$36.4 million in business financing approved by VEDA

first_img-30- The Vermont Economic Development Authority (VEDA) has approved $36.4 million in economic development financing assistance for a variety of large and small business projects. The financing support will leverage additional private investment, generating a total of $104.6 million in economic activity throughout Vermont.“VEDA is pleased to offer loan and other financing support to a number of commercial, renewable energy, small business, educational and agricultural initiatives,” said Jo Bradley, VEDA’s Chief Executive Officer. “These projects will bring jobs to Vermonters, and help stimulate Vermont’s economy.”Utilizing American Recovery and Reinvestment Act (ARRA) federal stimulus funds, VEDA approved the following Recovery Zone Facility Bond issuance:· Green Mountain Power, Colchester – Green Mountain Power received final approval for $25 million in Recovery Zone Facility Bond (RZF) financing support from VEDA. The special facility bonds, which received preliminary approval from VEDA in January, utilize federal tax exemptions provided through the American Recovery and Reinvestment Act. Green Mountain Power also received final Authority approval for an additional $5 million in taxable bonds to support expenditures planned for the following year. Green Mountain Power plans over the next two years to undertake numerous large capital projects throughout Chittenden, Addison, Caledonia, Washington, Windham, and Windsor counties. Projects include substation upgrades, renewable energy deployment, hydro-dam refurbishing, and reliability and transmission projects. Total project costs are anticipated to be $31.7 million in 2010, and an additional $46.6 million in capital expenditures in 2011. Green Mountain Power serves 122 Vermont communities across nine counties in the state. The electric utility employs 191 persons, a number expected to grow modestly within three years, due in part to these projects.Other bond financing approved by VEDA:· Vermont Center for the Deaf and Hard of Hearing, Inc., Brattleboro – Final approval was given for issuance of $3 million in tax-exempt industrial revenue bond financing to support the Vermont Center for the Deaf and Hard of Hearing’s extensive energy conservation upgrades at the Brattleboro campus, and their refinance of existing debt from prior renovations. Originally established in 1904 as the Austine School, the Vermont Center for the Deaf and Hard of Hearing, Inc. now provides comprehensive educational and support services through several programs to deaf and hard of hearing children, adults, and families throughout Vermont and surrounding states. The school’s campus consists of multiple school and dormitory buildings on approximately 174 acres of land. The school employs 201 persons, a number expected to grow to 229 within three years of the project.Among the projects approved by VEDA to receive direct loan assistance:· Vermont Biomass Energy Company, Island Pond – Financing of $1.3 million was approved to the Vermont Biomass Energy Company to support the planned construction and operation of a wood pellet manufacturing facility in Island Pond. The $18.8 million project will convert the 80,000 square foot former Ethan Allen furniture manufacturing facility in Island Pond into a production plant. Community National Bank has approved a $10 million loan for the project, to be secured by a USDA Rural Development guarantee. In addition, the Township of Brighton will be submitting an application for $1 million in Community Development Block Grant (CDBG) funding for the project. Employment projections at the new manufacturing plant over three years are 34 jobs, with estimates that another 120 indirect jobs may be created as a result of the project.· Sugarsnap, Burlington – Financing of $75,000 was approved to support the expansion plans of Sugarsnap, a small fresh food farm and retail operation located on Riverside Avenue in Burlington. Opportunities Credit Union is also participating in the project, which will enable Sugarsnap to develop and outfit a production kitchen and office to serve additional retail locations planned within the next several years. Sugarsnap employs 7 persons, a number expected to grow to 21 within three years of the project.· Flex-A-Seal, Essex Junction – VEDA approved a $51,176 loan as part of a $127,939 machinery and equipment acquisition project at Flex-A-Seal, Inc.  The project will enable the company to grow their operations as producers and assemblers of different types of mechanical sealing products. Flex-A-Seal employs 54, a number expected to increase to 63 jobs within three years of the project.Through the Authority’s new Technology Loan Program, designed to assist smaller technology-related firms, VEDA approved $31,500 to Computer Care in Colchester to help the business expand their market area, purchase equipment, and hire additional employees.In addition, VEDA approved:· $1.2 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and· $719,396 to support small business development projects through the Vermont Small Business Loan Program.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 $1.5 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.Source: VEDA. 3.9.2010last_img read more

Business Facilities’ Best of the Best: How Does PA Rank?

first_img Innovation,  Jobs That Pay,  The Blog The DCED Marketing Office is always looking for new opportunities to showcase Pennsylvania’s innovation, imagination, and legendary can-do spirit. We know it’s these unique qualities that set Pennsylvania apart from other states and ultimately drive the achievements of our economy and communities. That’s why I was delighted to see some new annual rankings recently published by Business Facilities. In those rankings, Pennsylvania placed in the top 10 in five distinct and important categories. Our excellent scores are evidence of the work we do every day to help businesses and communities thrive.Infrastructure Upgrades – No. 5We are proud to be ahead of the curve with infrastructure upgrades, which are not only essential to our communities and public safety, but are important for businesses to be successful and efficiently move products and services to market. We earned this ranking based on our investment and dedication to enhancing roads, bridges, dams, water and sewage treatment facilities, ports, airports, rail systems, fiber networks, energy pipelines, and electric transmission systems.Manufacturing – No. 6It’s no secret that Pennsylvania is a leader in manufacturing. It’s part of our legacy that continues to shape our future. If you take a look around your home, chances are you own many products made in Pennsylvania. Food, clothing, machines, plastics, and more are produced here. Our manufacturers and manufacturing workforce of more than 563,000 are the backbone of our economy and contribute to our quality of life.STEM – No. 6When it comes to STEM jobs — jobs in the fields of science, technology, engineering, and math — Pennsylvania ranks sixth in the nation. This recognition is significant because we see science and technology as driving forces behind our economy. Just take a look at what’s happening in places like Pittsburgh, where we’re leading innovation in robotics and self-driving car technology. Or Philadelphia, where new high-tech smart fabrics are being created for everything from monitoring vital signs to storing energy. The list goes on. As a state, we offer a wealth of resources, including our nearly 300 institutions of higher education, to train and grow our future STEM leaders.Biotechnology – No. 7With more than 1,000 research, testing, and medical labs and an excess of 2,300 life sciences establishments, Pennsylvania is a leader in the life sciences and biotechnology. This past June, we joined 15,000 biotechnology and pharma leaders at the BIO International Convention in San Francisco, where we promoted the Keystone State as a life sciences leader and featured companies like Inovio Pharmaceuticals, which recently announced it will be the first to test an experimental vaccine in humans to combat the Zika virus. This is just one example of the many innovations resulting from Pennsylvania’s innovation ecosystem.Exports – No. 10Exporting offers innovative companies an opportunity to grow by expanding the sale of their products or services in international markets. They also help drive our economy. In fact, Pennsylvania exported $39.4 billion in goods and services in 2015. Our top export industries include chemicals, transportation equipment, computer and electronic products, machinery, and primary metals. In 2013, over 15,600 Pennsylvania companies were exporters – of which 89 percent (or nearly 14,000) were small or medium-sized companies with fewer than 500 employees. Exports are a true Pennsylvania success story and another example of how we are leading other states nationally and globally.I am proud to live and work in Pennsylvania, and it’s great to see that others are noticing our accomplishments, too. If you’re interested in seeing a full list of Pennsylvania’s accomplishments, visit our Awards and Rankings page, and follow us on Twitter (@PADCEDnews) for even more PA success stories. SHARE Email Facebook Twitter   SHARE  TWEET August 03, 2016 Business Facilities’ Best of the Best: How Does PA Rank? By: Amy Zecha, Executive Director for Marketing at the Department of Community & Economic Development Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolflast_img read more

FK Sarajevo Will Organize Summer Camps

first_imgThe football club Sarajevo will organize summer camps for all youth, talented young boys who wish to build their careers in the ranks of FK Sarajevo.The sports director of FK Sarajevo Abdulah Ibraković told the official portal of this club that FK Sarajevo will focus on works with youth and talented football players.‘’We are pleased with the work of the boys in our academy. Several participants have already shown talent, and we will try to sign contracts with the best ones at the recommendations of the coach and trainers of the Academy, so when it comes time for it, we will include them in the first team of our club’’, said Ibraković.FK Sarajevo will organize seven summer camps from 24 may to 1 July.‘’We will be watching to cover all of B&H, so the schedule of these camps is not known yet. Camps are designed for two groups of participants. The first group will encompass boys born in 1997, 1998 and 1999, while the second group will encompass boys born in 2000, 2001 and 2002. Participants who meet our standards will receive a call to the final camp, which will be held in Sarajevo. We are sure that we will receive between 20 and 30 new talents at our Academy through the summer camps’’, explained Ibraković.(Source: Fena)last_img read more

US bans Samsung imports

first_imgAdvertisement Last Friday, the US International Trade Commission blocked imports of some older model Samsung mobile devices following complaints by Apple that the South Korean company had violated its patents.This is the latest ruling by the Washington-based trade body in a long-running and bitter global battle over alleged patent infringement between the two smartphone and tablet computer giants.[related-posts] – Advertisement – The ITC ruled that Samsung had infringed two Apple patents – numbers 949 and 501, dealing with touchscreen actions and headphone jack plug-ins – but cleared the South Korean company of charges that it had violated four more.Apple welcomed the ITC ruling while Samsung expressed its disappointment.“With today’s decision, the ITC has joined courts around the world in Japan, Korea, Germany, Netherlands and California by standing up for innovation and rejecting Samsung’s blatant copying of Apple’s products,” Apple said in a statement.“Protecting real innovation is what the patent system should be about,” it said.Spokesperson Adam Yates said Samsung is “disappointed that the ITC has issued an exclusion order based on two of Apple’s patents”.Apple has however been stopped from trying to use its overbroad design patents to achieve a monopoly on rectangles and rounded corners,” Yates said, referring to design features at issue in rejected patent claims.It was unclear precisely which devices would be targeted in the ban, but it was aimed at early model smartphones and tablets that are no longer hot products in the United States.The import block is subject to a review by the White House and Samsung will be allowed to continue to sell the items at issue during the two-month review period.The ITC ruling also opens a door for Apple to try to use the same patent violation claim against newer Samsung gadgets that have incorporated the same technology.In a separate battle in US federal court, Samsung was ordered last August to pay more than $1-billion for patent infringement, a ruling which also opens the door to a ban on some Samsung devices.A judge later slashed the award to $598.9-million. Apple continues its quest to get other Samsung mobile devices banned in that case.Legal brawls between Samsung and Apple became common after the South Korean company began gobbling smartphone market share with devices powered by Google’s free Android operating system.Credit: iafricalast_img read more