January 2, 2021
  • 7:39 am VEDA approves $3 million in business development financing
  • 7:34 am Vermont manufacturer Sonnax Industries sold to employees
  • 7:30 am SBA opens recovery center in White River Jct, new hours of operation for existing centers
  • 1:23 pm New Solar Capacity a Major Threat To Texas Coal Generators
  • 1:23 pm NextEra quietly builds world’s largest renewable energy company

first_imgThe Vermont Economic Development Authority has approved $3 million in financing to support business and agricultural development projects totaling $7 million. Included is a $825,000 loan to MSI in Morristown, a $182,000 mortgage insurance commitment to Bradford Vaneer, and a $131,000 loan to Green Mountain Urology in Middlebury. We are pleased to help businesses strengthen and grow in the manufacturing, agricultural, and small business sectors of our state s economy, said the Authority s Chief Executive Officer Jo Bradley.Approved for financing assistance by VEDA are:Manufacturing Solutions, Inc., Morristown VEDA approved an $825,000 loan to Manufacturing Solutions, Inc. (MSI) to partially finance a $3.5 million project to purchase and renovate the 95,000-square-foot HA Manosh, Inc hardwood sawmill property and the adjacent 22,000 square foot former Lamoille Valley Railroad Engine House in Morrisville. MSI assembles, tests and ships products for Concept II and other companies. The project will allow MSI to consolidate production from three other buildings in Morrisville and Hyde Park, making that space available for lease to other small businesses. MSI employs 81 persons, a number expected to grow to 95 within three years of the project. Union Bank is also participating in the project.Bradford Veneer & Panel Co., Inc., Bradford A mortgage insurance commitment in the amount of $182,000 was approved by VEDA relative to a $232,000 working capital bank loan extended to Bradford Veneer & Panel Co., Inc. by Wells River Savings Bank. Bradford Veneer & Panel has been in operation since 1906, initially manufacturing, and then purchasing and adding value to plywood blank panels. The company employs 16 persons, a number expected to grow to 25 positions within three years.Green Mountain Urology, Middlebury A direct loan of $130,781 was approved to Green Mountain Urology as part of a $326,952 project to move the medical practice s Middlebury operations from a leased trailer at Porter Hospital to a purchased Exchange Street condominium. Operating since 1993, Green Mountain Urology has 18 employees. In addition to the Middlebury location, the practice has offices in Colchester, Morrisville and St. Albans.The Authority also approved:More than $1.6 million in farm ownership and operating loans through the Vermont Agricultural Credit Corporation;$245,805 for several small business development projects through the Vermont Small Business Loan Program; and$50,250 through the Vermont Business Energy Conservation Loan Program to help a small business make energy efficiency and conservation improvements.VEDA s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.Source: VEDAlast_img read more

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first_imgSonnax Industries,Vermont Business Magazine Sonnax Industries, an auto parts manufacturer based in Bellows Falls, has been sold to its employees. The previous owners, Tommy Harmon and Rick Fritz, sold 100% of the company stock to an Employee Stock Ownership Plan (ESOP). The company employs about 150 people.”The ESOP is the ultimate way to reward our employees for their contributions to the success of Sonnax,” said Sonnax President and CEO Tommy Harmon. “From now on when customers, suppliers, or other stakeholders are interacting with Sonnax personnel, they will be dealing with an owner.””The overriding benefit of the ESOP is that it allows employees to participate in the growth and success of the company. Additionally, the ESOP should be instrumental to Sonnax in attracting and retaining the best talent in our industry,” Harmon added.Tommy Harmon will retain his position as CEO of the company, and Harmon and partner Rick Fritz will remain on the company’s board of directors. The existing management team will remain in place, and the company is committed to remaining in Vermont, where it will continue as a significant employer in the area.Sonnax is a diversified supplier of specialized drivetrain products to the automotive and commercial vehicle industries, and to industrial sectors utilizing drivetrain technology. Sonnax is headquartered in Bellows Falls, Vermont and has sales offices and tech centers in strategic locations around the world. RELATEDSonnax owner sells company to managers | Vermont Business Magazine. Jul 31, 2005last_img read more

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first_imgThe US Small Business Administration announced the opening of an additional recovery center in White River Junction on Monday, Oct. 17 at 8 a.m. to assist individuals and businesses affected by Tropical Storm Irene.  The hours of operation for the new and existing Centers are Monday through Saturday from 8 a.m. to 5 p.m., until further notice.  The Centers are located in the following communities:Windham County Brattleboro Development Credit Corp. 72 Cotton Mill Hill ‘ 2nd FloorBrattleboro, VT 05301Windsor County Town of Hartford Building171 Bridge StreetWhite River Junction, VT 05001Opens:  Monday, Oct. 17 at 8 a.m.Springfield Development Corp. 14 Clinton Street Springfield, VT 05156Anyone unable to visit one of the Centers may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing or by sending an email to disastercustomerservice@sba.gov(link sends e-mail).  Business loan applications can also be downloaded from www.sba.gov(link is external).  Completed applications should be returned to any one of the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.Those affected by this disaster may fill out a loan application online by visiting SBA’s website athttps://disasterloan.sba.gov/ela/(link is external).The filing deadline to return applications for physical property damage is October 31, 2011.The deadline to return economic injury applications is June 1, 2012 .For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov(link is external) .  ATLANTA, Oct. 14, 2011 /PRNewswire-USNewswire/ —last_img read more

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