Current News

Vermont Business Magazine Champlain College Online (CCO) has announced a new truED Partnership with Lake Champlain Chamber (LCC), Burlington’s nonprofit Chamber focused on economic opportunity for all Vermonters by serving as a resource for the business community. Through this partnership, eligible LCC members and their families, as well as LCC staff, qualify for reduced tuition for more than 80 degree and certificate programs offered 100% online by the regionally accredited college. CCO’s career-focused undergraduate and graduate programs in business, leadership, human resources, IT and cybersecurity are well-matched with the business and entrepreneurially focused members of LCC. Given the organization’s goal of uplifting Vermont’s business and technology economy, there is ample opportunity for cutting-edge CCO courses to expand LLC member knowledge and skills across many business sectors. 

Vermont Business Magazine Governor Phil Scott was joined by Winooski Mayor Kristine Lott and other local and state leaders today to celebrate the overwhelming success of Winooski’s TIF District which has led to more jobs, more housing, and an increase in the grand list and contributions to the state education fund. Public investments have spurred further development by the private sector. Since 2004, the Vermont Student Assistance Corporation (VSAC) and the Community College of Vermont built new buildings within the TIF; the Champlain Mill along the Winooski River was transformed; a former KeyBank that sat empty at the corner of Main Street and West Allen Street is now a thriving brewery and restaurant; and five housing developments were built, adding 438 units of new stock. These projects grew the grand list and increased property value in the city. Winooski’s grand list grew from $25 million in 2004 to $104 million today.

by Timothy McQuiston, Vermont Business Magazine The General Fund, Transportation Fund and Education Fund all exceeded their monthly cash flow targets in December, despite a 12% miss by the Personal Income tax, which came in nearly $13 million below projections. The GF was led by the Corporate Income tax (up $10 million) and the Other category (up nearly $3 million), which includes interest income. Vermont’s GF, Transpo Fund and Ed Fund receipts were a combined $287.7 million, exceeding the $280.9 million monthly consensus target by $6.8 million, or 2.4%. Year-to-date combined receipts are $26.1 million, 1.7%, above their $1.5 billion target. 

Vermont Business Magazine The Northeast Dairy Business & Innovation Center announces the selected recipients of the Dairy Farm Modernization & Improvement Grant.  In its inaugural funding round, 25 farms were selected for awards across seven states, with total program funding of $1,583,331. Ten Vermont farms will receive funding. This grant funds a wide range of projects that prioritize long-term farm viability, climate and economic resilience for dairy farms. The projects selected for funding include incorporating technologies like robotic manure scrapers to improve herd health and comfort, modernizing milking parlors for increased labor and energy efficiencies, and improving forage with sorghum as a climate-smart alternative to corn silage.  

Vermont Business Magazine The Vermont Agency of Education (AOE) Child Nutrition Programs announced the availability of Summer Food Service Program (SFSP) funding. Funds are available, and sponsors are needed to provide meals for children at summer food program sites. The state is specifically seeking sponsors to serve meals in rural areas and areas with a concentration of migrant farm workers. Vermont’s ability to provide these meals depends on local partners willing to serve as sponsors for this program in their communities. This program, also known as Summer Meals, is federally funded by the United States Department of Agriculture (USDA) and administered by AOE Child Nutrition Programs. This program bridges the gap between school years, giving children ages 18 and under the fuel they need to play and grow throughout the summer months and return to school ready to learn.  While much of the funding related to the COVID-19 pandemic has ended, or will end soon, this program is permanent.

Vermont Business Magazine NBT Bancorp Inc (NASDAQ: NBTB), with bank branches in Vermont, has reported net income and diluted earnings per share for the three and twelve months ended December 31, 2023. Net income for the year ended December 31, 2023 was $118.8 million, or $2.65 per diluted common share, compared to $152.0 million, or $3.52 per diluted common share, in the prior year. Operating diluted earnings per share1 was $3.23 for the year ended December 31, 2023, compared to $3.56 in the prior year. On January 22, 2024, the Board of Directors approved a first-quarter cash dividend of $0.32 per share, which represents a $0.02 per quarter, or 6.7%, increase over the dividend paid in the first quarter of 2023. The dividend will be paid on March 15, 2024 to stockholders of record as of March 1, 2024.

Vermont Business Magazine Vermont’s Killington Resort, the largest ski and snowboard resort in Eastern North America and part of POWDR – an adventure lifestyle company – has granted over $300,000 in cash and in-kind charitable donations through its Play Forever commitment in 2023 to support environmental and community-focused nonprofit organizations.   In 2023, Killington & Pico Resorts introduced Play Forever Fridays, where $1 of all tickets sales on Fridays at Killington and Pico Mountain were donated to a selected cause. Each month’s beneficiary was chosen to be in line with local and global events happening that month. 

Vermont Business Magazine On Tuesday, January 23, GlobalFoundries (GF) joined Essex High School (EHS) for the ribbon-cutting of a new biology and chemistry lab at the school. GF’s donation of $10,000 to the Essex High STEM Academy was used to purchase equipment that will be used by EHS students for biochemistry and genetics studies. The lab will provide students at EHS with opportunities during their high school years to gain hands-on experience with laboratory procedures and to investigate questions that are personally meaningful to them and the community.

Vermont Business Magazine The Vermont Chamber of Commerce’s annual Vermont Economic Conference convened more than 200 business and policy leaders for a day of insightful presentations, engaging discussions, and valuable networking opportunities. The agenda provided attendees with an in-depth look at national and state perspectives on the economy as well as the latest economic indicators shaping Vermont’s business landscape. A panel discussion entitled “Leveraging Vermont's Immigration Experience to Solve Workforce Needs,” included Leslie Holman of Holman Immigration Law, Tracy Dolan of the State of Vermont Refugee Office, Julia Birnn Fields of Birnn Chocolates of Vermont, and was moderated by Adam Grinold of the Brattleboro Development Credit Corporation. The event also featured Alec Newcomb, the Founder of ScaledOn, who delved into the theory of artificial intelligence and shared practical applications for businesses looking to harness its potential. 

Vermont Business Magazine Senator Bernie Sanders (I-Vermont) today released a statement about the decision by the United States and other nations to freeze funding for the United Nations’ agency, UNRWA, that provides food, water, and essential services for Palestinian civilians in the Gaza Strip – 1.1 million of whom are already at risk of starvation: “More than 26,000 Palestinians have been killed in this war, seventy percent of whom are women and children. Today, hundreds of thousands of children face starvation and disease. Obviously, it’s not acceptable for any of the 13,000 UNRWA employees in Gaza to be involved with Hamas, and allegations against the 12 people charged must be investigated. However, we cannot allow millions to suffer because of the actions of 12 people."

Vermont Business Magazine Anti-hunger advocates from Hunger Free Vermont, Vermont Foodbank and their partners joined legislators at the Vermont State House today to urge state leaders to make policy choices that ensure food security for everyone who lives in Vermont. The second annual SNAP Awareness Day is dedicated to raising awareness about the importance of the federally funded Supplemental Nutrition Assistance Program (SNAP) – called 3SquaresVT locally. More than 68,000 people in Vermont rely on 3SquaresVT to purchase the food they need for their families. When emergency allotments implemented during the COVID-19 pandemic ended (temporary increases to monthly benefits for people enrolled in SNAP), the majority of 3SquaresVT participating households in Vermont lost between $100-$500 in monthly benefits. 

Vermont Business Magazine Green Mountain Power (GMP) is alerting customers about a new wave of scam calls targeting small businesses in Vermont. A caller, claiming to be GMP, tells the business it has to pay up in order to maintain power service because their meter needs to be replaced. In some cases, the scammer makes multiple calls to the business, working to build trust, before urging the customer to purchase and send a gift card. GMP urges customers to hang up on these scammers.