RUTLAND - The Vermont Economic Development Authority (VEDA) has approved $6.9 million in economic development financing to several businesses throughout the state.
This mini taxpayer-funded state stimulus effort has targeted several local businesses, and one college, in the region-Vermont Smoke and Cure of Hinesburg, the College of St. Joseph in Rutland, and Springfield Regional Development Corporation.
"These investments in our state's manufacturing, small business, and agricultural sectors will help stimulate economic activity in Vermont," said Jo Bradley, VEDA's chief executive officer.
The following businesses in the New Market Press newspaper circulation area will receive VEDA funds.
Vermont Smoke and Cure, LLC, of Hinesburg will receive $800,000 for a nearly $5 million project to purchase machinery and equipment and improve a 21,000 square foot manufacturing space in Hinesburg.
According to Bradley, the new facility, which formerly housed Saputo Cheese, will help Vermont Smoke and Cure reduce processing costs and increase services for Vermont farmers. The funds will be used to increase production, particularly for Vermont Smoke and Cure's single-serve natural snack sticks.
Community National Bank is also participating in the Hinesburg project, which within three years, is expected to help Vermont Smoke and Cure more than double employment at the plant from the current 14 positions to 37, Bradley said.
The College of St. Joseph in Rutland has been reissued $2.56 million in tax-exempt revenue bonds to help lower annual interest costs on the institution's remaining debt associated with a campus renovation project.
According to Bradley, by utilizing previously issued bond funds, the four-year private liberal arts college constructed new athletic center and student center buildings, and relocated the college library. Campus improvements were completed in 1999. Peoples United Bank funded the Project through the purchase of the VEDA bonds.
VEDA approved $885,000 as part of a $985,000 project to help the Springfield Regional Development Corporation build an 11,207 square foot building in the Windsor Industrial Park.