ACEDC Approves Business Financing to Stonecutter Spirits
The Addison County Economic Development Corporation (ACEDC) has approved financing that will allow Middlebury-based start-up Stonecutter Spirits to begin production. Robin Scheu, Executive Director of ACEDC, confirmed the use of its revolving loan funds to lend $100,000 to the local gin and whiskey manufacturer.
This financing is part of a $500,000 project with additional funding coming from Opportunities Credit Union and the National Bank of Middlebury. As a result of this investment, Stonecutter Spirits expects to create 7-12 full time jobs as well as 6 part time positions over the next three years.
Founded by husband-and-wife team Sivan Cotel and Sas Stewart, Stonecutter Spirits is a new Vermont craft spirits company specializing in barrel-aging techniques. “Our flagship products will be a single barrel gin and a small batch whiskey, aged and finished with a new spin on traditional methods,” said Cotel. The company’s mission is anchored in the tenets of quality, sustainability, and growing a new local workforce. “Addison County is a growing hub of craft food and beverage production,” added Stewart. “We couldn’t be more excited to join the community of talented artisans and makers in this area.”
“We are delighted to be able to help a business like Stonecutter Spirits get started,” said Scheu. “Our revolving loan funds were created just for this type of need. ACEDC invests in local businesses with the dual goals of creating or retaining good paying jobs in the county, and helping our businesses succeed and grow.”