VEDA BOARD APPROVES $3.2 MILLION
IN PROJECT FINANCING ASSISTANCE
Montpelier, VT - Manufacturing, development, agricultural and travel and tourism projects totaling $6 million will receive $3.2 million in financing assistance from the Vermont Economic Development Authority (VEDA).
"We are very pleased to be able to offer financial assistance to these business acquisition and expansion projects," said Jo Bradley, VEDA's Chief Executive Officer.
Approved for financing by the VEDA Board of Directors are:
C Black Diamond Sportswear, Inc., Montpelier - A 75% insurance commitment ($1,312,500) was given on a $1.75 million working capital line of credit extended to Black Diamond by the Mascoma Savings Bank. Black Diamond designs, produces and sells fleece outerwear for the winter sport market, selling under its own brand to sporting goods retail stores across the country. It is estimated that within three years, job growth at Black Diamond will increase from its current 12 to 16 positions.
C Railroad Row, LLC, Hartford B Phase II of a real estate development project that is part of the Town of Hartford=s downtown revitalization plan will begin with $415,000 in financing assistance approved by VEDA. The total $2.1 million construction project will see the former Twin State Fruit Building and adjacent former Tire Building converted into a 14,000 square foot, three-story commercial building. Space will be leased to house the national headquarters of the Global Health Council, Inc. (GHC). GHC=s total payroll of 4 is expected to grow to 11 positions within three years. The Mascoma Savings Bank is also participating in the project.
In the Vermont SBA 504 Corporation portion of the VEDA Board's meeting, a financing commitment was made to support the purchase of an operating inn:
C Brass Lantern Inn, Stowe B Joseph and Nancy Beres will purchase the Brass Lantern Inn, consisting of 9 rooms on 1.5 acres with $198,000 in SBA 504 financing assistance. The HSBC Bank is also participating in the $933,000 project.
Agricultural loans totaling $1.23 million were also approved by the Board through VEDA's farm financing assistance program, the Vermont Agricultural Credit Corporation (VACC).
VEDA's mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural and travel and tourism enterprises. In its 31-year history, VEDA has made financing commitments totaling over $1 billion.
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