The manufacturing, agricultural, and small business sectors of Vermont received a big boost recently. The Vermont Economic Development Authority (VEDA) approved $8.3 million in financing to support $26 million worth of projects throughout the state.
The funding allocation is as follows:
- Flex-A-Seal, Williston – $1.5 million
- Long Falls Paperboard, Brattleboro – $1.5 million
- Branon Farm, Fairfield – $1.4 million
- Small Business Loan Program – $1.8 million
Jo Bradley, Chief Executive Officer said, “VEDA is pleased to have approved financing to help a long-established Vermont company expand and consolidate its manufacturing operations in Williston.”
Bradley added, “VEDA also provided financing as part of a regional/state collaborative effort to secure 100 well-paying manufacturing jobs in Brattleboro. In addition, among the nearly $2.9 million in approved agricultural financings were many loans offering cash flow relief to Vermont’s dairy farmers to help them withstand the pressures of several years of low milk prices.”
In a nutshell, here are the financing objectives and utilization of the funds:
Flex-A-Seal, Inc., Willington will use the $1.5 million approved financing to purchase, renovate and consolidate operations in an already existing 65,063 square-foot building on Hurricane Lane. The funding of the expansion project will come from the People’s United Bank. The new building located on 6.7 acres of land will provide the additional capacity needed to meet the increasing demand for Flex-A-Seal products.
The approved $1.5 million financing for Long Falls Paperboard, LLC, Brattleboro is part of a $6 million project to secure 100 well-paying manufacturing jobs in Brattleboro. The financing was made in coordination with the Brattleboro Development Credit Corporation (BDCC) and several economic development partners.
The $1.4 million loan extended to Daniel Branon, Fairfield will be used to partly finance the purchase of an additional established sugaring operation by Daniel and Helen Branon and their sons. The acquisition of the property will allow the Branons’ to expand the family’s sugaring operation.
The modern Fairfield farm and its sugaring operation have approximately 87,000 taps within a five-mile radius of the farm. The Branons are fully-equipped to operate with efficiency. They are implementing modern sugaring production methods. Peoples Trust Company is providing financing for the expansion project. The $1.8 million approved loan under the Authority’s Small Business Loan Program is exclusive for small business projects since the growing number of small businesses in Vermont do not have access to conventional lenders.