VEDA approves $1.8 million in projects

first_img$1.8 MILLION IN FINANCING COMMITMENTSAPPROVED BY VEDA BOARD Grafton, VT Commercial, technology and agricultural development projects were approved for $1.8 million in financing assistance by the Vermont Economic Development Authority (VEDA) Board of Directors at their monthly meeting. We are pleased to be able to assist in these projects, said Jo Bradley, Chief Executive Officer of VEDA. The outcomes of these investments will be stronger business, technology, and farm enterprises with an increased capacity for future growth. Projects approved were: 42-44 Holdings, LLC, Danville – A financing commitment of $154,400 was made through VEDAs Technology Infrastructure Financing Program to enable replacement of an existing telecommunications tower that was vandalized and collapsed early this summer. The 140 tall replacement tower will support current tenants, Unicel and Montpelier Broadcasting, as well as three future telecom tenants. The total $181,440 project will result in delivery of both personal communications (digital data transmission over internet) services and cellular services by the telecom tenants. The radio station antenna will sit atop the tower.Juno Rising, Inc., d/b/a Isis, Burlington – The VEDA Board extended an existing mortgage insurance commitment of $900,000 made in November, 2003, enabling the womens outdoor clothing company to meet demand under an increased Chittenden Bank line-of-credit. It is anticipated that 7 new jobs will be created within three years. Several Farm Operating and Farm Ownership Loans were also approved by the Board to finance construction and working capital projects. Approved through VEDAs Vermont Agricultural Credit Corporation (VACC) Program were:” $354,300 to Pyle and Pyle Partnership in Shoreham;” $350,000 to Gerald and Ann Wilcox in Manchester; and” $ 48,300 to Gerry and Cheryl Audet in Orwell. VEDAs mission is to provide financial assistance to eligible businesses to stimulate job creation, and enhance economic stability and growth in Vermonts manufacturing, travel and tourism and agricultural sectors. In the Authoritys 30-year history, VEDA has made project financing commitments totaling over $1 billion.last_img

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