Vt. Economic Group Funds Growth Projects
The series of commercial, agricultural, energy and small business projects the VDEA funds will cover cost a total $29 million.
📅 Wed October 18, 2017 - National Edition
At Rhino Foods, improvement projects include renovating the existing 30,000-sq.-ft. building and adding a 14,000-sq.-ft. addition. The company also plans to buy new equipment and grow its workforce from 128 to 143 over three years.
he Vermont Economic Development Authority (VEDA) has approved $9.9 million in financing in an effort to provide support to a variety of projects throughout the state, Vermont Biz reported. The series of commercial, agricultural, energy and small business projects the VDEA funds will cover cost a total $29 million.
“VEDA is pleased to help a Vermont manufacturer create more jobs,” said Jo Bradley, CEO of VEDA. “Improving St. Albans' tourism infrastructure is also a project VEDA supported, as well as several agricultural expansion projects, and a number of energy projects.”
Projects covered include the following, Vermont Biz reported:Rhino Foods Inc., Burlington, $643,850: Funds will go to the company's plant expansion to help increase manufacturing and processing. In addition to VEDA, People's United Bank will help with financing the project, which includes renovating the existing 30,000-sq.-ft. building and adding a 14,000-sq.-ft. addition. The company also plans to buy new equipment and grow its workforce from 128 to 143 over three years.St. Albans Marina LLC, St. Albans, $1.2 million: This start-up marina will be built on a 2.15-acre area, and will include 154 slips, a fueling and pump-out dock and a parking lot with space for 80 vehicles, which will double as a storage area for boats in the winter. In addition, the site's house will be transformed into an office, ship store and lounge area for customers, complete with a kitchen, bathroom and showers and picnic space for customers to use. Sunrise Orchards Inc., Cornwall: Funding has been approved through the Vermont Agricultural Credit Corporation (VACC) to provide seasonal working funds to help the orchard grow, harvest and ship the apples it produces. Rogers Hall Sugar Maple Farm, Bradford: The VACC also provided financing Rogers Hall to help it expand to more than 26,000 taps from 14,200 taps. Funds will cover equipment, tanks and a bigger reverse osmosis machine to bolster the production process.Energy Financing, $2.1 million: Funds will cover a series of solar energy endeavors to help produce electricity for about 275 homes, and reduce carbon emissions by 1,101 tons annually. Milton McMullen Road Solar LLC will receive almost $1.2 million; Gaines Farm Community Solar LLC will get $300,000; and The Woodstock Farmers Market Inc. will receive $190,000 to cover its solar projects. VEDA's Small Business Loan Program, $765,335: These funds will provide loans to help Vermont small businesses who can't get enough financing elsewhere grow.
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