Modified from the original press release
Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $46.5 million in loan and bond financing for a number of commercial, agricultural, energy and small business projects throughout Vermont. Among the projects approved for financing assistance are manufacturing expansions in Middlebury and Barre that are expected to create 32 new manufacturing jobs within three years.
“It is always exciting to see Vermont manufacturers continue to grow and create new jobs.” said Jo Bradley, VEDA Chief Executive Officer. “VEDA is pleased to provide part of the financing needed to help facilitate these and other projects expected to create jobs for Vermonters.”
Through VEDA’s Commercial Energy Loan Program, which helps Vermont businesses finance qualifying renewable energy generation and energy efficiency improvement projects, the Authority approved over $3.2 million in loans to partially finance several group net metered solar array systems. Among the approvals are projects in Jamaica, Ferrisburgh, and Pittsford which, together, will produce enough renewable electricity to power the equivalent of 524 average households, and reduce CO2 emissions by 1,590 tons each year. The commercial energy projects approved include:
- Cement Plant Solar, LLC, Jamaica – $1.1 million as part of a $2.1 million project to construct and operate a Group Net Metered 499 KW solar array;
- HV Solar, Ferrisburgh – $708,441 as part of a $2.6 million project to construct two net metering projects in Ferrisburgh to benefit several affordable housing partnerships;
- Pittsford GLC Solar, LLC, Pittsford – $673,200 as part of a $1.7 million project to produce renewable electricity for the Town Proctor and Grace Cottage Hospital; and
- Ferrisburgh Community Solar NM, LLC, Ferrisburgh – $300,000 as part of a $1.5 million net metering solar project to benefit Vergennes High School and other businesses in the area.
About VEDA
The Vermont Economic Development Authority (VEDA) is Vermont’s nonprofit economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”
Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy. VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.
Since 1974, VEDA has provided over $2.16 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.
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