Looking Back at the First Half of Fiscal Year 2024-25
Vermont Business Magazine The Vermont Economic Development Authority, or VEDA, has ended the first half of its fiscal year by providing $26.7 million to Vermont businesses.
A total of 71 loans to businesses in 13 of Vermont’s 14 counties were closed July-December.
By sector they are:
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Agriculture and forestry: Thirty-six loans totaling $9.3 million
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Manufacturing: Ten loans totaling $6.8 million
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Renewable energy: Five loans totaling $3.0 million
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Social services and health care: Four loans totaling $400 thousand
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Tourism and hospitality: Four loans totaling $1.9 million
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All other sectors: Twelve loans totaling $5.3 million
The following is a small sample of the loans provided during the six month stretch:
Plainfield Cooperative, East Montpelier – VEDA provided a $500,000 loan to partially finance the co-op’s purchase of the former Plainfield Hardware & General Store’s real estate and business assets, the acquisition of which expands the co-op’s offerings and provides a location on Route 2 with high visibility and accessibility. VEDA partnered with the Cooperative Fund of New England to finance the acquisition.
Post Apartments Housing Limited, Burlington – A real estate holding company formed by Champlain Housing Trust and Evernorth, Post Apartments owns real estate on South Winooski Avenue in Burlington. VEDA provided a $548,777 loan from Vermont’s Brownfields Revolving Loan Fund to partially finance the $2.2 million environmental clean-up and remediation costs. The site will be developed into 38 affordable housing units and two commercial units to be occupied by the Veterans of Foreign Wars and Burlington’s Community Justice Center. The total project costs are $24 million.
Weidmann Electrical Technology, St. Johnsbury – VEDA provided a $5 million loan to partially finance the expansion of Weidmann’s manufacturing facility. Weidmann is a leader in the global transformer industry and its St. Johnsbury facility is the only U.S.-based manufacturer of transformer board – a dense rigid paperboard used as an electrical insulator in transformers. The total cost of the expansion project is estimated at $44 million. Community National Bank also provided financing for this project, which is estimated to create 45 new jobs in the Northeast Kingdom.
Manning Dairy, LLC, Swanton – VEDA provided a $128,000 loan to the 620-cow dairy farm to partially fund the purchase of a house next to the farm, which will provide on-site housing for a family that works on the farm but currently has to travel from New York. VEDA partnered with People’s Trust Company for the purchase, totaling $320,000.
Concord Station/H&S Properties, LLC, Concord – VEDA provided a $200,000 loan towards the $500,000 purchase of a convenience store and gas station, formerly known as Bernie’s Market, which closed as a result of the COVID-19 pandemic. Locals in Concord came together to support reopening the store, and VEDA partnered with Union Bank to help reclaim what is an important business serving the needs of a rural community.
Stewart Enterprises LLC, Cuttingsville – Stewart Enterprises is a family-owned and -operated maple sugaring and real estate business, operating since 1915. VEDA provided a $520,000 loan for new equipment, including installation of 5,000 additional taps and a new pumpline to the sugarhouse — reducing trucking by 250 hours each season. This loan was part of a financing package totaling $1.7 million, which refinanced and consolidated loans at VEDA.
Tamarack Forestry and Land Management LLC, East Thetford – Tamarack’s licensed foresters work with landowners to develop and implement responsible land management plans. VEDA provided a $17,600 loan to finance the purchase of new machinery and equipment to meet the growing demand for the company’s services in land management. This loan was made under VEDA’s new Forestry Loan Program, providing loans of up to $500,000 at a subsidized interest rate for businesses in the forest products sector.
VEDA also celebrated its 50th anniversary in 2024. As it follows the state government's calendar, Jan. 1 of this year marks the midway point of fiscal year 2024/2025.
"Having passed the half-century mark, I am in awe of the ways in which VEDA continues responding proactively to the world around us and working with the business community to make our work relevant and impactful," CEO Cassie Polhemus said. "VEDA is a major resource to Vermont and this fiscal year so far is a testament to the hard work of our staff, board, banking partners and, of course, our amazing borrowers."
Created by the state's general assembly in 1974, VEDA’s mission endures, contributing to Vermont’s economic vitality by providing a broad array of financing programs to eligible businesses that create jobs and help advance Vermont’s public policy goals.
The Vermont Economic Development Authority is the statewide economic development finance lender. Created by the General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to eligible businesses that create jobs and help advance Vermont’s public policy goals. veda.org
Source: MONTPELIER, Vermont (Jan. 7, 2025) — The Vermont Economic Development Authority
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