Three ACEDC Members Secure VEDA Funding
Three Addison County Economic Development Corporation (ACEDC) members were recently awarded financing from the Vermont Economic Development Authority (VEDA). VEDA announced these loans and loan guarantees to support manufacturing, agricultural, energy and small business projects throughout Vermont. These 3 local businesses were among more than a half-dozen Vermont companies awarded $7.1 million in recently approved economic development financing.
- Shacksbury (Shoreham/Vergennes): A $150,000 loan was approved to partially fund equipment and working capital needed for their planned expansion to a new hard cider producing and tasting facility to be located at fellow ACEDC member Kennedy Brothers.
- Vermont Tree Goods (Bristol): This start-up lumber mill & specialty furniture company was approved for a $50,000 loan for working capital to grow.
- Olivia's Croutons (New Haven/Brandon): As part of $2.75 million expansion plan, VSAC loans totaling almost $1 million will help the company expand to meet growing demand with the purchase of an existing 36,000 sq. ft. manufacturing facility on 11 acres. New equipment will also be purchased as part of the plan with additional financial support from fellow ACEDC member the National Bank of Middlebury. The company is expected to almost triple their employees within 3 years with this expansion.
VEDA also approved other funding for financing various energy projects, Small Business Loan Program recipients as well as for farms or forestry products from its Vermont Agricultural Credit Corporation (VACC).