VEDA approves nearly $30.5 million in business financings
Includes $20.5 million tax-exempt revenue bond
The Vermont Economic Development Authority (VEDA) has approved nearly $30.5 million in business financings, including reissuance of a $20.5 million tax-exempt revenue bond. Roughly $10 million of the total approved financing is comprised of loans for a variety of economic development projects in Vermont’s commercial, agricultural, small business and energy sectors.
VEDA approved the reissuance of up to $20.5 million in tax-exempt revenue bonds previously issued by the Authority for Wake Robin Corporation, a Vermont 501(c)(3) nonprofit corporation that owns and operates a well-known continuing care retirement community with approximately 320 residents in Shelburne. VEDA has assisted Wake Robin with tax-exempt bond financing several times to finance the construction and expansion of the facility. The new bond was purchased by M&T Bank.
In addition, VEDA approved over $3 million in direct commercial loans, including:
Troy Minerals, Inc., Colchester
VEDA approved financing of $960,000 to help Troy Minerals, Inc. of Colchester purchase the real estate and business assets of the South Wallingford Quarry. In addition, the company will purchase new machinery and equipment as part of the project, for which TD Bank is also providing financing.
The South Wallingford Quarry comprises 212 acres and a crushing plant and is believed to contain enough stone to sustain operations there for another 20 years at the current rate of extraction. The quarry purchase will allow Troy Minerals to expand inventory and sales at a crushed stone aggregate operation it also owns in Florence. Troy Minerals, Inc. was formed in 1991 to develop and operate various stone quarries. The company currently employs nine people and will also maintain the South Wallingford Quarry’s eight employees.
Ye Olde England Inn, Stowe
After extensive renovations and redesign work are completed, new owners will reopen Ye Olde England Inn in Stowe next fall. VEDA approved financing of $1,441,000 to assist in the project, and the Community National Bank is providing financing, as well. The property on the Mountain Road in Stowe consists of two buildings on 2.2 acres and 30 rooms and suites. The new majority owners and business partners, Leigh Blood and Rich Cooper, plan to re-brand, market and launch the property as a member of the Lark Hotels Collection. As part of the project, the property will be completely renovated to improve room layout and cosmetic appearance, transforming it from an English-style inn to a modern New England lodge. Plans are to reopen the facility, which has been closed since last spring, in September of 2015. Within three years of the purchase and renovation project, it is estimated that 28 full-time hourly and salaried jobs will be created.
Flex-A-Seal, Inc., Essex Junction
VEDA approved a $114,000 VEDA loan to its long-time borrower, Flex-A-Seal, Inc., to fund its purchase of a new CNC milling machine that will increase capacity, reduce production costs, speed delivery times and handle more specialized work. The project will also fund an expansion in modular work areas for manufacturing supervisors and the purchase of other equipment. People’s United Bank is also participating in funding the project.
Flex-A-Seal’s products include dual and split cartridge seals, welded bellows, cryogenic seals and heavy-duty slurry seals. These products are sold worldwide to companies involved in pulp and paper, chemical and food processing, drug manufacturing, wastewater, potable water, refineries, marine and pipeline systems.
VEDA’s financing relationship with Flex-A-Seal started with a real estate loan in 1991, and since that time, has included a number of machinery, equipment and building loans. Flex-A-Seal started in 1983 with three employees. Today, the company employs 88 people in Vermont and that number is expected to grow to 105 within three years of the project.
VEDA also approved:
- $3.2 million through the Authority’s SBA 504 Program, through which the Vermont 504 Corporation, with SBA’s approval, makes SBA 504 loans to eligible and qualified borrowers;
- Almost $1.4 million through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
- $906,891 in energy-related financing.
- In addition, over $1.4 million was 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. Approved loans include:
For more information and a complete list of funding visit www.veda.org or call 802-828-JOBS.
UVM professor examines trauma and triumph of Maya Angelou
Part of First Wednesdays at Essex Junction’s Brownell Library
UVM professor Emily Bernard will look at the transformation of beloved poet and activist Maya Angelou in a talk at Brownell Library in Essex Junction on Feb. 4 at 7 p.m. Her talk, “Delicious to the Ear: The Inspiring Voice of Maya Angelou,” is part of the Vermont Humanities Council’s First Wednesdays lecture series and is free and open to the public.
Before she became an internationally revered poet, memoirist, and activist, Maya Angelou was mute for five years as a child. Bernard will explain how poetry awakened Angelou’s voice, a voice that transformed a history of trauma into inspiration and beauty.
Emily Bernard is a professor of English and Critical Race and Ethnic Studies at the University of Vermont. Her books include “Remember Me to Harlem: The Letters of Langston Hughes and Carl Van Vechten” (2001), which was a New York Times Notable Book of the Year; “Some of My Best Friends: Writers on Interracial Friendship” (2004), chosen by the New York Public Library as a Book for the Teen Age; and “Michelle Obama: The First Lady in Photographs” (2009), a book she co-authored with Deborah Willis, which received a 2010 NAACP Image Award. Her most recent book, “Carl Van Vechten and the Harlem Renaissance: A Portrait in Black and White”, was published by Yale University Press in 2012. Her essays have been published in several anthologies and journals.
For more information visit vermonthumanities.org.