Current News

The Vermont Department of Financial Regulation (DFR) announced important modifications to current securities regulations that would support Vermont entrepreneurship while protecting the interests of investors. The revised regulation, dubbed the Vermont Small Business Offering Exemption (VSBOE), allows Vermont businesses and start-up companies to raise up to $2 million in capital by selling shares in their company to in-state investors. The regulation allows for a simplified process to reduce the regulatory burdens and costs usually associated with securities registration.

The Federal Deposit Insurance Corporation (FDIC) periodically evaluates thousands of banks across the country to determine how well their lending practices contribute to the vibrancy of local communities. Historically, only one in 20 of participating banks earn the coveted “outstanding” rating which is reserved for banks that most effectively meet the credit needs of their local communities. In its most recent examination by regulatory agencies, Union Bank again received an “outstanding” rating for its compliance with the Community Reinvestment Act (CRA).

ReSOURCE has completed its Barre Social Enterprise Expansion Capital Campaign to purchase and renovate the old Beck & Beck #1 granite shed at 30 Granite Street in Barre.

ReSOURCE reached its goal of $1.7 million thanks to over 325 individual, corporate, and foundation donors.

To celebrate its success, and to introduce its new performance space within the Barre store, ReSOURCE has invited its donors, friends, business leaders, and community members to share a big celebration with its staff and board of directors on June 21.

Speakers include Senator Patrick Leahy, Barre Mayor Thom Lauzon, ReSOURCE Executive Director Tom Longstreth, and YouthBuild staff & students.

The event begins at 4:00 pm with a children’s/family concert by the Re-BOPS; socializing and food & drink begins at 5:00, with speeches and thanks at 5:30; followed by an early evening concert by Kat Wright and the Indomitable Soul Band.

by Morgan True vtdigger.org Vermont small businesses required to purchase employee health insurance through the state’s exchange will have to enroll directly with insurance companies for another year, according to Lawrence Miller, the state’s new chief of Health Care Reform. Governor Peter Shumlin originally announced the contingency last year as a stop-gap when the Vermont Health Connect website launched with serious deficiencies. The timeline for completing the small business component has been extended twice. The federal government has given Vermont assurances that it can continue to rely on the carriers for the upcoming direct enrollment period, state officials have said.

The US Small Business Administration has announced certain Private Non-Profit Organizations (PNPs) that do not provide critical services of a governmental nature may be eligible to apply for low interest rate disaster loans. These loans are available following a Presidential disaster declaration for Public Assistance resulting from damages caused by severe storms and flooding on April 15-18, 2014. PNPs located in the counties of Caledonia, Essex, Franklin, Lamoille, Orange, Orleans and Washington inVermont are eligible to apply to SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

by Laura Krantz vtdigger.org Connie Norona treats opiate addicts at the Chittenden Clinic. She can tell you stories of excitement and growth and improvement. But Wednesday night, she told a different story. Norona, and about 150 others, gathered in Burlington City Hall to rally for higher wages for HowardCenter workers like herself. Social workers and clinicians at the Chittenden County social services agency say their bosses have improperly withheld a 3 percent raise the Legislature gave them.

“Opiate treatment is working. It works on the backs of the clinicians,” she said, describing how she and her co-workers put in at least eight unpaid hours per week just to complete paperwork for their rising caseloads.

Governor Peter Shumlin will present Vermont Small Business Person of the Year to Bill Cherry and Jeff Neiblum, owners of Switchback Brewing Company in Burlington. The 2014 Vermont Small Business Awards Ceremony is Tuesday, June 17, from 4 to 7 pm at the Shelburne Museum Pizzagalli Center.

Previous Vermont Small Business Person of the Year recipients include Ben and Jerry’s, Vermont Teddy Bear Company and Dealer.com. The Small Business Administration Vermont District Office has awarded Small Business Person of the Year annually since 1967.

Vermont Business Magazine New unemployment claims in Vermont last week remained at a very low level. For the week of June 7, 2014, there were 403 new, regular benefit claims for Unemployment Insurance in Vermont. This is an increase of 3 from the previous week's total, and 243 fewer than they were a year ago. Claims in 2014 have been running signifantly lower than those in 2013.

Altogether 5,016 new and continuing claims were filed, a decrease of 144 from a week ago and 1,049 fewer than a year ago. The Department also processed 13 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 21 fewer than the previous week.

Vermont Student Assistance Corp has announced its fixed rates for Vermont Advantage education loans for the 2014-15 academic year. Available to both undergraduate and graduate students who need additional financing for postsecondary education or training, the Vermont Advantage offers rates as low as 5.85 percent APR. Vermont students attending college in the US or abroad or students from out of state attending a Vermont institution are eligible for this financing.

“The Vermont Advantage is good option for students and families to help make up the difference between the total cost of education and the various kinds of financial aid they already may have received,” said Scott Giles, president and CEO of VSAC. “As Vermont’s postsecondary education and training information resource, we are dedicated to working with Vermonters as they continue their studies after high school and helping them finance their education.”

About VSAC

What do an animal shelter, audio systems, softball camps and salads made with local greens all have in common? They’re all part of several entrepreneurial ideas and business plans developed by over 40 statewide high school and technical center students who submitted plans in the 6^th annual VT REAL (Rural Entrepreneurship Through Action Learning) High School/Tech Center Entrepreneurship Business Plan Competition. A special awards reception was held Thursday at Vermont Tech in Williston and presented by the Vermont Small Business Development Center to honor the top winners in the competition for their creative work.

Landmark College will receive a $1 million gift from noted economist Paul McCulley, an executive with the Pacific Investment Management Company (PIMCO) and the father of 2014 Landmark College graduate Jonathan McCulley. The funding will create the new Morgan le Fay Center for Advances in Business and Entrepreneurship Instruction at Landmark College. It will support development and refinement of progressive pedagogy for students with learning difficulties (LD) in the fields of business, economics and entrepreneurship, as well as research, training and related innovations for educators in the field of LD.

Governor Shumlin has released for public comment the Climate Cabinet’s Draft Vermont Zero Emission Vehicle (ZEV) Action Plan (linked below). This plan is an important step to meeting the commitments the Governor made in a memorandum of understanding (MOU) he signed with seven other governors to put 3.3 million ZEVs on the road by 2025. ZEVs include pure battery electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell electric vehicles. The partner states are California, Connecticut, Maryland, Massachusetts, New York, Oregon, and Rhode Island.