VEDA Announces Over $9 Million in Financing, Including for Broadband and a Business Accelerator
Thursday, January 16, 2020
The Vermont Economic Development Authority (VEDA) approved over $9 million in new financing for Vermont businesses and farms this past quarter, a $4 million increase in volume over the same quarter last year. The new financing includes continued investment in Vermont’s small business sector, the first approval for VEDA’s Broadband Expansion Loan Program, and an exciting new business accelerator project in the Northeast Kingdom.
“We had a strong quarter with continued demand for small business financing and projects like the Yellow Barn Business Accelerator in Hardwick,” said Cassie Polhemus, Chief Executive Officer at VEDA. “The year ahead looks bright with a new loan program for the Northeast Kingdom and the continued strong support from our lending and economic development partners around the state, all working hard to increase Vermont’s economic prosperity.”
VEDA approved loans totaling $5.8 million for commercial enterprises and small businesses, including:
- Yellow Barn Business Accelerator: The Hardwick Yellow Barn Business Accelerator and Corporate Campus is a joint venture between the Town of Hardwick, Northeast Kingdom Development Corporation and the Center for an Agricultural Economy. VEDA provided partial financing to foster economic development in the Northeast Kingdom, expanding and rehabilitating the historic Yellow Barn on Route 15 in Hardwick. Cabot Creamery and Jasper Hill Farm are the first confirmed tenants and the project estimates to create 105 new jobs over the next five years.
- Mansfield Community Fiber: Last year, the legislature created Subchapter 14 of VEDA’s Statute to enable the Authority to make loans that expand broadband service to unserved and underserved Vermonters. Mansfield Community Fiber is the first loan approval for this program and will offer broadband access to 267 potential new customers in the towns of Cambridge and Fletcher.
VEDA also approved loans totaling $1 million for fifteen different borrowers in the agricultural sector, another $1 million in renewable energy financing, and facilitated the approval of $1.2 million for its affiliate loan programs like the Drinking Water State Revolving Loan Fund.
For loan closings in the second quarter, VEDA closed $16.6 million in new loans, bringing total closed loan volume in the current fiscal year (since July 1) to $32.1 million. Of the second quarter closings, $3.2 million was invested in the agricultural sector, $1.5 million in small business, $2.5 million in renewable energy, $2.8 in direct commercial loans, and administered over $6.6 million for affiliate programs.
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