ACEDC Members Receive VEDA Funding
Three Addison County Economic Development Corporation (ACEDC) members were among the projects the Vermont Economic Development Authority (VEDA) recently approved. This round of VEDA's investment in economic development financing, totaling $7.1 million, supports manufacturing, agricultural, energy and small business projects throughout Vermont.
Projects approved by VEDA for financing assistance include:
- Olivia's Crouton Company, Brandon - Loans totaling $999,400 were approved to help Olivia's Crouton Company meet growing production demands through the purchase and renovation of a 36,000 square foot existing manufacturing facility on eleven acres in Brandon. New equipment purchases will also be part of the now $2.75 million expansion plan, for which the National Bank of Middlebury is providing additional financing support. Begun in 1991, Olivia's Crouton Company produces wholesome homemade-style bread croutons known by retail customers and food service professionals alike for the products' uniqueness and high quality. Over the past 25 years, the company has grown from a home kitchen operation to its present dual locations -- a 4,500 square foot converted barn in New Haven and an additional 5,000 square feet of leased space in Middlebury. The new project facility will allow Olivia's to expand its product offerings, and increase its co-packing capabilities with other Vermont brands, as well. In addition to VEDA and bank financing, $150,000 of the project will be financed by Rutland Economic Development Corp. and $70,000 by the Brandon Revolving Loan Fund. Olivia's Crouton Company has seven employees, a number expected to grow to 18 within three years of the expansion project.
Agricultural loans totaling $1.4 million also were approved through the Authority's agricultural loan program, the Vermont Agricultural Credit Corporation (VACC), which provides financing for Vermont farmers, agricultural facilities and forest product businesses.
VEDA also approved financing for several businesses through the SBA's Community Advantage Program, which enables the Authority to secure guarantees on smaller loans. Among the Community Advantage financing approvals are:
- Shacksbury Holdings, Middlebury was approved for a $150,000 loan to partially fund the purchase of machinery and equipment for, and leasehold improvements to, its new hard cider processing, bottling and tasting facility to be located in a portion of the former Kennedy Brothers building in Vergennes. The financing will also provide the company with working capital for the fit-up of the space. Established in 2013, Shacksbury Holdings imports and produces premium hard cider that is marketed through leading beverage distributors in twelve states in the U.S., and in two Canadian provinces. In addition to the VEDA financing, Shacksbury Holdings will also receive financing from the Addison County Economic Development Corporation, and a grant from the Vermont Regional Economic Development Program; and
- Vermont Tree Goods, Bristol was approved for a $50,000 working capital loan to help a start-up specialty lumber mill and producer of "live edge" wood furniture grow his business. Utilizing a custom-designed sawmill that reduces the environmental impact of milling, Vermont Tree Goods efficiently recycles unwanted logs from large heritage trees and transforms them into high-quality specialty lumber, millwork and furniture. Vermont Tree Goods' furniture products are sold in and outside Vermont through multiple distribution channels.
In addition, loans totaling $596,000 were approved through the Authority's Small Business Loan Program, which assists growing Vermont small businesses that are unable to access adequate sources of conventional financing.
The Vermont Economic Development Authority (VEDA) is Vermont's economic development finance lender. Created by the Vermont General Assembly in 1974, VEDA's mission is "to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises."
VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority's lending solutions are customized to each borrower's individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA's innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed.
VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont. Since inception, VEDA has provided over $2.288 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.
VEDA has five offices throughout Vermont - in Montpelier, Burlington, Middlebury, St. Johnsbury and Brattleboro. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.