VEDA approves $19.8 million in business financings
Business loans and bond financings totaling $19.8 million were approved recently by the Vermont Economic Development Authority (VEDA). It is estimated that VEDA’s assistance will help stimulate $33 million in economic development activity throughout the state.
“VEDA is very pleased to help support a variety of manufacturing and business investments throughout Vermont,” said Jo Bradley, VEDA Chief Executive Officer. “These development projects will help to protect and create job opportunities for Vermonters.”
Among the projects approved by the Authority for financing assistance:
• Revision Ballistics, LTD., Newport – Financing of $1.16 million was approved to help a newly-established LLC, Revision Ballistics, Ltd. (RBL), save approximately 45 well-paying jobs in Newport, VT. This financing supported Revision Ballistics’ purchase of the inventory, machinery and equipment of MSA’s Newport, Vermont manufacturing plant. RBL will continue to manufacture advanced combat helmets for the US Army and other military customers. This acquisition will launch the diversification of Revision’s existing military product lines. Revision Ballistics, LTD is a wholly-owned subsidiary of Revision Military, LTD (RML) of Essex Jct., VT, manufacturers of mission-critical eyewear for military, law enforcement and tactical clients worldwide. RML is a wholly owned subsidiary of Revision Military, Inc., (RMI), a Canadian company. Within three years, RMI hopes to grow their Vermont-based employees from 150 to 200.
• Tivoly, Inc., Derby Line – Financing of $332,320 was approved to help Tivoly, Inc. undertake various capital investment projects at their Derby Line facility. Community National Bank will provide additional financing for the $830,800 project. Planned capital expenditures include replacement and purchase of machinery and equipment, and facility and equipment repair. Tivoly, Inc., a wholly owned subsidiary of Tivoly, S.A., a French manufacturer of cutting tools, is the largest tap and reamer private manufacturing label in North America. These projects will ensure Tivoly's continued competitiveness and allow the company to develop new market share opportunities. Tivoly employs over 160 people in Vermont's Northeast Kingdom.
• Green Mountain College, Poultney – Final approval was given for the reissuance of up to $14.6 million in tax-exempt revenue bonds associated with capital improvements made several years ago at Green Mountain College. The college, a four-year liberal arts institution with approximately 700 students and 118 employees, made infrastructure investments including a biomass (wood chip) heating system, renovations to Sage Hall, and improvements to the electrical distribution system. The bond purchaser will be Key Government Finance, Inc., a subsidiary of KeyBank.
• Leo D. Bernstein & Sons, Inc., Shaftsbury – VEDA approved a Small Business working capital loan to Leo D. Bernstein & Sons, Inc., in conjunction with TD Bank, to help the company fund expenditures associated with a large national purchase order. Bernstein manufactures and supplies clothing mannequins for sale to large department store retailers nationwide. The company is headquartered in New York City. Its production facility was relocated to Shaftsbury, Vermont with VEDA assistance in 2005. Bernstein employs a total of approximately 132 persons, with 55 of those jobs based in Vermont.
• Bristol Works, LLC, Bristol – Financing of $350,000 was approved through the Authority’s Small Business Loan Program to help Bristol Works, LLC renovate the former Autumn Harp building in Bristol, a 38,800 square foot facility on four acres. The building will be retrofitted and leased to tenants in the sectors of health, wellness, recreation, value-added agriculture, and green energy manufacturing. Total project costs are expected to be $1.7 million, with financing also provided by National Bank of Middlebury.
VEDA also approved:
• $2.8 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
• An additional $160,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.
VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.8 billion. For more information about VEDA, visit www.veda.org