Current News

Vermont Business Magazine The Vermont Department of Labor (VDOL) announced today that federal Disaster Unemployment Assistance (DUA) benefits will be available to Vermonters left without work due to the severe flooding that occurred in Vermont beginning on July 7, 2023. The Biden Administration and the Federal Emergency Management Administration (FEMA) have declared Chittenden, Lamoille, Rutland, Washington, Windham, and Windsor Counties as initial federal disaster areas. Under this declaration, individuals living, working, or scheduled to work in these counties may be eligible for DUA. This includes independent contractors, those who are self-employed, and agricultural workers. Governor Scott’s Disaster Declaration request covered all 14 counties; however, only the six listed above are currently eligible for DUA. 

Vermont Business Magazine Senators Peter Welch (D-Vermont) and Ben Ray Luján (D-NM) today introduced the Food for Thought Act, legislation to create a grant program within the Department of Education to help community colleges and minority serving institutions (MSIs) provide free meals to low-income students through on-campus meal programs. A March 2022 study from Temple University’s Hope Center found that 39% of students at two-year institutions and 29% of students at four-year institutions have experienced food insecurity. Those findings are supported by a 2017 study from the University of Vermont (UVM), which found that as many as one in five students at UVM is food insecure at any given time.  

Vermont Business Magazine Senator Bernie Sanders (I-Vermont), chairman of the Senate Health, Education, Labor, and Pensions Committee, on Thursday issued the following statement after the committee favorably reported out the Pandemic and All-Hazards Preparedness and Response Act: “Over 1 million Americans died from COVID. In fact, we lost more Americans as a result of COVID than we did in World War II. In my view, virtually every public health official in America tried their best, but it would be an understatement to say that we were tragically unprepared to respond to this crisis."

Vermont Business Magazine Union Bankshares, Inc (NASDAQ - UNB) announced on Wednesday results for the three and six months ended June 30, 2023, and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2023 was $2.7 million, or $0.60 per share, compared to $2.9 million, or $0.65 cents per share, for the same period in 2022, and $5.7 million, or $1.26 per share, for the six months ended June 30, 2023, compared to $5.4 million, or $1.20 per share for the same period in 2022. The Board of Directors declared a cash dividend of $0.36 per share for the quarter. Flood recovery continues, as the Jeffersonville branch has re-opened to serve customers through the drive-up window, and the Johnson branch remains closed while clean up and damage assessments continue.

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB) today reported results for the second quarter of 2023. Results include: 10% EPS Growth Year-over-Year; Period-end loan growth of 2%; total deposits unchanged; Net loan charge-offs decreased $1.1 million; credit loss allowance increased $2.2 million commensurate with loan growth; TCE ratio of 7.9 percent and CET1 ratio of 12.1 percent; Repurchased $12 million of stock in 2Q23. Berkshire Bank has branches in southern Vermont.

Vermont Business Magazine Average gasoline prices in Vermont were $3.59 per gallon, unchanged from last week and last month. Gas is 99 cents per gallon cheaper than a year ago. The lowest price in the state is $3.35/g in Rutland while the highest is $3.77/g in St Albans. The national average price of gasoline has risen 1 cent per gallon in the last week, averaging $3.54/g today.

Vermont Business Magazine The Vermont Department of Environmental Conservation (DEC) in coordination with Governor Scott has waived permit limits on transfer station and landfill hours of operation and daily facility tonnage limits during this State of Emergency. DEC advises residents and businesses to call before your haul, as facility hours may vary. Please be patient with solid waste haulers and facility staff who have been working close to 80-hour weeks to meet the current demand. If a town has a need for help with flood debris beyond what local contractors can handle, the town Emergency Management Director should contact the State Emergency Operations Center.

Vermont Business Magazine Following catastrophic flooding that damaged water systems throughout Vermont, Senator Peter Welch (D-VT) convened a hearing of the Senate Agriculture Committee’s Rural Development and Energy Subcommittee today to discuss the growing challenges our rural water systems as climate change progresses.  Joined by witnesses Jennifer Day, Director of Development at RCAP Solutions, Joseph Duncan, Professional Engineer at Champlain Water District/Green Mountain Water Environment Association, and Catherine Coleman Flowers, Founder and CEO at The Rural Center for Enterprise and Environmental Justice, Sen. Welch stressed the disproportionate impact of climate change on water systems in rural and low-income communities and communities of color.  

Vermont Business Magazine US population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I). Triple-I found the greatest dollar growth in the value of NFIP claim payouts over the past 20 years occurred in the following areas of the US: Texas coast and inland Louisiana; Coastal northern Florida, Georgia, and the Carolinas; and Inland northern New York, Vermont, and New Hampshire.

Vermont Business Magazine Thanks to a third year of state funding via H.484, Section 17, an act relating to enhancing workforce and economic development opportunities, the University of Vermont will be offering up to two free courses to eligible Vermont residents seeking education and skills for professional growth or employment, with new course additions in the healthcare field. From August 2023 - June 2024, the UVM Upskill Vermont Scholarship Program will offer free academic learning opportunities in business, education & social work, food & agriculture, healthcare, and STEM, while funds last. The program is backed by a $1.5 million state grant.

Vermont Business Magazine The National Life Group Do Good Fest fundraiser for rebuilding Vermont after historic flooding last week has exceeded the original match goal of $500,000. Chairman, CEO and President Mehran Assadi announced at the July 15 event that National Life will match donations, now nearing $750,000 for a total of $1.5 million, making this the largest gift so far to the VT Flood Response & Recovery Fund 2023. Partnered with the Vermont Community Foundation’s VT Flood Response & Recovery Fund 2023, the first $500,000 will be dispersed to local relief agencies by the beginning of next week. Donations are still being accepted.

Vermont Business Magazine As the promise of a free degree from the J. Warren & Lois McClure Foundation in partnership with the Community College of Vermont (CCV) gains momentum, a record number of rising high school seniors are enrolling in CCV’s Early College program. Sponsored by the state, Early College allows Vermont high school seniors to complete their last year of high school and first year of college at the same time, earning free college credits that also count toward graduation from high school. The McClure Foundation’s Free Degree Promise offers a free CCV degree to students who complete Early College at CCV and continue for a second year. As of Monday, enrollment in Early College for the 2023-2024 academic year had risen more than 50% as compared to the same date last year.