Current News

Northeastern Vermont Development Association David Snedeker, NVDA Executive Director in the following report updates economic development projects in the Northeast Kingdom, including at Q Burke, the airport and at AnC Bio in Newport. Along with construction and planning, workforce development will require a major effort.

Vermont Business Magazine Wednesday evening the Vermont State Colleges congratulated its first alumni Hall of Fame class and raised over $107,000 for student scholarships. The event drew over 300 to Montpelier’s Capital Plaza Hotel, where six people were inducted into the new Vermont State Colleges’ Hall of Fame.  Governor Jim Douglas emceed.  College presidents introduced their alumni awardees and Governor Shumlin gave the Award for Distinguished Service to Governor Phil Hoff. His daughter, Dagney Hoff, accepted the award and spoke on behalf of her father.

“The outpouring of support for the Vermont State Colleges and our students exceeded our expectations.  We are very grateful for the recognition of the critical role the VSC plays in the state’s economy and in opening doors of opportunity for Vermonters,” said VSC Chancellor Jeb Spaulding.

2016 Alumni Hall of Fame inductees are:

Vermont Business Magazine Burlington Mayor Miro Weinberger today announced the successful negotiation of the contract between the International Brotherhood of Electrical Workers (IBEW) Local 300 and the City. The agreement between IBEW Local 300, the union that represents 79 staff members of the Burlington Electric Department (BED), and the City, was the first in many years to be reached without the need for arbitration or fact-finding.

Vermont Business Magazine National Life Group today released its consolidated financial results for 2015, reporting records in life insurance sales, flow annuity sales, and insurance in force. Total revenues in 2015 were $1.8 billion while core earnings were $189.9 million. Core earnings decreased $3.9 million, or 2.0 percent, in 2015 from $193.8 million in 2014. This was primarily the result of implementing new mortality tables that impacted both the pension expense and reserves related to the Guaranteed Income Lifetime Rider (“GLIR”), which was offset by favorable actuarial assumption changes as compared to prior year and the results of continued growth. Net income decreased $35.0 million to $109.3 million in 2015 from $144.3 million in 2014. Included in net income are the market related impacts on the product related embedded derivatives of ($33.7) million and $12.3 million in 2015 and 2014, respectively. Revenues were up $60 million.

Vermont Business Magazine Advantage Payment Systems, LLC, a Nevada company that processes electronic payments, will pay $22,000 to settle claims that the company violated Vermont consumer protection laws. “Vermont currently has the strongest law in the nation to combat predatory high-interest, unlicensed loans – loans that historically were called payday loans,” said Attorney General William H. Sorrell. “This is another settlement confirming that payment processors and others who assist illegal lenders are held responsible for the harms caused by illegal loans.” More information on illegal lending and the Attorney General’s efforts can be found here.

Vermont Business Magazine Merchants Bank partnered with WARMTH again this year to help prevent low-income Vermonters across the state from going without heat this winter.  Merchants Bank matched dollar-for-dollar donations raised for WARMTH throughout the month of December.  Coupled with the Merchants Bank match of $40,000, the Vermont community raised $107,000. The $40,000 challenge grant was distributed by CVOEO for use by all five community action agencies statewide for the emergency-based WARMTH program to help offset home heating bills. 

Vermont Business Magazine Joined by Vermont businesses, legislative leaders, and others at the State House Wednesday morning, Governor Peter Shumlin today made Vermont the fifth state in America to guarantee paid sick days to its citizens by signing into law H187. The bill goes into effect January 1, 2017. Those businesses already with a paid sick leave plan or equivalent are exempt and employers with five or fewer workers do not have to implement a plan until 2018. The bill met with bitter opposition from many small business advocates who said that it is just another burden on doing business in Vermont. It's estimated that more than 60,000 working Vermonters lack access to paid leave.

Vermont Businiess Magazine Governor Peter Shumlin met with North Bennington residents Tuesday after a number of private wells tested positive for PFOA contamination a week and a half ago. The public drinking sources in Bennington and North Bennington have been tested and are not contaminated. Shumlin also highlighted today that since 2013, routine Environmental Protection Agency (EPA) tests of 10 public drinking sources in Vermont showed no PFOA contamination. The governor and Department of Environmental Conservation (DEC) and Department of Health officials updated residents on the state’s response to the situation and answered questions from concerned residents. 

Vermont Business Magazine The Vermont Agency of Agriculture, Food & Markets (VAAFM) will hold three workshops on Food Safety Modernization Act (FSMA) final rules on March 31 in Montpelier, April 4 in Burlington, and April 5 in Rutland. These workshops will provide an overview of the FSMA Produce Safety Rule, which affects farms that grow, harvest, pack or hold fresh produce. The April 4 workshop, co-hosted by the Vermont Department of Health, will also cover the FSMA Preventive Controls for Human Food rule, which affects food processors.

Vermont Business Magazine Burlington has been named one of three finalists in the Earth Hour City Challenge by the World Wildlife Fund (WWF), based on Burlington Electric Department’s 100 percent renewably-sourced generation accomplishment, and will compete for the title of US Earth Hour City Capital this spring. Evanston, IL and Boulder, CO also were named as finalists.  The Challenge, which spans one year and encourages cities to promote renewable energy and prepare for climate change, grew out of Earth Hour, the WWF’s global lights-out display to raise awareness around protecting our planet. Earth Hour will take place this year on Saturday, March 19 from 8:30-9:30pm, and Burlingtonians are encouraged to turn off their lights to symbolize their commitment toward addressing climate change.

by Matthew Durkee Since entering Vermont in 2009, NBT Bank’s loan volume in New England has steadily grown and will cross the $1 billion dollar threshold this year. This includes retail and commercial lending to individual consumers and to area businesses. In Vermont alone, the bank has provided $250 million in loans to businesses, with more than $400 million in total loans throughout the state. NBT Bank’s growth in the region has come at a time when economies throughout New England have been working to recover from a sluggish pace when compared to the rest of the nation. 

The bank has seen significant growth in the small to medium business and non-profit sectors. This success has been driven by the high quality employees who were attracted by NBT’s community banking philosophy that allows for decision making by banking professional who know the people and businesses in the markets they serve.  

Vermont Business Magazine Sodexo, which serves the food at many of Vermont's colleges and universities, spent $3.22 million purchasing locally-grown food in 2015. That constitutes 15.4 percent of the food purchased at Sodexo's 15 Vermont accounts. The figures are contained in a new analysis by Sodexo under its Vermont First commitment, a program the company launched last year with the governor and state officials to increase the amount of local food purchased by Sodexo in the state of Vermont.