Vermont Department of Economic Development As the seasons change and the leaves start to fall, at the Department of Economic Development (DED) we are working hard to distribute all Business Emergency Gap Assistance Program (BEGAP) funds to support Vermont flood damaged businesses and nonprofits. That $20 million grant program was launched in early August and we will be closing the application portal Monday, October 23. Then we will finalize all remaining applications in our queue. In total, more than 700 applications from businesses, landlords, not for profits, and farms were received. As this program winds down, the work is not finished. We will continue mid-to-long-term economic recovery efforts in the months and years ahead.
October is Manufacturing Month. We hope you’ll join us in applauding and supporting this crucial sector of Vermont’s economy. Manufacturing accounts for 9% of the state’s total output at $3.4 billion, and employs 10% of our workforce. As you read on, you’ll see our Vermont Training Program has formed a new partnership with River Valley Technical Center in Springfield to make three manufacturing certificate programs affordable and accessible so more people can get the skills they need to work in this important and growing field.
We’re also celebrating two big projects that made headlines in the last month. In Killington, a groundbreaking on a new water system and roadway that will support development at Killington Resort including workforce housing. DED programs helped bring this project to life: Community Recovery and Revitalization, Northern Border Regional Commission, and Tax Increment Financing. And BETA Technologies unveiled a 188,000 square foot electric aircraft manufacturing facility in South Burlington. The Vermont Training Program and Vermont Employment Growth Incentive have played a part in BETA’s incredible journey.
Please stay in touch if you want to learn more about our programs and/or have ideas on economic recovery. We are, as always, willing to listen and learn.
Until then, all the best, Joan Goldstein, Commissioner, Department of Economic Development
Commissioner Goldstein, State Treasurer Pieciak, and representatives for Vergennes Grand at the groundbreaking ceremony.
Senior Living in Vergennes
A new senior living facility is coming to Vergennes, thanks in part to a $500,000 Community Recovery and Revitalization grant. A building on North Street is being transformed into Vergennes Grand, a senior living home that will house 84 residents of all income levels. Construction includes expanding the 1820s structure and restoring it back to its original Italianate style. Residents are expected to move in in early January 2025.
Loans for Addison County
The U.S. Small Business Administration (SBA) is making loans available to certain nonprofits in Addison County that suffered physical damage from storms between August 3 and 5, 2023. Eligible nonprofits include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges. The filing deadline is December 12, 2023.
Those Addison County entities could also be eligible for Economic Injury loans. Those applications are due July 8, 2024.
For more information, visit DisasterLoanAssistance.sba.gov/ela/s/ or call 800-659-2955.
Vermont staff make a presentation VCIA Chicago Roadshow on October 3.
Captive Competition
Vermont’s captive insurance sector is on a roll. After being named the top captive insurance domicile in the world this summer by two prominent captive insurance publications, Vermont is on the short list for “International Domicile of the Year” at the European Captives Awards at the European Captive Forum in Luxembourg November 8-9. Vermont staff will be speaking at that forum.
Vermont captive insurance staff also recently spoke at the Vermont Captive Insurance Association Chicago Roadshow in early October, connecting with businesses interested in possibly forming a captive.
There is also a networking opportunity in Burlington Thursday night for those interested in a career in captive insurance. See details below.
Stock photo showing Computer Numerical Control (CNC) milling.
VTP Partners with River Valley Technical Center
The Vermont Training Program (VTP) is working with River Valley Technical Center in Springfield to upskill workers in the area.
The River Valley Technical Center hosts the River Valley Advanced Manufacturing Institute where they are training teens with skills needed to enter the manufacturing field. They are also working with employers in the area to improve the skills of their existing workforce.
There are three certificate programs being offered to adults:
- Manufacturing Processes and Blueprint Reading
- SolidWorks
- Introduction to Computer Aided Manufacturing (CAM) and Computer Numerical Control (CNC)
If you want your workers to participate, you could get reimbursed for 50% of the cost. Reach out to VTP Program Manager John Young at [email protected].
For more on the River Valley Advanced Manufacturing Institute, contact Chris Gray at [email protected].
Grants for Relocation Outreach Network (GROW)
The Think Vermont GROW Program is intended to provide grant funding to enable local, regional, county-wide, or state-wide organizations to conduct relocation, recruitment, and retention activities to encourage and support new residents relocating to Vermont. Grantees must provide relocation services on behalf of their region or affinity group and collaborate with other organizations to optimize the success of efforts and activities.
Preparing for the Next Disaster
Vermont Businesses for Social Responsibility is unveiling a new free program to help small businesses prepare for the next climate-related business disruption called ClimateReadyVT.
The application window for the first cohort closes tonight at midnight. Businesses interested in participating in the program now or in the future are encouraged to apply past the deadline to be added to the Interest List.
Learn more about ClimateReadyVT
An employee at MSI in Morrisville assembles a Concept 2 machine.
Manufacturing Month
Governor Phil Scott declared October Manufacturing Month in Vermont. Learn more about this important sector, including how it contributes to Vermont’s economy, the jobs it provides, educational opportunities, and support available to manufacturers by watching this interview with Brett Ferrence of the Vermont Manufacturing Extension Center.
Stay Safe Online
Governor Scott also proclaimed October Cybersecurity Month in Vermont. Visit the Vermont Agency of Digital Services website for tips for businesses and individuals on how to stay safe.
Wood Heat Incentives for Businesses
Small Vermont businesses can participate in an Advanced Wood Heat (AWH) assessment free of charge. Interested businesses should complete this intake form.
Small Business Awards
SBA Vermont is accepting nominations for its 2024 small business awards to recognize achievements of SBA-assisted businesses and their contributions to their communities and Vermont’s economy, presented by VermontBiz. Businesses can nominate themselves or be nominated by someone else.
Top: Onion River Outdoors in the aftermath of the flooding. Bottom left: Entrance at new location. Bottom right: Mechanic shop that will accommodate four bikes at a time.
Support Vermont Businesses
This week DED visited Onion River Outdoors as they work to open at their new location at the corner of Main and East State Streets in Montpelier. The business was on Langdon Street for years, but when flood waters tore through their building in July, they knew they needed to move and they used BEGAP funds to do it.
Co-owner Jen Roberts says the BEGAP grant award helped Onion River Outdoors bring their people back to work and makes it possible for them to be in business in time for the all-important holiday shopping season.
We hope you will join us in supporting all our flood-ravaged businesses as they come back online. We’d love to tell your BEGAP success story, too. Reach out to [email protected] if you’d like to share your story.
Commercial/ Industrial Site Locator
Vermont Job Opportunities
Vermont Department of Economic Development
1 National Life Dr
Montpelier
October 17, 2023