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VEDA loan capacity increased

January 1, 2021 | tdpedrwj | No Comments

first_imgVERMONT ECONOMIC DEVELOPMENT AUTHORITY (VEDA)SEES ITS VERMONT SBA 504 CORPORATION LOAN PROGRAM CAPACITY INCREASEDCongressional Action Increases Lending Authority of NationsSBA-Certified Development Corporations Montpelier, VT – The Vermont Economic Development Authoritys Vermont SBA 504 Corporation Loan Program — Vermonts only statewide SBA-authorized Certified Development Corporation (CDC) — will now be able to loan up to $4 million in SBA 504 funds to certain small manufacturing projects, a new category of lending established under the program. Limits for other qualifying business projects were increased as well, from $1 million to $1.5 million for regular 504 loans, and from $1.3 million to $2 million for loans that meet a public policy goal. The changes are a result of recent Congressional approval of provisions governing the 504 Loan Program through the FY05 Omnibus Appropriations Act, which has been signed into law. This is terrific news for Vermonts manufacturing community, in particular, said VEDA Chief Executive Officer Jo Bradley, noting that certain small manufacturers have been specified in the new provisions as being eligible for 504 loans of up to $4 million. Many other types of businesses in Vermont will benefit from additional expanded loan limits under the new law, as well — especially in a rising rate environment, Bradley said. SBA 504 funds are a federally-guaranteed source of fixed-rate, long-term, low-interest funding, and as such, are vital to Vermonts jobs creation and business expansion efforts. Under the SBA 504 Loan Program, which is funded through fee income from borrowers, lenders and CDCs, the U.S. Small Business Administration provides a 100 percent guaranty of a debenture, or pool of debentures, that is sold to investors. Once sold, a CDC then loans those funds to the borrower as a 504 loan. SBA 504 funding is a good deal for borrowers and bankers alike, Bradley explained, not only because of the long-term, below-market rates it offers, but also because the debt is subordinated to first-position mortgaging by a participating bank in an approved project. Its win-win, all the way around. VEDA was recognized by the U.S. Small Business Administration in 2004 for the Authoritys work on a national scale as a high-performing CDC. Darcy Carter, Acting Director of the SBA Vermont District Office, noted that in the prior year, VEDAs Vermont SBA 504 Corporation Loan Program processed loans totaling almost $7 million, giving Vermont the biggest percentage increase in SBA 504 volume anywhere in the country. For more information about VEDAs Vermont SBA 504 Corporation Loan Program, interested parties should call 802-828-5627, or visit VEDAs website at is external). VEDA is a public instrumentality of the State of Vermont, created by the General Assembly in 1974. Its mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. In its 30-year history, VEDA has made financing commitments of over $1 billion.last_img read more

first_imgThe US Army Aviation and Missile Command Contracting Center has awarded General Dynamics Armament and Technical Products an order valued at approximately $150 million to produce Hydra-70 rockets, warheads and motors. Deliveries are expected to begin in September 2010. This order was awarded under a five-year contract originally signed in 2005. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD). System engineering and program management will be performed at General Dynamics Burlington Technology Center in Vermont. Final assembly and component sub-assembly will occur at the company s Camden, Ark., facility and will be performed by the site s existing workforce.Russ Klein, vice president and general manager of weapon systems for General Dynamics Armament and Technical Products, said, Our Hydra-70 rockets provide the U.S. Army with a versatile, effective weapon. Hydra-70 consists of a family of unguided rockets offering several warhead configurations that enable an aircrew to match the rocket to the specific mission. Rockets can be fired from a variety of rotary and fixed-wing aircraft, including the U.S. Army Apache as well as the U.S. Marine Corps Cobra attack helicopters, the U.S. Air Force F-16 Fighting Falcon and combat aircraft of many nations worldwide. Our Camden-based workforce has produced the Hydra-70 rocket for more than 12 years and is proud of the capability it provides our servicemen and women in theater, Klein continued.General Dynamics Armament and Technical Products, located in Charlotte, NC. provides a broad range of system solutions for military and commercial applications. The company designs, develops and produces high-performance weapon and armament systems, defensive armor, countermeasure systems, aerospace composite solutions, and is a leading US producer of biological and chemical detection systems. More information about General Dynamics Armament and Technical Products can be found on the Internet at is external).General Dynamics, headquartered in Falls Church, Va., employs approximately 92,900 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about General Dynamics is available online at is external).Source: General Dynamicslast_img read more

first_imgA new study released by Bankrate, Inc. (Nasdaq: RATE) shows that the cost of getting a mortgage has fallen nationwide, a reflection of the price shift in the housing market. Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $2,732, down from $3,118 in 2008. In the study’s geographical breakdown, Texas leads the nation at an average fee of $3,855, with New York City, Florida, San Francisco and Oregon rounding out the top five. Nevada is the least expensive area with an average fee of $2,276, replacing North Carolina at the bottom of the list. To view the complete study and analysis of the data, as well as tips on what to look for in closing costs when getting a mortgage, go to is external)…. “Consumers need to keep a look out for the standard fees when figuring out the true cost of their new home,” said Holden Lewis, senior reporter with “Even as the average closing costs go down across the nation, some of these surprise costs can make your new home deal more expensive than you initially thought.” For this study, Bankrate surveyed one area in 49 states, two areas in California (Los Angeles and San Francisco) and the District of Columbia. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan. They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house. Bankrate’s survey includes lenders’ origination fees and title and settlement fees, and not taxes or prepaid items. Title and 2009 2008 State or city Origination closing Total —- —- ————- ———– ——- —– 1 2 Texas $1,566 $2,290 $3,855 2 1 New York – NYC $1,038 $2,370 $3,408 3 4 Florida $1,369 $1,999 $3,368 4 11 California – San Fran $1,264 $1,853 $3,117 5 19 Oregon $1,310 $1,750 $3,059 6 9 Alaska $1,183 $1,829 $3,012 7 8 Pennsylvania $1,137 $1,872 $3,009 8 5 Oklahoma $1,238 $1,748 $2,986 9 12 Ohio $1,222 $1,760 $2,982 10 34 Washington $1,329 $1,578 $2,906 11 41* North Dakota $1,349 $1,555 $2,904 12 24 Tennessee $1,285 $1,616 $2,901 13 6 New Mexico $1,143 $1,739 $2,882 14 13 California – Los Angeles $1,264 $1,597 $2,861 15 35 Virginia $1,312 $1,546 $2,858 16 45 Utah $1,238 $1,614 $2,852 17 31 Arkansas $1,232 $1,620 $2,852 18 21* Massachusetts $1,132 $1,689 $2,822 19 17 Michigan $1,398 $1,404 $2,802 20 15 West Virginia $1,106 $1,640 $2,746 21 20 Hawaii $1,224 $1,515 $2,739 22 38 Wisconsin $1,430 $1,304 $2,734 23 32 Louisiana $1,082 $1,637 $2,720 24 16 Connecticut $1,188 $1,512 $2,700 25 30 Mississippi $1,229 $1,459 $2,689 26 25 South Carolina $1,159 $1,528 $2,687 27 29 Idaho $1,214 $1,446 $2,660 28 7 New Jersey $931 $1,725 $2,656 29 10 Colorado $1,161 $1,494 $2,655 30 21* Alabama $1,276 $1,369 $2,645 31 43 Georgia $1,151 $1,487 $2,638 32 52 South Dakota $1,369 $1,256 $2,625 33 36 Montana $1,287 $1,324 $2,611 34 49* Wyoming $1,346 $1,256 $2,602 35 26 Delaware $1,135 $1,443 $2,579 36 41* New Hampshire $1,147 $1,428 $2,575 37 49* Iowa $1,027 $1,546 $2,574 38 40 Minnesota $1,143 $1,418 $2,561 39 27 Arizona $1,088 $1,453 $2,541 40 23 Maryland $1,095 $1,418 $2,513 41 28 District of Columbia $1,117 $1,384 $2,502 42 39 Rhode Island $954 $1,542 $2,495 43 48 Illinois $1,279 $1,207 $2,486 44 14 Kentucky $1,071 $1,401 $2,472 45 44 Nebraska $1,167 $1,286 $2,453 46 56 North Carolina $1,155 $1,276 $2,431 47 54 Missouri $1,186 $1,243 $2,429 48 47 Vermont $1,040 $1,386 $2,426 49 53 Maine $1,097 $1,322 $2,419 50 46 Indiana $1,145 $1,272 $2,417 51 55 Kansas $1,019 $1,341 $2,361 52 33 Nevada $946 $1,331 $2,276 *tiedAbout Bankrate, Inc.The Bankrate network of companies includes,,, Nationwide Card Services,, FeeDisclosure, and Bankaholic. Each of thesebusinesses helps consumers to make informed decisions about their personalfinance matters. The company’s flagship brand, is a destinationsite of personal finance channels, including banking, investing, taxes, debtmanagement and college finance. is the leading aggregator ofrates and other information on more than 300 financial products, includingmortgages, credit cards, new and used auto loans, money market accounts andCDs, checking and ATM fees, home equity loans and online banking reviews more than 4,800 financial institutions in 575 markets in50 states. In 2008, had nearly 72 million unique provides financial applications and information to a network ofmore than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE:TWX), The Wall Street Journal and The New York Times (NYSE: NYT)’s information is also distributed through more than 500newspapers.For more information contact:Chris SpagnuoloPublic Relations sends e-mail)(917) is external)SOURCE Bankrate, Inc. NEW YORK, Sept. 2 /PRNewswire-FirstCall/ —last_img read more

first_imgCVPS Cow Power, the first manure-to-energy program in the country, was named the top utility renewable energy choice program in the United States on Monday. CVPS Cow Power was presented the Green Power Leadership Award and named Utility Green Power Program of the Year at “Renewable Energy Markets 2009,” an international energy conference sponsored by two federal agencies and the Center for Resource Solutions.The U.S. Environmental Protection Agency, the U.S. Department of Energy, and CRS sponsor the Green Power Leadership Awards, which recognize the actions of individuals, companies and organizations that significantly advance the development of renewable electricity sources through green power markets.CVPS won the Utility Green Power Program of the Year award for designing and implementing the voluntary renewable energy program, which competed against hundreds of utilities, including municipal, electric cooperatives and investor-owned utilities that offer voluntary renewable energy programs to their customers.“CVPS Cow Power™ promotes a manure management system that provides clean, renewable energy and strives to help solve numerous environmental problems,” the DOE said. “Since the program’s inception in 2004, a total of over 42 million kWh have been sold through customers’ enrollment. In 2008, sales increased by over 1.3 million kWh, over 10 percent.”“We are thrilled to receive this recognition, which honors all of our Cow Power farm owners, the thousands of customers who have enrolled in the program, and all those who have supported it, including our regulators and several state and federal agencies,” CVPS President Bob Young said.  “Cow Power is successful only through the collaboration of many partners.”Lt. Gov. Brian Dubie, who was an early supporter of CVPS Cow Power™ and nominated CVPS for the award, said it was a model for others to emulate.  “The thinking that created Cow Power, turning a waste stream into an asset, is just the kind of thinking we need as we face growing energy and environmental challenges,” Dubie said.  “We hope to inspire other states and regions to follow our success with the Cow Power program.”Dave Dunn, who manages CVPS Cow Power™, and Steve Costello, who until recently managed enrollment and customer outreach for the program, accepted the award on CVPS’s behalf.  “When we started Cow Power, we simply wanted to offer customers a fully renewable choice and help Vermont dairy farmers improve manure management and their finances,” Dunn said.  “Thanks to their courage, we’ve been able to go far beyond that and help educate hundreds of thousands of people across Vermont and around the world about the possibilities.”“We owe a huge debt of gratitude to our Cow Power customers, who have made significant and sustained commitments to the program,” Costello said.  “Green Mountain College, Long Trail Brewing Company, Handy Toyota, JC Image and others make enormous financial contributions to Cow Power, and help market it.  Every customer enrolled shares in this award.”The Cow Power process is simple: manure and other agricultural waste are held in a sealed concrete tank at the same temperature as a cow’s stomach, 101 degrees. Bacteria digest the volatile components, creating methane and killing pathogens and weed seeds. The methane, which is roughly 20 times more harmful than carbon dioxide in trapping heat in the atmosphere, fuels an engine/generator.  The process kills most manure odors, and provides a peat-moss-like material for bedding animals.CVPS customers can choose to receive all, half or a quarter of their electrical energy through Cow Power, and pay a premium of 4 cents per kilowatt hour.  It goes to participating farm-producers, to purchase renewable energy credits when enough farm energy isn’t available, or to the CVPS Renewable Development Fund, which provides grants to develop on-farm generation. CVPS Cow Power™ has been repeatedly honored since its creation in 2004.  The program won the Vermont Governor’s Award for Environmental Excellence in 2005-2006 and the Finalist’s Commendation in the 2007 Edison Electric Institute’s annual Edison Award competition, named for Thomas Edison.  In 2008, “Power Magazine” named CVPS Cow Power™ one of five “Top Plants” worldwide.  For more information, visit is external). Source: CVPS. Atlanta. 9.14.2009last_img read more,Earlier this week, Inc. magazine recognized ( is external)), ranking it 106th among the fastest-growing private advertising and marketing companies in the United States., the global leader in online marketing solutions for the automotive industry, experienced three-year sales growth of 286% between 2006 and 2009. Overall, was ranked number 1,056 on the fourth annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. The Inc. 5000 list represents the most comprehensive look at the most important segment of the economy – America’s independent-minded entrepreneurs.”The leaders of the companies on this year’s Inc. 5000 have figured out how to grow their businesses during the longest recession since the Great Depression,” said Inc. president Bob LaPointe. “The 2010 Inc. 5000 showcases a particularly hardy group of entrepreneurs.”Mark Bonfigli, Founder and CEO of, said, “We are very pleased to be included in the Inc. 5000 ranking for the fourth consecutive year. Not only did our revenues nearly quadruple between 2006 and 2009, but they increased 91% in 2009, one of the most challenging years ever for the U.S. automotive industry. Most importantly, this impressive track record is primarily attributable to our talented employees and their exceptional commitment to our clients’ satisfaction and overall success – which gives us a very solid foundation to drive future growth.”MethodologyThe 2010 Inc. 500|5000 list is ranked according to percentage revenue growth when comparing 2006 to 2009. To qualify, companies must have been founded and generating revenue by June 30, 2006. Additionally, they had to be U.S.-based, privately held, for profit, and independent — not subsidiaries or divisions of other companies — as of December 31, 2009. Revenue in 2006 must have been at least $80,000, and revenue in 2009 must have been at least $2 million. The top 10 percent of companies on the list comprise the Inc. 500, now in its 29th year.About Inc. MagazineFounded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. ( is external)) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 712,647, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at is external).About ( is external)) BURLINGTON, Vt., Aug. 25, 2010 /PRNewswire/ –last_img read more

first_imgThe Vermont Department of Taxes today announced the launch of a dynamic new electronic service for filing property transfer tax returns (ePTTRs) online. Built at no cost to the state over a two-year period by the state’s e-government partner, Vermont Information Consortium, the service incorporated requirements from key stakeholder groups including attorneys and town clerks.‘The new Property Transfer Tax Return service helps us continue our efforts to provide more electronic filing services to Vermonters to create efficiencies for users and the Department’‘The new Property Transfer Tax Return service helps us continue our efforts to provide more electronic filing services to Vermonters to create efficiencies for users and the Department,’ said Mary Peterson, Commissioner of the Department of Taxes.The ePTTR service will streamline the property transfer process in Vermont for buyers/sellers and their attorneys, town clerks and the users of property transfer tax data – in several key ways: by providing more accurate and timely information about properties in the transfer of ownership; by allowing multiple parties to work on returns together electronically; and by expediting payment to the State via ACH Debit.Accessible online 24/7/365 at is external), the service has processed over 700 returns in its first three weeks. Built under the self-funded model by Vermont Information Consortium (VIC), the application rounds out an impressive suite of online services for the Department of Taxes, including BizFile, VTPay, Tax Refund Status and Homestead Declaration.For more information, please contact Jamie Gage at (802) 229-4171.About Vermont Information ConsortiumVermont Information Consortium ( is external)) is the official e-government partner for the State of Vermont. Managed through a unique public-private partnership, the Montpelier company builds and manages interactive government services on behalf of the state and is a wholly owned subsidiary of eGovernment firm NIC (NASDAQ: EGOV).About NICNIC is the nation’s leading provider of government websites, online services, and secure payment processing solutions. The company’s innovative eGovernment services help reduce costs and increase efficiencies for government agencies, citizens, and businesses across the country. NIC provides eGovernment solutions for more than 3,000 federal, state, and local agencies that serve over 106 million people in the United States. Additional information is available at is external). MONTPELIER, Vt.–(BUSINESS WIRE)–last_img read more