ACEDC Loans Help 3 Local Businesses Grow
Loans help three local food businesses get bigger
Posted on July 18, 2013 |
MIDDLEBURY — The Addison County Economic Development Corp. (ACEDC) will issue loans that will allow three area businesses to ramp up their respective production of croutons, whiskey and a traditional Indian smoothie called “lassi.”
Robin Scheu, executive director of the ACEDC, confirmed on Monday her organization will lend a combined total of around $120,000 to Olivia’s Croutons of New Haven, DAHlicious Lassi of Shoreham and the new Appalachian Gap Distillery in Middlebury’s industrial park.
“It’s very exciting to be able to lend out this money,” Scheu said of the funds from the ACEDC’s Intermediary Re-lending Program. The United States Department of Agriculture loaned the money to the ACEDC around a year ago to stimulate local business growth. The borrowers will be charged an interest rate of 7 percent, with payback expected in five to seven years. The return of interest and principal will keep the loan fund growing and keep it available to future borrowers needing to fill financial gaps in their business expansion plans.
“As companies repay, the pot (of money) grows,” Scheu said.