Vermont Economic Development Authority
Message from the CEO
It’s June and we definitely have earned the pleasant weather and sunshine today!
The legislature wrapped up its work on Friday and we are pleased with the outcomes of three bills that we have been watching, S.328 which allows VEDA to finance multi-unit housing projects, S.323 which incorporates the Vermont Agricultural Credit Corporation into VEDA, and S.327 that establishes a Commercial Property Assessed Clean Energy (C-PACE) program in Vermont.
May was a busy month for speaking engagements for me. I was the keynote at the RMA Annual Meeting (above) and was also invited to speak at the Shelburne Soirée (featured in Shelburne News) sponsored by Union Bank and hosted by the Shelburne Business and Professionals Association. At both I discussed Vermont’s current economic conditions and how VEDA contributes to the state’s economic vitality and can aid even more in light of the recent legislative developments mentioned above.
I attended the Vermont/New Hampshire Bankers Association C-Suite Meeting in Stowe with CFO Thad Richardson, COO Renée Grzankowski, and Chief Legal Officer Jennifer Emens-Butler. We learned more about cybersecurity and AI, board communications, and had an excellent chance to network with the C-Suite of Vermont’s banking organizations.
On Thursday I was fortunate to participate in the grand opening of the expansion at Weidmann Electrical Technology in St. Johnsbury (more below under “Borrowers in the News”). What an incredible operation! VEDA is thrilled to contribute to the funding stack that enabled Weidmann to make such a monumental investment in its process, its people, and its community so that they may all benefit from supporting increased electrification around the globe.
Have an excellent June and to all our friends and partners in agriculture – Happy Dairy Month!
Best,
Joan Goldstein
VEDA CEO
New Loans in May
- Hunter Excavating in South Londonderry
- Center & Wales in Rutland
- Iroquois Acres in Bridport
- Wells Country Store in Wells
- Thurston Forestry in North Clarendon
- Lodge at Great Falls in Lyndonville
- Farr Farms in Richmond
- Pretty Paws in Milton
- Compagna's Dairy in Whiting
- Robb Family Farm in Brattleboro
- Vermont Toy Storage in North Ferrisburgh
Borrower Spotlight
Joyce Fitzgerald of Mill River Brewing BBQ & Smokehouse
The Fitzgeralds wanted to open an eatery in St. Albans, so VEDA helped them turn an old four-bay car wash into a restaurant and brewery. Learn more about how this family made their dreams come true and created a community gathering spot by opening Mill River Brewing BBQ & Smokehouse.
Seeking inspiration for your business? Visit the Borrower Stories page on the VEDA website.
Borrowers in the News
In VTDigger, learn how a Hollywood creative helped a Shelburne business survive the pandemic and reach customers nationwide.
The Caledonian Record reports on a $44 million expansion at Weidmann Electrical Technology in St. Johnsbury to increase manufacturing of their transformerboard. The investment will add up to 70 jobs. VEDA supported this project with a $5 million loan.
In The Community
Top: Recognizing "Emerging Leaders" at the 2026 Southern Vermont Economy Summit.
Middle: Joan Goldstein speaks at the RMA Annual Meeting.
Bottom: A panel at the Symposium on The Future of Vermont's Campuses.
In May, we sponsored and attended the Vermont Specialty Food Association Producer Expo at the Capital Plaza in Montpelier and the Southern Vermont Economy Summit in West Dover.
VEDA CEO Joan Goldstein spoke at the RMA Annual Meeting in South Burlington and the Shelburne Soiree in Shelburne.
We also attended the RMA Appraiser Roundtable, Symposium on The Future of Vermont’s Campuses, and Mercy Connections.
Upcoming Events
- June 3 – VEDA is participating in the Brattleboro Development Credit Corporation’s Funding Fundamentals event in Brattleboro.
- June 11 – Vermont SBA Awards at Hula. Four VEDA borrowers are receiving awards: Douglas Sweets, Rigorous Technology, Queen City Dry Goods, and Bolton Valley Resort.
- June 11 – DeltaClimeVT Awards are being handed out in Burlington. VEDA is a proud sponsor of DeltaClimeVT.
- June 16 – VEDA sponsors LaunchVT and will join others to hear pitches at LaunchVT Demo Night in Burlington.
- June 16 – VEDA is participating in Ledyard Bank’s Women with Purpose event where businesswomen an connect and learn from each other.
Pitch Competition and Agricultural Opportunities
The U.S. Small Business Association is hosting the Patriot Pitch Competition to bring together entrepreneurs from across the country who are building and scaling businesses within their communities. Submit your application to the Vermont District Office by June 10.
The Vermont Agency of Agriculture, Food, and Markets is looking for maple producers to participate in the Vermont Maple Sap and Syrup Price Reporting Program. Register now. Participants receive $25 per month.
The USDA is offering another Supplemental Disaster Relief Program payment to producers who suffered losses due to natural disasters in 2023 and 2024. Applications are due August 12.
The 2026 Annual Crops & Soils Field Day is set for July 23 at the Borderview Farm in Alburgh. Learn about research, outreach, and community engagement efforts and watch weeding robots in action! Free for farmers. Everyone else is $30.
Meet the Board
Thomas Gallagher
Peoples Trust Company President and CEO
VEDA Board Member
Peoples Trust Company President and CEO Tom Gallagher loves community banking.
“I’ve been in banking my entire career,” says Gallagher. “Helping the borrowers of Vermont and Franklin County, that's who I have worked with for now almost 30 years.”
He also loves being a VEDA Board member.
“VEDA has always complemented my efforts in banking. I've always held VEDA in high respect through collaboration with doing loans and participations with different borrowers.”
Gallagher joined the VEDA Board in 2014 and is a past Board president. He’s proud of VEDA’s efforts to bolster economic development by investing in Vermont during times of trouble like COVID, Tropical Storm Irene, and recent flooding. He also praises the hard work that happens outside of the spotlight.
“You could tap virtually any of our borrowers, any of the individuals that we've helped, and you would have likely a story that's for primetime on how we helped either save their business, grow their business, or took a chance on them when others might not have.”
Now he’s devoted to keeping VEDA top of mind.
“We want to make sure that VEDA remains relevant. Relevant to our borrowers, relevant to the state of Vermont, relevant to our partners, whether they’re bankers or other financial institutions. We have great leadership that's focused on this and we're in a good position to do that for years to come.”
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Created by the Legislature in 1974, VEDA is Vermont's economic development finance organization helping create jobs and advance the state's public policy goals.
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