VEDA approves $17.4 million in financing

first_imgVermont Business Magazine During the most recent quarter, the Vermont Economic Development Authority (VEDA) approved over $17.4 million in financing for economic and agricultural development projects throughout Vermont totaling $30.2 million. Projects include: $1.5 million to Community Health Services of Lamoille Valley (CHSLV) in Morrisville; $240,000 as partial financing to Flex-A-Seal, Inc in Essex Junction; $371,000 to Cynosure, Inc, a non-profit affiliate of Greater Burlington Industrial Corporation (GBIC); $78,253 to Springfield Regional Development Corporation (SRDC); $808,042 to VRS Solar, LLC; $150,000 to Hunter and Hand Solar, LLC; $1.6 million to purchase The Stone Hill Inn in Stowe; $1 million to support the 40-year old Village Cannery of Vermont; $50,000 in working capital to Mamava, Inc in Burlington; $1.25 million to purchase and renovation of Highland Lodge in Greensboro; $250,000 for J Lev, Inc, Shelburne; and $350,000 to New England Center for Circus Arts (NECCA), Inc in Brattleboro.”VEDA is pleased to provide financing that will help manufacturing, agricultural and small business projects move forward with their growth plans,” said Jo Bradley, the Authority’s CEO. “In addition, a community health center will expand, and several renewable energy and start-up initiatives will also receive VEDA financing.”Projects approved by VEDA for financing assistance include:$1.5 million to Community Health Services of Lamoille Valley (CHSLV) in Morrisville as partial financing for a $6.5 million project to construct a new state-of-the-art medical facility adjacent to the community health organization’s existing building. The new structure will house Appleseed Pediatrics, and other support services including Behavioral Health, case management and telehealth. Union Bank is also providing financing for the project, which will help CHSLV greatly expand and better meet the needs of the community. CHSLV expects to increase employment within three years from 132 to 138 positions; and$240,000 as partial financing to Flex-A-Seal, Inc. in Essex Junction to purchase new production equipment and fit up a new leased facility which will provide greater growth capacity for the company. People’s United Bank is also providing financing for the $600,000 expansion project. Established in 1983, Flex-A-Seal produces many types of sealing products used in industries including hydrocarbon processing, chemical and food processing, potable water, and drug manufacturing. Flex-A-Seal employs 101 persons, a number expected to grow within three years to 116.Through VEDA’s Local Development Corporation Loan Program, which provides financing to nonprofit local and regional development corporations to build facilities for lease to identified eligible tenants, or to plan and/or develop industrial parks, VEDA approved:$371,000 to Cynosure, Inc., a non-profit affiliate of Greater Burlington Industrial Corporation (GBIC), for the purchase and installation of new HVAC systems in its building in the Catamount Industrial Park in Milton. The building is leased to Champlain Valley Dispensary, Inc., a State-licensed non-profit distributor of medical cannabis since June of 2013. The renovation will allow the company to build out and increase its production space. Within three years, Champlain Valley Dispensary expects to increase employment from 30 to 49 positions; and$78,253 to Springfield Regional Development Corporation (SRDC) for capital improvements to the Robert S. Jones Center in Springfield that will make the property safer and more attractive to existing and potential future tenants. The project will include construction of ADA accessibility features, sidewalk and paving improvements, exterior lighting upgrades, and a new entry roof.Agricultural loans totaling over $8.2 million also were approved through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC), which provides financing for Vermont farmers, agricultural facilities and forest product businesses.Close to $1.6 million in Energy Financing was approved for several commercial and agricultural solar energy installation projects which together will produce enough renewable electricity to power the equivalent of 237 average households, and reduce CO2 emissions by 948 tons each year.  Approved financings include:$808,042 to VRS Solar, LLC to partially fund construction of a 420 kW net metered solar array in Shoreham; and$150,000 to Hunter and Hand Solar, LLC to partially refund costs associated with development of a net metered 106.7 kW solar array on the roof of the Fisher School in Arlington. Loans totaling over $1.3 million were approved through the Authority’s Small Business Loan Program, which assists growing Vermont small businesses that are unable to access adequate sources of conventional financing.  Approved loans include:$500,000 as partial financing for the $1.6 million purchase The Stone Hill Inn in Stowe. Stone Hill Inn is a 10-room Bed & Breakfast located on 9 acres on the Mountain Road. Union Bank is also providing financing for the project;$300,000 in working capital as part of a $1 million project to support the 40-year old Village Cannery of Vermont’s fast-growing organic apple cider vinegar business in Barre. Ledyard Bank is also providing financing for the growth project. Within three years, Village Cannery hopes to increase employment from 20 to 25 jobs; and$50,000 in working capital to Mamava, Inc. in Burlington, designer and developer of the first and only free-standing kiosk-type lactation suites for nursing mothers on the go. Mamava has installed approximately 100 of these units in public spaces throughout the U.S. such as airports, arenas/stadiums, colleges, convention centers, government buildings, hospitals and malls. The working capital project will help the business grow employment within three years from five to ten jobs.Approved financings through VEDA’s Vermont 504 Loan Program which, with SBA’s approval, makes SBA 504 loans to eligible and qualified borrowers, include:$380,000 as partial financing for the $1.25 million purchase and renovation of Highland Lodge in Greensboro. Operating since 1926, the Highland Lodge is a 10-room Bed & Breakfast with a 60-seat restaurant and commercial kitchen, owner’s quarters and ten cabins located on136 acres of land on Caspian Lake. Community National Bank is also providing financing for the project. Through VEDA’s Entrepreneurial Loan Program, which provides financing to meet the working capital and capital-asset financing needs of Vermont-based businesses that may not have access to conventional means of financing, the Authority approved financing for:J Lev, Inc., Shelburne – Doing business as J Skis, this alpine ski designer and online retailer is an early-stage company. With the help of $250,000 in VEDA financing, J Skis was able to produce inventory for the 2016-2017 ski season featuring new twin tip skis that the business sells exclusively online direct to consumers at Jskis.com.VEDA also approved $700,000 in financing through the Windham County Economic Development Program, for which VEDA acts as the administrative partner to provide loans for eligible projects that stimulate job creation and strengthen the economic development infrastructure of Windham County. Loans approved are:$350,000 to New England Center for Circus Arts (NECCA), Inc. in Brattleboro as part of a $2.5 million project to construct a new 8,600 square foot facility with a 38 foot ceiling. Founded in 2007 as a non-profit, NECCA has become a center for circus arts, annually serving over 2,000 individuals of all ages and skills in classes and Outreach programs, and has built an international reputation as a leader for professional level performance training. NECCA currently rents several facilities for its program work, and the new facility will help the Center attract the highest level of professional and aspiring circus arts students and performers. VEDA approved an additional Direct Loan of $391,866 for the project and Brattleboro Savings is also providing financing. The Center estimates employment there will increase from fifteen to eighteen jobs within three years of the expansion project; and$350,000 in working capital to SchoolHack Solutions, Inc, designers of an educational software platform to help schools monitor students’ personalized learning plans. The working capital will enable the business to hire in-house software developers and customer service representatives to expand product offerings and professional services to schools. The start-up business now employs nine persons, a number principals expect to increase to thirteen within three years of the project.About VEDA The Vermont Economic Development Authority (VEDA) is Vermont’s nonprofit economic development finance lender. Created by the Vermont General Assembly in 1974, VEDA’s mission is “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.”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 inception, VEDA has provided over $2.288 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.   VEDA has five offices throughout Vermont – in Montpelier, Burlington, Middlebury, St. Johnsbury and Brattleboro. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-JOBS.Source: VEDA 12.6.2016last_img read more

Feature articles in the September 2014 issue of Railway Gazette International

first_imgFeature articles in the September 2014 issue of Railway Gazette International, the leading business journal for railway operators and suppliers, read in 140 countries. Subscribe to Railway Gazette International today. Comment A question of pricing power News Main Line Urban Rail Market Industry Innovations Pointers Analysis Official report outlines multiple factors in Lac Mégantic accident SNCF seeks to secure the future of the TGV Border changes affect Tazara Germany Mastering complexity will boost customer satisfactionRecently appointed as Board Member for Technology & Environment at DB AG, Dr Heike Hanagarth explains how she intends to improve the group’s performance across the ‘railway system’ First ICx will be complete this yearDeutsche Bahn is staking the future of most of its long-distance passenger business on a single family of trains. Testing of the first ICx set is due to start next year, reports Murray Hughes Coach competition hits long-distance businessBus operators have entered the German inter-city market with a vengeance, hitting DB’s IC and ICE business Funding is the key to network developmentDB Netz is increasing its budget for maintenance and renewals, recruiting staff and optimising management of major projects. But the ongoing renegotiation of DB’s funding agreement with the government will be critical, says CEO Frank Sennhenn Lehrte MegaHub to open in 2017Construction is getting underway on an innovative intermodal terminal with automated container sorting technology, which will become a key node in the European rail freight network A dynamic process Advances in the weighing of tank wagons offer operational efficiencies for the petrochemical industry. Freight Bold moves needed to secure modal shareAn analysis of market trends by management consultancy McKinsey suggests a highly uncertain outlook for European rail freight Facing up to a new realityHaving come through a major corporate restructuring following the economic recession in 2007-08, Austria’s Rail Cargo Group is working to position itself as the leading rail freight operator in southeast Europe Keeping the goods on trackContinuous monitoring is an essential input to support condition-based maintenance of freight wagons Matching boxes to wagonsA novel online brokerage has launched in the UK to match smaller shippers with vacant space on container trains A second intermodal revolution is comingA decade after international intermodal traffic became the biggest commodity moving on North America’s railroads, the domestic market offers new opportunities over shorter distances, argues Tony Hatch PUR pads protect heavy freight corridorsGetzner Werkstoffe has been developing its range of PUR under-sleeper pads designed especially for freight routes In focus Bringing Prasa into the wireless control eraPassenger Rail Agency of South Africa is embarking on a R19bn signalling programme that could see networks in Johannesburg, Durban and Cape Town equipped with a locally-adapted variant of ETCS by 2022 ERTMS Regional spearheads Zambian renewalAs part of a wider rehabilitation, a consortium of Bombardier, Huawei and local firm GMC Technologies is equipping Zambia’s north-south main line with ERTMS Regional Regional railways adopt economical train controlThe upgrading of Austria’s Mariazellerbahn has taken a further step forward with the commissioning of a cost-effective traffic management system using off-the-shelf hardware Steady growth aheadDemand for products and services from the railway supply industry is expected to grow at a faster rate in the next six years, according to the latest World Rail Market Study InnoTrans previewThe global gatheringThe world’s railway industry meets at the InnoTrans rail technology exhibition in Berlin on September 23-26 Research & skills La Sapienza university launches Masters Degree programme DB provides management training in Kazakhstan Forum People Dieter Sidetrack Book reviews Diary Viewpoint Only a combination of co-operation and competition can make Europe’s railway industry commercially successful, believes Railroad Development Corp Chairman Henry Posner IIIlast_img read more

Weekend racing in doubt – BGLC orders closure of all gaming lounges, betting shops and bars with gambling machines

first_imgGROOMS were the only persons shouting yesterday afternoon, urging on their respective charges from near the winners’ enclosure, a far cry from the normal din which accompanies stirring finishes on a regular race day when 5,000 patrons cram the various stands at Caymanas Park.However, at least one Supreme Ventures Racing and Entertainment Limited (SVREL) off-track betting (OTB) parlour in Portmore was observed being openly in breach of the Government stipulation that gatherings should not exceed 20 persons at a time. On Monday, when asked how this would have been guaranteed for the three approved racemeets, a Jamaica Racing Commission (JRC) official told The Gleaner that OTBs do not fall under the purview of that body, pointing to the Betting, Gaming and Lotteries Commission (BGLC) as the authority responsible to enforce coronavirus regulations regarding social gatherings at those locations.This weekend’s JRC-approved race days are now in jeopardy and could be cancelled. SVREL’s main source of income, OTBs, were hit by a late notice from the BGLC yesterday, titled, ‘urgent advisory’, stating, “all gaming lounges, betting shops and bars with gambling machines must close, effective Wednesday, March 18”.The advisory further stated, “The BGLC advises operators of all types of gambling establishments to strictly follow all directives announced in regard to the measures to control the spread of COVID-19. Establishments offering any form of gambling services are required to comply with the law that all bars, nightclubs and places of entertainment are to be closed …” Horse-racing promoting company, SVREL, though close to $700 million in the red since taking over operations at Caymanas Park three years ago, had sought and received permission from the JRC to stage the spectator-free racemeets, with no wagering at the racetrack, the other two being this weekend, Saturday and Sunday, saying it had the earnings of jockeys, trainers and grooms at heart in staging what will be three major loss-making race days.Entrance and exit to the Portmore community-locked racetrack was confined to the north western Meadowvale gate and persons entering certain areas had to undergo hand sanitisation and tests, which included blood pressure, oxygen level and temperature scanning, in addition to providing vital information such as age, address, next of kin and recent travel details.Yesterday champion trainer Anthony Nunes’ TOONA CILIATA, last year’s Superstakes runner-up to Horse-of-the-Year SHE’S A MANEATER, outclassed five rivals at seven and a half furlongs to land the King’s Plate. However, there was no owner on hand to watch TOONA CILIATA, nor any of the other nine winners on the 10-race card as only jockeys, trainers, grooms, race day officials, essential workers and media were granted access to the racetrack amid fears of the coronavirus, which has been declared a pandemic by the World Health Organization and has, thus far, afflicted 13 Jamaicans locally. Back-to-back winners In what could be the last racemeet until further advised, Patrick Lynch and Nunes each saddled back-to-back winners. Lynch’s CONTRACTOR won the second event as the 1-9 favourite before he followed up with BALA GRIS at odds of 7-2 in the third. Nunes opened his account with LET HIM FLY, a maiden condition race for three-year-olds, before TOONA CILIATA stamped his class in the ninth with jockey Linton Steadman, beating CRIMSON by two and three-quarter lengths in 1:33.1. Barbadian jockey Simon Husbands rode two winners, Ian Parsard’s three-year-old classic aspirant, DOUBLE CROWN, who posted an impressive 1:33.2, a fifth of a second outside TOONA CILIATA’s time at seven and a half furlongs, as well as 10-1 outsider, LOCOMOTIVE, in the fifth event.last_img read more