Current News

Today, the U.S. Department of the Treasury announced the approval of State Small Business Credit Initiative (SSBCI) applications from Connecticut, Missouri, and Vermont. The planned use of SSBCI funds by these states will help create new jobs and is expected to spur more than $534 million in additional small business lending. The SSBCI program, which supports state-level small business lending programs, is an important component of the Small Business Jobs Act that President Obama signed into law last fall.

‘These critical funds will help small businesses access the capital they need to expand their operations, create new jobs, and continue supporting our nation’s economic recovery,’ said Treasury Secretary Tim Geithner. ‘Public-private lending partnerships, such as the State Small Business Credit Initiative, have a proven track record of success, and I’m pleased that this funding is on its way to support economic growth in these states.’

In a letter dated March 21, 2011, US Nuclear Regulatory Senior Project Manager Robert Kuntz notified Michael Colomb, Entergy Vermont Yankee Site Vice President, that the nuclear power plant in Vernon had been issued a renewed operating license for another 20 years.
This action was expected after the last official objection before the commission had been rejected March 10. However, the official approval had been put off as the NRC dealt with issues concerning the nuclear power plant in Japan, which was severely damaged by the tsunami on March 11.
The local reaction to the license renewal was also expected.

by Anne Galloway www.vtdigger.org March 20, 2011 There’s a reason why it’s called the ‘miscellaneous’ tax bill. How else to describe the House Ways and Means Committee’s laundry list of changes to the tax code?
The litany of slight alterations in percentage points, penny charges and statutory phrasing can seem arcane, but that hodgepodge of small and large changes can add up to big tax bucks, and so it tends to garner a lot of opposition from the business community. This year is no different. Members of the committee heard from accountants, CEOs, business associations, hospitals and dentists ‘ all of whom wanted to make sure their businesses or clients don’t get hit with a tax increase.

by Anne Galloway www.vtdigger.org March 19, 2011 Representative Martha Heath, D-Westford, has performed the budget-balancing miracle for the fourth year running ‘ this time without the benefit of federal stimulus funds.
Heath, the chair of the House Appropriations Committee, worked with the 10 lawmakers on her committee to resolve the final cuts on Friday. The committee took four weeks of testimony and then spent three weeks ‘marking up,’ or rewriting, Gov. Peter Shumlin’s budget proposal.
Download the House Appropriations Committee spreadsheet, 3/19/11
The House Appropriations Committee gave preliminary approval to the budget early Friday evening. The spending bill, which includes about $80 million in cuts to human services, resolves the state’s $173 million budget gap for fiscal year 2012. Committee members will vote on the budget bill on Monday afternoon, and the Democrats hope to pass ‘the big bill’ next week.

Bruegger’s Enterprises, Inc. (BEI) announced today continued sales growth during the fourth quarter ending December 28, 2010. The 437-unit restaurant operator recognized sales of $63.2 million, a 3.6 percent increase over the fourth quarter of 2009. Total system sales for the year were $254.5 million, a 2.8% increase over 2009.
Bruegger’s namesake brand added 16 franchise, corporate and co-branded bakeries during the past year. Same store sales were up by 4.3 percent on company units and 3.1 percent system-wide for the 4th quarter. Bruegger’s expects continued growth for 2011.
Threecaf Brands Canada, Bruegger’s Canadian subsidiary, saw a 1.4 % percent increase in comparable sales during the fourth quarter. Threecaf includes Timothy’s World Coffee, which has 93 units and Michel’s Bakery Café with 14 units operating in Canada.

Groupe Le Duff announced in a press release dated March 17 that it has bought out the café bakery chain Bruegger's from US investment firm Sun Capital Partners for an undisclosed amount.
Founded in 1983 in Burlington, Bruegger's quickly made its mark on the fast casual restaurant segment by popularizing the bagel in the US. It marketed wellness and pleasure on a plate. It has a wide range of breakfast and lunch products and is highly appreciated for the quality of its sandwiches and pastries prepared on the spot. The company has 437 outlets in 26 states in the United States. It will continue to be led by CEO Jim Greco.
The release did not mention Bruegger's Canadian subsidiary, Timothy's World Coffee, which it bought in November 2009. Timothy's and another Canadian affiliate, Michel's Bakery Cafe, operate under the affiliate Threecaf Brands Canada.

Senator Patrick Leahy (D-Vt.) announced Friday that he is renewing his effort to make permanent the EB-5 Immigrant Investor Regional Center pilot program. Vermont’s Regional Center program, established in 1997, has been a highly successful private-public partnership between the State of Vermont and several Vermont businesses.
‘Vermont’s regional center program is an economic engine for the state,’ said Leahy at a news conference in Burlington. ‘In a small state like ours, economic success in one area is inevitably felt in other parts of the state. Making the EB-5 program permanent is just the start. We are working to modernize the program to handle the growth it has seen across the country in recent years. Vermont’s use of the program is a model of success, and other states have taken note.’

RunVermont and KeyBank announced today that the bank will extend its 23-year sponsorship of the KeyBank Vermont City Marathon for an additional three years. KeyBank has been the title sponsor of the race since its inception in 1989. The relationship is the second longest marathon-corporate sponsorship arrangement in industry history, surpassed only by John Hancock’s 26-year sponsorship of the Boston Marathon.
"We are tremendously proud to be part of the KeyBank Vermont City Marathon and Relay,’ said Scott Carpenter President of KeyBank’s Vermont District. ‘Nationally, the marathon has earned a high reputation among elite runners, yet the event maintains a community feel, engaging thousands of local runners, hundreds of volunteers and tens of thousands of spectators. We appreciate the national and local attention the marathon provides our company, as well as the excitement our employees feel participating in the event."

The House Thursday passed a jobs bill that will strengthen the foundation for job creation in the state. H. 287, is a comprehensive package that aids both employees and employers.
‘As we recover from the economic downturn, employees and employers must have the tools they need to enter the workforce in what is a very competitive job market,’ said Speaker Shap Smith. ‘This bill provides many resources for job creation across all sectors of the economy.’
The bill does a number of things to support business expansion and job creation in Vermont, including:
Enhancing workforce training programs to maximize opportunities for employees and provide employers with a well trained pool of applicants.
Incentivizing Vermont businesses to recruit their suppliers and vendors to relocate to the state. Awards $1,000 for each new Vermont job; $500 to the Vermont business and $500 to the relocating business.

This March, Ben & Jerry’s is celebrating the 20th birthday of its Chocolate Chip Cookie Dough ice cream. But it took significant innovation to smooth out the manufacturing process that made the ice cream a success in pint containers.
Peter Lind, a longtime Ben & Jerry’s Flavor Guru, was one of the Gurus who worked to develop the flavor.
‘Everybody wanted to roll in the Dough! But we just couldn’t make it fast enough because the process of making it was so labor intensive,’ said Lind.Just over 20 years ago, scoopers at Ben & Jerry’s scoop shops ‘ acting on an anonymous tip from a fan ‘ posed this classic question: what if they put cookie dough into ice cream? It was a revolutionary idea in the world of ice cream at that time, and one that would become one of Ben & Jerry’s best-loved flavors!

Citing the nuclear emergency in Japan, Sen. Bernie Sanders (I-Vt.) today pressed the Nuclear Regulatory Commission chairman to re-evaluate whether to issue a new permit for Vermont Yankee.
One day before the massive earthquake and tsunami struck Japan, the commission approved a 20-year license extension for the Vernon, Vt., reactor that is identical to the crippled Japanese plant. That decision was temporarily put on hold yesterday, but Sanders used a briefing for senators about the Japan disaster to ask NRC Chairman Gregory B. Jaczko for a more serious re-examination of the future of 40-year-old Vermont Yankee reactor.

FedBid, Inc, the online reverse auction marketplace, today announced that it has named former Vermont Lieutenant Governor Brian Dubie to FedBid’s Board of Advisors.
Dubie completed four terms as Vermont’s Lieutenant Governor in January 2011. He currently serves as a Captain for American Airlines, a Colonel and Emergency Preparedness Liaison Officer in the US Air Force Reserve and a public policy consultant. He was narrowly defeated in the 2010 election for governor of Vermont.
‘Brian has a unique set of skills, experience and personal relationships across both government and the private sector,’ said FedBid President Glenn Richardson. ‘As we expand this high-growth, customer-oriented enterprise into new markets, Brian’s first-hand insights regarding state and local government, the National Guard, emergency management and other areas will represent FedBid well. Our Board of Advisors is excited to welcome him aboard.’