Montpelier, VT - The Vermont Economic Development Authority (VEDA) approved $2.2 million in business development financing, leveraging another $2.8 million in private financing for projects throughout the state.
"VEDA is pleased to offer financing assistance that will help a Colchester business expand, and bring new jobs to St. Albans through establishment of a new manufacturing plant there," said Jo Bradley, VEDA's Chief Executive Officer.
Approved for VEDA financing assistance are:
RehabGYM, Inc., Colchester -- After a November, 2007 expansion into 11,665 sq. ft. of leased commercial condominium space in Colchester, RehabGYM, Inc. will now purchase the condo with the help of $532,000 in approved VEDA financing. Chittenden Bank is also participating in the $1.6 million project, which will help RehabGYM grow their payroll from 28 to an estimated 44 positions within three years of the project. RehabGYM, founded in 2003, is staffed with medical professionals offering traditional physical therapy and rehabilitative care, as well as a full range of proactive care, such as injury prevention, fitness and wellness.
Vermont Transformer, Inc., St. Albans - VEDA financing totaling $718,000 will help Vermont Transformer, Inc. (VTI), a new corporation, establish and operate a dry-type electrical transformer manufacturing plant in St. Albans. The company's sister facility, Transformateur BEMAG, Inc., is a Farnham, Quebec plant working at full production capacity, and BEMAG management believe an expansion is necessary in order to maintain the company's growth. The $1.8 million project will finance the purchase and renovation of property in the St. Albans Industrial Park for lease to VTI. The new company expects to create 44 new jobs within three years of the project.
The Authority also approved $713,000 in farm ownership and operating loans through VEDA's agricultural financing program, the Vermont Agricultural Credit Corporation; and, $200,000 was approved for several small business development projects through the Authority's Vermont Small Business Loan Program. In addition, $25,000 was approved through the Vermont Business Energy Conservation Loan Program to help a small business make energy efficiency and conservation improvements.
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. Since its inception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.