The Vermont Economic Development Authority announced approval of $4.3 million in financing for small business, mobile platform, energy efficiency, manufacturing and other projects totaling $9 million across the state.
VEDA approved nearly $1.3 million in direct commercial financing, including $150,000 to Route 802 LLC.
This Williston, VT-based digital media firm has created a mobile platform and a digital marketing ecosystem for Vermont. They also developed Vermont’s official mobile application “ThisisVT.”
Route 802 LLC is getting $150,000 under VEDA’s Entrepreneurial Loan Program, and the company will use the funding to enhance their mobile platform. They plan to grow their workforce by 15 or so jobs over the next three years.
Another project that was approved for a commercial energy loan is an equipment upgrade project by the Sugarbush Resort. This is a four-season ski resort that spans across Warren, Waitsfield and Fayston in Vermont. VEDA has approved a $500,000 commercial energy loan to help the resort replace around 350 of their old snow guns with new, energy-efficient models.
The resort will be combining the VEDA loan with Efficiency Vermont’s Great Snow Gun Roundup Program. This program provides incentives ranging from $500 to $4,000 per snow gun to ski resorts scrapping their old snow guns and purchasing new ones. It helps the state’s ski areas reduce energy costs and emissions while improving snowmaking capabilities in the summer.
The VEDA loan plus the $939,000 in Efficiency Vermont grant funding will cover a substantial part of the Sugarbush Resort’s upgrade project cost. This upgrade will reduce their annual electricity consumption by 2,000 mwh, in the process reducing annual CO2 emissions by more than 1,100 tons.
Other projects that have received approval for VEDA financing include:-
Manufacturing Solutions, Inc., Morrisville, VT – This firm, which assembles, tests and ships products for various companies, is getting a $62,884 loan from VEDA to help them purchase and install a new cutting table and refurbish an existing one. They already have 176 employees, and expect to grow their workforce to 210 over the next three years.
Caledonia Spirits, Hardwick, VT – They are getting $80,000 in working capital for an expansion into the aged whiskey market;
Al’s Snowmobile Parts Warehouse, Newport, VT – The children of the current owners are getting a $175,000 loan from VEDA to facilitate their purchase of the property and business;
Concepts ETI, Inc., Hartford, VT – Concepts ETI, which provides engineering services and makes products involving advanced turbo machinery technology, is getting $145,612 in commercial financing to purchase new CNC machining centers to expand their in-house manufacturing capabilities. They plan to add ten employees over the next three years to their current workforce of 80.
Vermont Economic Development Authority CEO Jo Bradley said that VEDA is pleased to provide financing support for these projects, adding that jobs will be created as a result of these projects, that will help boost Vermont’s economic growth.