VEDA's Annual Meeting and Luncheon on October 31
Message from CEO Joan Goldstein
Vermont Economic Development Authority Thanks to all who attended our Annual Meeting and Luncheon on October 31st at The Farmhouse at Sunset Pond at The Essex Resort & Spa. It was wonderful to see so many friends and colleagues and for some of our borrowers to show you what they do to help Vermont thrive.
At the Annual Meeting and Luncheon, we were pleased to release our FY2025 Annual Report. It was a robust year. VEDA made 173 loans worth $61.5 million to Vermont businesses, agricultural operations, and nonprofit organizations for capital investments and working capital. You can read more highlights from the report below.
I have served as VEDA CEO for just four months now and I couldn’t be more impressed by our hardworking team. Our professionals are driven by our mission to support economic development in Vermont and work tirelessly to make that happen. If we can be of any assistance to you or your organization, please visit our Vermont Economic Development Authority, email us, or call 802-828-JOBS (5627). We have professionals standing by at our offices in Montpelier, Burlington, and Middlebury ready to help.
FY25 Annual Report
The FY2025 Annual Report shows VEDA originated 173 loans worth $61.5 million. Efforts blanketed the state and targeted several sectors. Here are just a few highlights:
- Fueling the future with green energy by investing in Green Lantern Solar’s Brighton project which features an array built on a former gravel pit that supplies energy to a Columbia Forest Products veneer plant in Newport.
- Supporting Stewart Enterprises' purchase of 108 acres in Wallingford and upgrade of their Cuttingsville operation by replacing 2,500 taps, adding 5,000 new taps, and installing new equipment.
- Contributing capital to enable an expansion at Weidmann Electrical Technology in St. Johnsbury allowing them to produce more transformerboard (an electrical insulator used in transformers) and create dozens of jobs.
- Engaging in downtown development by helping CityPlace Partners support the addition of AC Hotel Burlington in Tower 1 of Burlington Square.
- Investing in food production at Blake Hill Preserves in Windsor allowing them to buy their building, expand it, and purchase new equipment.
- Funding an industrial site purchase by Brattleboro Development Credit Corporation to give Wheelpad the space it needs to produce manufactured housing for people with mobility issues.
You can read VEDA’s FY2025 Annual Report on our website.
Devastating Drought
Disaster Recovery Loan Fund
VEDA’s Disaster Recovery Loan Fund is now accepting applications from businesses, agricultural operations, and nonprofits that have suffered from this summer’s drought in addition to those who experienced losses from the floods of 2023 and 2024. Loans may be used for a variety of purposes including drilling wells, hauling in water, buying feed, and crop damage.
Report Drought Impact
The Vermont Agency of Agriculture Food and Markets wants to hear from farms experiencing drought impacts. To report dry fields, water supply issues, or other impacts, please take the 2025 Agriculture Drought Impact Survey. It should take 10 to 15 minutes to complete. Survey closes December 15.
Community National Bank Loan Officer Anthony Matz, VEDA Loan Closing Officer Shelby Clark, and Farmer and The Bell owners April and Ben Pauly.
New Loans
Fiscal Year 2026 is off to a strong start. Since July 1, VEDA has closed 53 loans for a variety of projects like transforming the Old Bennington High School into housing and community space, building Farmer and The Bell café in Woodstock (above), and helping longtime borrower Audy Farms in New Haven refinance an existing loan, acquire working capital, and start cultivating a different variety of soybeans.
Here are some of the other loan recipients:
- Lyndonville Bagel Depot
- Shady Pines Mobile Home Park in Westminster
- Cross Road Dairy in Newport Center
- Yates Family Orchard in Hinesburg
- Goulet Farm in South Hero
- Stonewood Farm in Orwell
- Vergennes Animal Hospital in Vergennes
- Knotty Pine Motel in Bennington
- Coho Inn & Motor Lodge in Weston
- Itamar Sten-Gilady for farm purchase in North Pownal
- Robert Frost Cabins in Ripton
- Hamilton Cattle Company in Florence
- Pleasant Valley Field and Forest Products in Cambridge
- Lambert Farm in Groton
- Zoey Deli & Bakery in Manchester Center
- Compagna Dairy in Whiting
- Walden Heights Nursery in Walden
- J.K. Adams in Dorset
- Judd’s Plants in Newport
- Lucas Dairy in Orwell
- A&N Enterprises in Ferrisburgh
- The Essex Resort & Spa in Essex Town
- Turtle Island Children’s Center in Montpelier
- Sweet Pickins Farm in Putney
- Rutland Skin Center in Rutland
- Brattleboro Development Credit Corporation
- Chappelle’s Potatoes in Williamstown
- Jake’s Family Maple in East Burke
- Leaping Bear Farm in Putney
- Michael Barton land for sugaring in Albany
- Wagon Doctor in Weybridge
- Shepard Maple Production in Lincoln
- Sunrise Orchards in Cornwall
- Arete Transitions in Burlington
Partner Education
Most commercial loan projects VEDA funds involve another lender. To keep that collaboration strong, in September VEDA hosted a hybrid presentation on tax-exempt bonds. What other topics interest our partners?
In The Community
VEDA has been out and about in recent months. Some of our stops include the Vermont Agriculture Hall of Fame celebration at the Champlain Valley Fair (top left), hosting a booth at the Addison County Fair and Field Days (center), speaking before the Colchester Milton Rotary (top right), the Brattleboro Development Credit Corporation Annual Meeting (bottom left), the See Change Sessions in Burlington (bottom right), and visiting borrower and sweet potato producer Laughing Child Farm in Pawlet (right).
Agriculture Grants
The Northeast Dairy Business Innovation Center is offering the Dairy Farm Improvement & Modernization Grant to improve farm viability, milk quality, worker conditions, economic sustainability, and climate resilience. Grants range from $15,000 to $100,000. Applications due December 4.
The Wood Innovations Grant helps working lands businesses install or upgrade advanced wood heating systems that use locally sourced wood, wood residues, and wood waste. Eligible businesses get up to $25,000. Email or call Molly Willard at the Working Lands Enterprise Initiative to request a grant application.
Business Enhancement Grants are available to agricultural and wood products businesses to purchase equipment, infrastructure and market development, workforce training and more. Grantees can receive up to $50,000. Applications due December 11. Pre-application support is available.
Borrowers in the News
VermontBiz announced the 2025 Vermont Business Growth Awards. The awards recognize the top 25 fastest growing businesses in the state over the last five years. VEDA is proud to have lent to #3 Mamava, #6 Twincraft Skincare, and #12 Casella Waste Systems.
WCAX featured Blue House Mushrooms in Ferrisburgh in their “Made in Vermont” series. VEDA helped with funding for the thriving business to build a new growing facility.
WPTZ was there for the ribbon cutting at the new AC Hotel Burlington in Burlington Square (formerly CityPlace). VEDA contributed to this downtown development project with financing to developers that helped pay for the hotel’s furniture and fixtures.
The Brattleboro Reformer reports on lifestyle maven Martha Stewart’s adoption of two Friesian horses from VEDA borrower Dorset Equine Rescue. VEDA helped the nonprofit purchase 178 acres in Rupert with lots of pastureland for horses to roam.
Meet the Board
Ted Foster, VEDA Board Member and former Chair.
Ted Foster is a lifelong Vermonter and VEDA champion. Ted worked on his family’s Foster Brothers Farm in Middlebury for decades with breaks to serve in Vietnam and attend the University of Vermont.
Ted first learned about VEDA in the 1990s. That’s when he and his family created a new venture, Vermont Natural Ag Products, which today is a leader throughout the northeast in producing soils, compost, and growing mixes with products like Moo Doo. The business took out a loan with VEDA when it was just getting started.
“Great that VEDA was able to support us and get us off the ground,” he says.
After he officially retired from farming, Ted was committed to staying active and giving back to his community. So, when the opportunity arose in 2019 to serve on VEDA’s board, he jumped at it.
Ted served as Chair from October 2023 to October 2025. During his tenure as Chair, Ted says he is most proud of the CEO search and picking Joan after “determining who would be the best fit for us.”
Ted’s term on the board runs through 2030. In addition to his work at VEDA, Ted is also keeping busy by helping organize the upcoming Vermont Dairy Producers Conference, volunteering with the Vergennes Community Food Shelf, and serving as Lister and Auditor in New Haven.
But Ted’s favorite thing to do of all is spend time with his granddaughters and great-granddaughters. “That’s what life is all about.”
Small State Business Credit Initiative
Vermont Economic Development Authority | Montpelier
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