in this collision. This case is currently active pending additional investigation.Operator#1 Costello was cited for Gross Negligent Operation- Death Resulting (Felony) per the Lamoille County State’s Attorney. Additional charges may be forthcoming.

Vermont Business Magazine On Tuesday, July 31st, the fifth annual Fresh Tracks Capital Road Pitch will cruise into Lowell, Vermont. Road Pitch is a four-day motorcycle tour of Vermont in which a gang of “business bikers” comprised of investors, entrepreneurs, and business advisors ride around the state and stop in eight Vermont towns to listen to entrepreneurs pitch their business. The VIP reception, catered by Barton Baking Company, will open the event, with pitches coming from NEK businesses Sweet Times Cupcakes out of Lyndonville and The Floating Letter Co from Westfield. Additional pitchers include BO2X from Burlington, Synticos from Huntington, and Vermont Evaporator Company out of Montpelier.

Vermont Business Magazine Bar Harbor Bankshares (NYSE American: BHB), with branches in central Vermont, reported second quarter 2018 GAAP earnings of $8.5 million, or 55 cents per share, compared with $6.6 million, or 42 cents per share in the same quarter of 2017. Core earnings in the second quarter 2018 totaled $8.7 million, or 56 cents per share, up from $8.1 million, or 52 cents in the second quarter of 2017.

SECOND QUARTER FINANCIAL HIGHLIGHTS (comparisons are to the second quarter 2017 unless otherwise noted): • 9% annualized commercial loan growth • 9% increase in non-interest income • 58.8% efficiency ratio (non-GAAP measure) • 1.00% core return on assets (non-GAAP measure) • 9.86% core return on equity (non-GAAP measure) • 9% annualized growth in tangible book value per share, excluding security adjustments (non-GAAP measure)

Vermont Business Magazine Digital advertising agencies now have access to the most scalable, AI-driven ad platform with Fluency. Founded by some of the sharpest experts in the fields of ad tech, mar tech, engineering and client relations, Fluency is a Burlington-based business-to-business (B2B) ad platform provider that brings automation and efficiency in advertising to new levels. The firm launched earlier this week.

Vermont Business Magazine At a press conference Thursday, Governor Phil Scott celebrated passage of his Working Family Taxpayer Protection Act – a state income tax reform package. He was joined by Tax Commissioner Kaj Samsom, Director and Tax Economist Doug Farnham, Research Statistician Jake Feldman and Research Economist Andrew Stein, who helped develop the proposal.

The reforms, which were proposed by the Administration and passed by the Legislature in response to changes in federal law, lowered State income tax rates for all taxpayers. In conjunction with the elimination of the income tax on social security benefits for low and middle-income Vermonters, these reforms prevented a $30 million tax increase on working families and provided tax relief for many retirees in Vermont.