June 29, 2009 Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $9.9 million in financing to support commercial, small business and agricultural projects throughout the state, leveraging another $15.6 million in private investment.
“In this financing round, more than half the dollars approved by VEDA are being invested in the agricultural sector of Vermont’s economy through the Vermont Agricultural Credit Corporation,” said Jo Bradley, the Authority’s Chief Executive Officer. “Agricultural projects received a total of $5.1 million, with more than half that amount coming from a special fund of low-interest agricultural stimulus financing announced in April,” said Bradley.
Among the projects approved for VEDA financing are:
- DuBois Energy, LLC, Addison –Financing of $500,000 was approved as part of a package of loans, grants and federal guarantees supporting construction of an anaerobic digester to produce electricity from manure on the DuBois dairy farm in Addison. Owned by the DuBois family since 1974, the DuBois Farms, Inc. dairy farm has 1,665 acres and 1,200 cows. DuBois’ farm would become the state’s seventh agricultural facility to produce its own electricity through the use of anaerobic digester technology. Yankee Farm Credit, Central Vermont Public Service, Vermont Clean Energy Development Fund, and U.S. Rural Development are also participating with loans, grants and guarantees in the $2.6 million energy development project.
- Mortgage Insurance Agreements were approved by VEDA to back working capital loans made by commercial lenders to several Vermont companies:
- $900,000 to Peoples United Bank for Juno Rising, Inc., d/b/a Isis in Burlington; and
- $1 million to Peoples United Bank for Global Resource Options, Inc. (GRO Solar) in White River Junction.
The Authority also approved:
- An additional $520,520 in Direct Loans to several Vermont businesses and manufacturers;
- An additional $4.6 million in farm ownership and operating loans through the Vermont Agricultural Credit Corporation;
- $2 million for several real estate development projects through the Authority’s Vermont 504 Loan Program;
- $185,000 for several small business development projects through the Vermont Small Business Loan Program;
- $95,626 through the Vermont Business Energy Conservation Loan Program to help small businesses make energy efficiency and conservation improvements; and
- $98,337 to finance the construction of water systems through the Drinking Water State Revolving Loan Fund.
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 $1.4 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
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Contact Information:
Jo Bradley
Chief Executive Officer
VEDA
802-828-5627
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