Vermont Business Magazine Representative Peter Welch (D-Vermont) and Governor Peter Shumlin have announced a federal grant to help Vermont businesses reliant on defense contracts diversify into new markets as defense spending declines.The $386,325 Department of Defense (DOD) grant was awarded to the Vermont Agency of Commerce and Community Development to work directly with Vermont businesses looking to adjust their business plans. The announcement was made Monday at Revision, based in Essex, which makes military eyewear.
Peter Welch inside the Revision plant in Essex. Courtesy photo.
“Many Vermont businesses provide high-quality products and services to our military,” Congressman Welch said.“They also provide good jobs for Vermonters and represent a key component of our economy. As federal defense spending declines, it’s important that these businesses diversify into new markets so that they and their employees continue to thrive.”
“It is a good thing that defense spending is decreasing as America winds down its involvement in overseas conflicts,” Governor Peter Shumlin said. “As that happens, there is an opportunity for us to work with companies like Revision to help them diversify and access new markets for continued growth right here in Vermont. This money will help us do that and I am thankful to Congressman Welch for helping us secure the funds to do this important work.”
The grant will be used to help businesses that directly contract or subcontract with the Department of Defense, or that exist anywhere along the supply chain. The Agency will work with eligible businesses on strategies to diversify and tap into new markets, as well as create workforce development plans to carry out new lines of business. In Vermont, impacted businesses are dispersed throughout the state with the majority in Chittenden, Franklin, Washington, and Orange Counties.
“We appreciate the Congressman and Governor working together on this grant opportunity,” said Jonathan Blanshay, CEO of Revision Military. “We know that other defense companies are challenged and may not have had the resources to diversify their market. Therefore, this grant will offer critical resources to these companies and assure they continue to exist and thrive in Vermont.”
Source: Welch. 11.2.2015