VEDA committed $21.7 million in loans to Vermont businesses and farms in 2009

first_imgWith the help of federal stimulus funds available through the American Recovery and Reinvestment Act (ARRA), the Vermont Economic Development Authority (VEDA) has committed $21.7 million in specially interest rate-subsidized loans to Vermont businesses and farms for the period ending December 31, 2009. On the commercial side, the stimulus financing leveraged an additional $41.3 million in private financing to support projects totaling $55.8 million.“In the eight months since ARRA funds were allocated to VEDA by the General Assembly during the 2009 Legislative Session, Vermont businesses and farms stepped up to the plate during a particularly difficult economy and took advantage of unprecedented low interest rates to make business investments,” said Jo Bradley, VEDA’s Chief Executive Officer. “These investments are vital to the protection and creation of Vermont jobs and the strengthening of Vermont’s economy overall.”During the 2009 session, the Vermont General Assembly allocated funds from the ARRA and authorized VEDA to initiate two emergency response programs – the Emergency Recovery and Opportunity program, which offered a limited amount of commercial financing at Prime minus three percent (with a floor of two percent); and the Farm Operating Loan Program, offering low-interest loans to assist Vermont family farmers with spring operating needs.  Response to both programs has been overwhelming. “Since the Administration and Vermont General Assembly acted to direct federal stimulus funding to the Vermont business community through VEDA’s financing channels, we have seen a strong response on the commercial side from Vermont companies looking to grow,” said Bradley. “This is especially heartening during a difficult economy. At VEDA, we will continue to do our utmost to help Vermont businesses and farms counteract the negative economic pressures that have been the signature of this deep recession.”Of the $14.5 million in subsidized commercial financing allocated to 32 projects through the end of 2009, 49% of the funds were loaned to Manufacturing businesses; 29% went to Travel and Tourism businesses; 15% supported projects involving non-residential property; 3% went to personal and business service projects; 2% supported health care projects; and the remaining 2% supported projects involving energy generation and distribution.On the agricultural side, 137 Vermont farms received $7.2 million in emergency financing through the end of 2009 to help refinance debt and provide working capital. VEDA’s agricultural finance program, the Vermont Agricultural Credit Corporation (VACC), originated the loans.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 35 years ago, 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. 1.27.2010last_img read more

LNG New Technologies, MGI Thermo form containment JV

first_imgLNG New Technologies tied with MGI Thermo to establish LNT Marine in June this year following the cooperation on LNT A-Box liquefied natural gas containment system. The two companies have merged the LNG tank system design to other services enabling them to provide IMO type A and type C LNG containment systems and fuel tanks, as well as a solution for other cold temperature cargoes.“During our cooperation on the LNT45 project, it became clear that in order to continue optimizing the design and further reduce the cost of our LNT A-Box system, core competencies needed to be integrated under one roof,” said LNT Marine CEO Stein Foss.The LNT45 project is a 45,000-cbm LNG  carrier based on the LNT-A-Box containment system being built for Saga LNG Shipping at China Merchants Heavy Industry (Jiangsu) in Haimen, China, LNT Marine statement reads.By joining the capabilities and services of the two companies, LNT Marine intends to continue developing new technologies and marine LNG solutions, focus on growing the market share of LNT A-Box system, as well as to develop the emerging mid-size LNG segment.last_img read more

Chargers CC Results At JCD Invitational

first_imgNorth Decatur High School Girls Varsity Cross Country finishes 4th place at Jac-Cen-Del Invitational.The Lady Chargers competed in the 10 team Jc-Cen-Del Invite Saturday September 14th placing 4th. The ladies had outstanding times and efforts. Jenna Walton placed 7th overall, Gracie Osting 12th, Paige Reisman 21st (PR time), Ellie Cox 25th (PR time), Lauren Holloway 36th, Paige Wesseler 42nd and Philomenia Niese 45th.Lady Chargers: Jenna Walton 21:59 7th Place; Lauren Holloway 26:59 36th place; Paige Wessler 30:34 42 2nd Place; Ellie Cox “25:15 25th place PR”; Gracie Osting 23:15 12th place; Paige Reisman “24:54 21st place; PR”; Philomenia Niese 36:50 45th place.Team Scores: South Ripley 59, Jac-Cen-Del 66, Lawrenceburg 95, North Decatur 109, Switzerland County 110, Southwestern 124, South Decatur 137, Milan, Shawe Memorial, and Rising Sun Inc.North Decatur High School Boys Varsity Cross Country finishes 7th place at Jac-Cen-Del Invitational.The Charger Boy’s Cross Country ran Saturday September 14th at the Jac Cen Del Invite placing 7th out of 10 teams. The boys had a great day as 7 individuals ran their PR times for their career. Leading the way once again for the boys was Brando Gearhart with a time of 18:55 (PR) and placing 16th overall. Following Brandon was Owen Geis 20:45 (PR), Caleb Bowles 20:58 (PR), Brady Espinda 21:40 (PR), Jack Cathey 22:34 (PR), Ryan Hancock 24:09 (PR), Cameron Medsker 24:20 (PR), Ethan Neimeyer 25:52, and Collin Bryant 28:21.Chargers: Randon Gearhart “18:57 PR”; Cameron Medsker “24:20 PR”; Jack Cathey “22:34 PR”; Adam Mack; Collin Bryant 28:21; Brady Espinda “21:40 PR”; Caleb Bowles “20:58 PR”; Ethan Neimeyer 25:52; Owen Geis “20:45 PR”; Ryan Hancock “24:09:00.000 PR”.  Team Scores: Southwestern 21, Jac-Cen-Del 52, South Decatur 105, South Ripley 107, Rising Sun 123, Lawrenceburg 124, North Decatur 184, Switzerland County, Shawe Memorial, and Milan Inc.Courtesy of Chargers Coach Kyle Nobbe.last_img read more