Current News

The Vermont District Office of the US Small Business Administration has reported that financing for the first five months of fiscal 2011 exceeded $35 million ($35,163,500). For the same period last year, the total was $30,008,647. The 504 Loan Program was $3,553,859 so far in 2011 and $4,487,583 last year.

SBA, MONTPELIER, VERMONT DO #0150
February 1, 2011 --February 28, 2011

LOAN VOLUME BY BANK BY NUMBER OF APPROVALS

Community National Bank
1
250,000
#504 loan
$$ 504 loan

Connecticut River National Bank
1
177,000

KeyBank National
1
25,000

There were 1,228 new regular benefit claims for Unemployment Insurance last week, an increase of 342 from the week before, as claims increased following a steady decline. Altogether 12,821 new and continuing claims were filed, an increase of 456 from a week ago and 2,696 fewer than a year earlier. The Department also processed 2,089 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 20 fewer than a week ago. In addition, there were 964 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 11 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

The US Department of Housing and Urban Development has awarded $450,000 to two Vermont organizations to educate the public and combat housing and lending discrimination in the state, one to Champlain Valley Office of Economic Opportunity for $125 and the other to Vermont Legal Aid Inc of $325,000. Nationally, HUD awarded more than $40.8 million to 108 fair housing organizations and non-profit agencies in 36 states and the District of Columbia. This year’s award represents a $13.2 million increase over last year’s award and includes $10 million to fund activities that address lending discrimination, including mortgage rescue scams.
‘The record increase in support to local fair housing and community organizations demonstrates the Obama Administration’s firm commitment to ending housing discrimination and providing help to families victimized by mortgage scams,’ stated HUD Secretary Shaun Donovan.

The Community Health Center of Burlington (CHCB) has received a grant award from the Walmart Foundation’s State Giving Program. The $25,000 grant will be used to support CHCB’s school-based dental program for low-income and uninsured Burlington children without a dental home. Over the last year, CHCB has seen a rise in the number of low-income, uninsured children seeking care at our school-based dental clinic. So far this school-year, 577 low-income, uninsured Burlington school children, who didn’t have a dental home, have been cared for at CHCB’s school-based dental clinic and over $19,000 of no-cost care has been provided to uninsured children. During the last school-year, CHCB provided over $34,000 in no-cost care for low-income, uninsured kids - a dramatic increase from previous years.

Deputy Agriculture Secretary Kathleen Merrigan tasted some of the best local food products in the US in a new USDA video promoting the Value Added Producer Grant Program. Among those products was Apple Cider Syrup from Vermont. The program is undergoing some changes and USDA is getting out the word.
The proposed changes to this already well-utilized USDA program are designed to streamline the application process, expand eligibility and ultimately get these quality local products to market effectively and efficiently.
‘This program creates opportunity for farmers, producers and cooperatives to enhance product development and marketing with the goal of increased sales,’ said Molly Lambert, State Director for Vermont and New Hampshire USDA Rural Development.

Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced that it acquired a MSW landfill in McKean County, PA out of bankruptcy proceedings on February 24 for $0.5 million in cash and the assumption of certain contractual obligations.
The roughly 230 acre landfill is permitted by the Pennsylvania Department of Environmental Protection to accept 1,000 tons per day of MSW by truck and 5,000 tons per day by rail. While a rail siding is permitted at the site and the property abuts a railroad spur, the company has no immediate plans to build a rail siding. The site has over 33.5 million cubic yards of permitted airspace. The company estimates the net present value of assumed contractual obligations and closure and post closure liabilities at approximately $4.2 million.

Vermont Information Technology Leaders, Inc. (VITL), operator of Vermont's statewide health information exchange (HIE), announced today that it has selected Medicity's suite of health information exchange solutions to improve the quality and cost-effectiveness of health care in Vermont.
"Since VITL began operations as an independent non-profit organization in 2005, it has been working to improve the care that Vermonters receive by enabling electronic communication between health care providers," said David Cochran, MD, VITL's president and CEO. "The selection of Medicity as our HIE partner, with its industry-leading technologies and vast experience with statewide health information exchange - will allow us to accelerate connecting Vermont's health care providers and provide additional support to Vermont's nation-leading health care reform efforts."

Verizon Wireless recently activated a new cell site in Shelburne that expands wireless voice and 3G data coverage along Route 7, as well as the surrounding areas. The company invested in Chittenden County to continue to stay ahead of increasing demand for reliable voice and mobile Internet access. Verizon Wireless has invested more than $2.8 billion into its New England network since 2000, including more than $242 million in 2010 alone, to increase coverage and capacity on behalf of customers. Verizon Wireless operates the nation’s largest and most reliable 3G network.

The Vermont Business Center is affiliated with the University of Vermont's School of Business Administration. The VBC offers a series of management development seminars, training needs assessment services and custom training programs. In addition, we are a point of access for area businesses to a variety of UVM resources. The Vermont Family Business Initiative is affiliated with the VBC.
Upcoming VBC Seminars:
March 18 - Financial Analysis for Strategic Decision Making, 8:30 a.m.-4:30 p.m. Use financial analysis methods to recognize opportunities for your business' improvement and understand the relative significance of opportunities that come your way.
Register Now...

Central Vermont Public Service (NYSE-CV) today announced that it has reached a settlement with the Vermont Department of Public Service, the Town of Proctor Selectboard and Omya Inc. for the purchase of the assets of and consolidation of service territory of the Vermont Marble Power Division of Omya.
The transaction has already been approved by the Federal Energy Regulatory Commission, which regulates the hydro sites and transmission facilities involved in the sale, but must also be approved by the Vermont Public Service Board.

Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for its third quarter fiscal year 2011. For the quarter ended January 31, 2011, revenues were $111.6 million, up $1.7 million or 1.6 percent over the same quarter last year, driven mainly by solid waste volume growth and higher commodity prices. Operating income was $6.3 million for the quarter, down $1.1 million from the same quarter last year. The company's net loss applicable to common shareholders was ($6.4) million, or ($0.24) per common share for the quarter, compared to ($4.4) million, or ($0.17) per share for the same quarter last year. Adjusted EBITDA* for the quarter was $22.4 million, down $1.6 million from same quarter last year.

Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced today that it has completed the sale of select non-integrated recycling assets to a new company formed by Pegasus Capital Advisors, L.P. and Intersection, LLC for $134.1 million in gross proceeds, including an estimated $3.7 million working capital adjustment.
Highlights include:
* Net cash proceeds of approximately $120.0 million to be used to repay Senior Secured Term Loan B borrowings.
* Transaction results in pro forma leverage of 4.0x, down 0.4x from the October 31, 2010 leverage of 4.4x, as calculated per Senior Secured Credit Agreement.
* The assets sold as part of this transaction contributed $14.0 million consolidated Adjusted EBITDA* for the twelve months ended October 31, 2010.