2012 veda loan appRovals - Vermont Economic Development

Vermont Economic Development Authority
S u p p o r t i n g
I n v e s t m e n t
I n Ve r m o n t
Small Business
Hi-Tech
Manufacturing
Diversified Agriculture
2012 Annual Report
. . .
Enabling Legislation
10 VSA, Chapter 12
“The Legislature finds that it is necessary to alleviate and prevent unemployment and underemployment and to raise
the per capita income within the state, that the development and increase of industry, including the further processing
of agricultural products, within the state will promote the prosperity and general welfare of all citizens, and that this
chapter is necessary and desirable in order to accomplish these purposes.”
Mission
The mission of the Vermont Economic Development Authority shall be 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 Board of Directors and CEO
Standing, left to right: Ken McEwan (Treasurer), Jolinda LaClair, Will Patten, Steve Wisloski, Dan Kurzman, Bob
Britt (Chair), Leon Graves (Vice-Chair), Steve Bourgeois
Sitting, left to right: John Snow, Jo Bradley (CEO), Rick Hashagen
October 26, 2012
The Honorable Peter Shumlin
Governor, State of Vermont
Pavilion Office Building
Montpelier, Vermont
Dear Governor Shumlin:
The Staff and Members of the Vermont Economic Development Authority (VEDA) are pleased to submit to you
our Annual Report for the fiscal year ended June 30, 2012.
As you are well aware, our state was marked by natural disaster during Fiscal Year 2012. Vermont homeowners,
businesses and farms experienced enormous challenges as a result of Tropical Storm Irene’s devastating damage. In the
wake of Irene, through close collaboration with your Administration and Legislative leaders, VEDA was able to make
emergency loan funds immediately available to help affected businesses and farms recover and rebuild. Ultimately, the
Authority closed 299 emergency loans totaling $16.7 million. VEDA’s Staff are to be commended for their unwavering
dedication and hard work in service to the businesses and farms of Vermont – especially in the face of crisis. On their
behalf, VEDA was extremely proud to receive the U.S. Small Business Administration’s award as Vermont’s 2012
Financial Services Champion.
VEDA set a record in 2012 in its lending to small businesses. At the end of FY 2012, the Authority’s Small
Business Loan portfolio had 480 loans totaling $32.2 million, compared to 190 loans totaling $12.2 million at the end of
2011. This is a tremendous jump – attributable, in part, to borrowing related to Tropical Storm Irene. However, as the
Authority in 2012 also raised the loan limits under the Small Business Loan Program to $350,000, we are confident we
will see continued heavy use of this program.
Another portfolio trend we see continuing is the diversification of Vermont’s agricultural economy. Where dairy
represented 92.2% of the Vermont Agricultural Credit Corporation’s (VACC’s) loan portfolio in 2001, it now represents
70%. VACC continues to experience increases in the number of loans being made to vegetable and crop farmers, maple
producers, and makers of other agricultural products, including specialty foods.
VEDA closed 564 financings totaling $103.3 million during 2012, leveraging $197.1 million in economic activity
statewide. This is truly a measure of the degree to which VEDA’s financing programs rely on the valued partnerships the
Authority maintains with Vermont’s commercial lenders, and our federal, state and regional partners.
We deeply appreciate the committed guidance offered by the Authority’s Board of Directors. And, we thank you,
Governor, for your unwavering support of VEDA’s continuing efforts to help strengthen Vermont’s economy.
Rosalea ‘Jo’ Bradley
Chief Executive Officer
Sincerely,
Robert D. Britt
Chair
1
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When Tropical Storm Irene struck the Town of Wilmington,
Sam Paddock
Doug Williams’ and Geo Hizny’s newly-renovated 14-room
Braintree
Nutmeg Inn had barely been open for six weeks. The pair
had purchased the foreclosed-upon property in May. With
Farmer Sam Paddock received a $30,000 loan to replace about
employees hired and the business growing, Doug’s and Geo’s
a third of his barn which was swept away by the flooding of
income stream ceased due to the severe damage caused to
the river. “All the people I worked with at VEDA/VACC were
Route 9 and their business by the storm. With the help of a
excellent,” says Sam. “The application process was easy and the
$30,000 emergency VEDA loan, Doug and
loan turn around time was remarkable. Getting the loan helped
Geo were able to keep their employees in
so much, given all the challenges we faced after the flooding.”
their jobs, repair the inn’s driveway and
overflow parking area, clean up and
repair the barn, replace the equipment
and furnishings that were stored in the
barn, and re-open the inn.
Before Irene
“We …cannot thank you enough for the prompt response
VEDA made after Tropical Storm Irene devastated
Wilmington, VT ….
The loan you gave us
saved our business and
the jobs of our [five]
employees. We are all
VERY grateful. Happy
ending – our business is
growing again!”
After Irene
2
After VACC
After VEDA
Supporting Investment in Small Business
Concepts NREC
Hartford
C
oncepts NREC is a recognized leader in
the field of advanced turbomachinery
technology, engineering, software, and
product development. The company’s
technical expertise and software help produce quieter,
more energy-efficient and effective propellers, pumps and
related equipment.
Concepts NREC has had a production facility in the
Hartford Village of Wilder, Vermont since 1993, when
VEDA helped them build and equip the plant there.
In FY 2012, VEDA approved financing of $400,000
as part of a $1.4 million project to help Concepts
NREC expand their Wilder facility, entirely relocating
and consolidating their laboratory and manufacturing
operations there from leased space in Woburn, Massachusetts. Merchants Bank also provided financing for the
consolidation and expansion project, which will significantly reduce Concepts NREC’s operating expenses, and transfer
approximately eight new jobs to Vermont. Within three years of the project, Concepts NREC expects to employ a total
of 104 people, with 73 of those jobs located in Vermont.
3
Supporting Investment in Diversified Agriculture
Joseph and Kathleen Hescock
Shoreham
W
hen the Vermont Agricultural Credit Corporation made its first loan to Joe and Kathleen Hescock in
2006, their Shoreham dairy farm had 412 acres. In the years since, the Hescocks expanded the farm’s
size to 815 acres through the purchase of a neighboring farm. Successful organic dairy operators,
the Hescocks milk 240 cows, and have a replacement herd of another 252 animals. In FY 2012,
VACC made a $277,000 farm ownership loan to the Hescocks to help them purchase an additional 315-acre parcel
of conserved farm land. The new parcel included 220 acres in additional crop land, helping the Hescocks keep their
feed costs low through expanded production of their own wheat, shell corn and soybean crops.
Nikita Lermontov-Salmon
Enosburg
N
ikita Lermontov-Salmon grew up on a homestead in Richford, working with his father, Charles, and
mother, Olga, in the family business of sugaring, logging and selling cut flowers. In 2010, Nikita used
VACC financing to set up a 6,100 tap sap operation on his grandparents’ 289-acre Underhill sugarbush.
In FY 2012, Nikita was approved for a $278,000 VACC loan to purchase his grandparents’ land and
help start a logging operation. In taking over ownership and management of the family property, Nikita hopes to
further expand his wholesale sap and logging businesses in future years.
Robert and Barbara Chappelle
Williamstown
R
obert and Barbara Chappelle are well-established potato growers, cultivating 50 acres in Williamstown,
and producing on average an annual yield of 20,000 bushels of table stock potatoes. VACC borrowers
since 1991, the Chappelles have developed loyal local markets for their potatoes, including retail food
stores and restaurants. They are also Vermont certified for seed potato production, using about five acres
of their farm for that purpose. VACC’s approval of a revolving line of credit to the Chappelles helps ensure the
annual operating income they need to manage and grow their farm business.
4
5
Ronald and Cheryl Machia
Sheldon
R
on and Cheryl Machia operate a wellestablished 856-cow Holstein dairy farm.
Beginning with their purchase of the original
family farm from Ron’s father in 1992, the
Machias’ farm operation has grown significantly through
the acquisition of adjacent farm properties in Sheldon,
Swanton and Fairfax. In FY 2012, VACC approved
$460,000 in financing to help the Machias acquire
additional property, bringing the farm’s overall size to
over 1,800 acres of prime agricultural land. Yankee
Farm Credit also provided financing for the land
acquisition project. The purchase provided the Machias
with additional crop land, enabling them to increase
their forage production -- growing and harvesting all
they need for their own herd and selling the rest.
6
Supporting Investment in Manufacturing
W
Revision Ballistics, Ltd.
Newport
hen Mine Safety Appliances Company (MSA), a
manufacturer of Kevlar military helmets, decided to
close its Newport operation, approximately 48 wellpaying jobs hung in the balance. Those jobs were
saved when a newly-established LLC, Revision Ballistics, Ltd. (RBL),
stepped in to purchase MSA’s inventory, machinery and equipment.
With the help of $1.16 million in VEDA financing, and additional financing provided by HSBC Bank, RBL
will continue to manufacture advanced combat helmets for the US Army and other military customers in
Newport. The Newport acquisition will launch the diversification of Revision’s existing military product lines.
Revision Ballistics, LTD is a wholly-owned subsidiary of Revision Military, LTD (RML) of Essex Jct., VT,
manufacturers of mission-critical eyewear for military, law enforcement and tactical clients worldwide. RML is
a wholly-owned subsidiary of Revision Military, Inc., (RMI), a Canadian company. Within three years, RMI
hopes to increase the total number of their Vermont-based employees to approximately 250 positions.
7
Supporting Investment in Renewable Energy
CRL Solar
Hartford
I
n FY 2012, VEDA approved $2.6 million in
long-term SBA 504 Debenture financing to help
CRL Solar, LLC construct a 2.2 megawatt solar
power array on 24 acres of land in Hartford,
Vermont. The array, expected to be operational
before the end of 2012, will connect to the Vermont
power grid and sell electricity to the Vermont Power
Producers, Inc. under a SPEED contract. The
system is expected to produce approximately 2.89
mwh of electricity annually -- enough for 240
households at 12,000 kwh per household -- and
have a useful life of approximately 30 years. VEDA
project financing for the new system was approved
in conjunction with $2.6 million long term loan
from Mascoma Savings Bank. In addition, a federal
renewable energy tax credit will provide a significant
portion of the remaining long term funding for the
Project.
8
Supporting Investment in Hi-Tech
Patient Engagement Systems
Burlington
F
ounded under the name “Vermedx”
in 2006, Patient Engagement Systems
distributes a decision support software
system which improves treatment options
for individuals with certain chronic medical
conditions, enabling primary care providers to
offer better care to their patients. In FY 2010,
VEDA approved a $100,000 working capital loan
to the company, enabling it to expand its Diabetes
Information System’s production platform and
distribution channels. In FY 2012, VEDA
approved a $150,000 loan to partially finance the
first of a two-stage round of new equity financing
to fund Patient Engagement Systems’ product
platform expansion into kidney disease, strategic
sales distribution, IT investment, and new hires at
the company.
9
VEDA Management Discussion and Analysis
VEDA Management Discussion and Analysis
This was another challenging year for the national economy. Economic growth and job creation
continue to be sluggish. Vermont however, has been experiencing far stronger job creation than the
nation as a whole with an unemployment rate below 5%. VEDA plays a vital role in stimulating
economic activity and creating jobs, so 2012 was another year of considerable new activity.
At the end of last fiscal year, VEDA had initiated a loan program for small businesses impacted by
heavy rains and flooding that occurred near the end of April 2011. The Authority made 53 of these
“spring flood” loans for a total of $1.1 million; the maximum loan amount was $25,000. When
Tropical Storm Irene devastated many parts of Vermont in late August 2011, VEDA responded
quickly with a larger and more comprehensive flood loan program to assist small businesses and
family farms. Under this second “Hurricane Irene” flood loan program, loans were made for a
maximum of $100,000. VEDA made 299 of these loans for a total of $16.7 million, with $14.9
million helping small businesses and $1.8 million assisting family farms. The spring flood and
Hurricane Irene loan programs (collectively the “flood loans”) had a significant impact on the
Authority’s financial position at June 30, 2012 and the results of operations and cash flow for the
year.
The Authority received $4.3 million of Federal funds at the end of fiscal year 2011 and an additional
$1.8 million of State funds in fiscal 2012. These funds allowed VEDA to continue to provide lowinterest loans to businesses across the State. Loan volume continued to surge in 2012. Even after
adjusting for the flood loans, outstanding notes receivable grew by $12.2 million, or 9.0%. VEDA’s
borrowing rates continue to be at record low levels and this helps VEDA provide low loan rates to
its borrowers with less impact on net interest margin.
The Authority still has $8.8 million to draw on a total Federal government transfer (grant) of $13.2
million. The Federal monies are used to fund a portion of eligible projects in the VJF and VSBDC.
When the loaned funds are paid back to VEDA, Management will allocate the funds for future
interest subsidies (“unrestricted net assets”). The funds allow VEDA to continue the programs that
have proven successful in stimulating economic activity and creating jobs in Vermont. VEDA
programs continue to be used to assist business by lowering financing costs, expanding access to
capital and by incenting financial institutions to lend more by mitigating some of their credit risk.
VEDA continues to modify programs and improve the delivery of its financing products to the
businesses and farmers of Vermont.
Financing Programs
The Authority has three financing
programs for which the outstanding loan
balances are not included in the balance
10
GRAPH I
$70.0
Direct Loans Closed and Approved By Fiscal Year
$60.0
in millions
GRAPH I shows that the Authority
closed $54.7 million in direct loans (“notes
receivable”) in 2012 compared with
$40.4 million closed in 2011 and $36.1
million closed in 2010. Direct loans
approved in 2012 totaled $61.7 million
compared with $40.8 million in 2011 and
$42.5 million in 2010.
$61.7 $50.0
$54.7 $40.0
$30.0
$20.0
$36.1 $42.5 $40.4 $40.8 $10.0
$0.0
2010
Direct Loans Closed
2011
2012
Direct Loans Approved
sheet of VEDA. These programs are “off balance sheet” and include industrial development bonds
(“IDB”), mortgage insurance contracts and loans made under the U.S. Small Business
Administration 504 Loan program.
GRAPH II shows that in 2012, the
Authority closed $48.2 million in off
balance sheet financing compared to
$94.3 million in 2011 and $41.7 million
in 2010. Off balance sheet approvals in
2012 totaled $56.0 million compared to
$131.6 million in 2011 and $90.7 million
in 2010. The substantial amount of
approvals in 2010 and 2011 and closings
in 2011 can be attributed to $135 million
of expanded IDB capacity authorized
under the Federal stimulus legislation.
GRAPH III
in millions
GRAPH II
$140.0
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0
$0.0
$166.3 $150
$140
$130
$136.3 $120
$110
$100
$90
$119.7 $105.0 2009
2010
2011
GRAPH IV shows the
VEDA combined portfolio
at June 30, 2012 by major
industry classification. The
VEDA portfolio is diverse
with all of the major industry
sectors of the Vermont
economy represented. Major
sectors all posted significant
dollar
increases
while
maintaining their relative
percentage of the portfolio as
a whole. Agriculture is the
largest industry classification;
it grew to $65.4 million from
$90.7 $94.3 $48.2 $41.7 2010
2011
$56.0 2012
OBS Financing Approved
GRAPH III shows the outstanding notes
receivable at fiscal year-end for the period
2009 to 2012. The total growth in the three
years 2010 through 2012 was 58%. In the
three years 2010, 2011 and 2012, outstanding
notes receivable increased 14%, 14%, and
22%, respectively. The significant increase in
2012 outstanding balances was due in large
part to the $17.8 million of flood loans added
in 2012. The double digit growth in notes
receivable during the three year period
demonstrates the high demand for VEDA
programs, but also substantiates a need for
increased VEDA borrowing capacity to fund
future loan demand.
(in millions)
$160
$131.6 OBS Financing Closed
Notes Receivable Outstanding at Fiscal Year End
$170
Off Balance Sheet ("OBS") Financings
Closed and Approved By Fiscal Year
2012
VEDA Financing Portfolio At June 30, 2012
(Direct loans, Mortgage Insurance and SBA-504)
Number and Dollar Amount & Percent of Dollar
Concentration
Travel &
Tourism (194)
$27.0 14%
Manufacturing
(165) $39.1 21%
Agriculture
(VACC) (780)
$65.4 35%
Services (236)
$36.3 19%
Wholesale/
Retail Trades
(124) $14.3 8%
Other
Commercial (54)
$6.2 3%
2 11
$60.7 million at the end of last year.
Manufacturing increased from $34.1 million last year to $39.1 million at the end of fiscal 2012. The
Services sector tallied the largest percentage increase (31%) increasing from $27.7 million last year to
$36.3 million. Travel and Tourism, Wholesale/Retail Trades and Other Commercial classifications
had increases of $4.6 million, $2.9 million and $1.2 million, respectively.
Credit Risk Management
Credit risk is the risk that a borrower will default on the obligation to repay its debts. To provide for
this risk the Authority maintains allowances for losses (“reserves”) on specific notes receivable
where a loss is determined to be probable. VEDA also maintains general reserves that are estimated
based on historical loss experience, economic conditions, industry concentration and anticipation of
future events that would adversely affect VEDA borrowers. Integral to VEDA’s mission is the
challenge of meeting its economic development objectives while utilizing prudent lending practices.
Table 1 details the specific and general reserves and the total reserves as a percentage of outstanding
notes receivable balances at June 30, 2010, 2011 and 2012.
Table 1: Specific and General Allowance for Loan Losses ('Reserves') at June 30
Total for Years Ending
Total Notes
Receivable at
June 30:
Specific
General
Reserves at Reserves at
June 30:
June 30:
Total
Reserves at
June 30:
2012
$ 166,294,599
$ 2,312,100
$ 2,430,900
$ 4,743,000
1.39%
1.46%
2.85%
2011
$ 136,319,011
$ 1,863,100
$ 1,862,600
$ 3,725,700
1.37%
1.37%
2.73%
2010
$ 119,709,038
$ 2,081,925
$ 1,751,800
$ 3,833,725
1.74%
1.46%
3.20%
Reserves as a % of Total Notes Receivable
Specific General Total
The Authority’s reserves at June 30, 2012 totaled $4.7 million or 2.85% of outstanding notes
receivable. This compares to reserves of $3.7 million or 2.73% of the outstanding notes receivable
at the end of fiscal 2011 and to a reserve of $3.8 million, or 3.20% of the outstanding notes
receivable at the end of 2010.
Capital Adequacy
Table 2 details the Authority’s total net Table 2: Net Assets as a % of Total Assets
assets (equity or capital) as a percentage of As of June 30:
VJF
VACC
VSBDC
total assets at June 30, 2012, 2011 and
2012
30%
18%
5%
2010. The Authority must maintain strong
2011
32%
18%
11%
levels of capital relative to total assets to
2010
32%
20%
15%
borrow at favorable terms in the capital
markets.
VEDA
22%
25%
27%
Capital as a percentage of total assets has declined in each of the past three years. This is despite
increased equity of $6.8 million, $2.4 million and $2.3 million in fiscal 2010, 2011 and 2012,
respectively. Total assets, specifically notes receivable, have grown faster over the past three years
(see GRAPH III) than has VEDA’s outstanding capital.
12
3 Interest Rate Subsidy Program
The core of the Authority’s business, and the primary source of its total revenue, comes from notes
receivable interest (interest on loans). VEDA must set the interest rates on its loans at levels that
will generate sufficient revenues, when combined with interest earned on cash and investments and
other revenue, to offset the Authority’s interest expense, loan losses and other overhead costs as
well as contribute to capital growth commensurate with the growth in total assets.
In an effort to foster economic development, stimulate economic activity and provide assistance to
businesses, the State and the Federal government have provided VEDA with resources for interest
rate subsidies. These resources allow VEDA to offer loan rates below the levels necessary to fully
cover operating costs (“subsidy”).
Table 3 shows the subsidy funds
received for interest subsidies since
fiscal year 2000. The subsidy funds have
come to VEDA in several different
forms: appropriations from the State;
Federal grants; debt forgiveness by the
State; and advances from the State. All
are detailed in written agreements
between VEDA and the Federal or State
governments. The agreements include
restrictions regarding how and when the
funds are used.
VEDA Interest Subsidy Funds on Balance Sheet at June 30, 2012 (in millions)
Unrestricted Net Assets $2.1
Other Liability
State of VT $2.1
Deferred Revenue $2.5
GRAPH V
Restricted Net Assets $2.7
Table 3: Subsidy Funds Provided, Used & Available
Fiscal Years:
2000 ‐ 2002
2003 ‐ 2007
2008 ‐ 2012
Provi ded
$ 3,352,297
$ 4,802,113
$ 11,549,526
483,174
5,028,767
5,121,401
$ 2,869,123
$ 2,642,469
$ 9,070,594
Us ed
Available (Cumulative)
Subsidy funds received by the Authority are
recorded in the financial statements in different
account types (non-operating income, deferred
revenue or other liability) based on provisions in
the agreement with the granting entity. In some
cases the revenues provided to VEDA for interest
subsidies are earned in their entirety in the period
received and then used to fund interest subsidies
over future periods. This creates a timing
mismatch between the recognition of revenues and
the cost of the subsidies.
GRAPH V shows four Balance Sheet categories
that totaled just over $9.0 million at June 30, 2012.
The balances represent interest subsidy funds
received by VEDA that have not yet been used (or
earned). The unearned portions will be used for
either interest subsidy commitments to existing
borrowers or for subsidies on loans yet to be
made. Management regularly monitors the amount
of subsidy funds committed to existing borrowers
and available for new borrowers to ensure that
new subsidized loans are not made without the
requisite subsidy funding being available.
4 13
2012 VEDA Loan Approvals
Local Development Corp. Loan Program
Brownfields Revitalization Fund
Name
County
AOE, INC.
BENNINGTON
TOTAL
Loan
Amount
$268,951
$268,951
Drinking Water State Revolving Loan Fund
Name
County
ACCT-BROOKSIDE
MOBILE HOME PARK
BIRCH LANDING
HOMEOWNERS
ASSOC.
CATAMOUNT BOLTON
WATER & SEWER
CUBB MANAGEMENT
CORP.-BRIERWOOD
HILAND HALL
SCHOOL
HOUSING FOUNDCHARETTE'S MOBILE
HOME PARK
HOUSING FOUNDCHARETTE'S MOBILE
HOME PARK
HOUSING FOUNDCHARETTE'S MOBILE
HOME PARK
HOUSING FOUNDCOOPER'S BAY
MOBILE HOME PARK
HOUSING FOUNDCOOPER'S BAY
MOBILE HOME PARK
MOUNTAIN GREEN
CONDO ASSOC.
PICO VILLAGE WATER
CORP.
SO. WALLINGFORD
WATER CO.
STRATTON WEST
LEISURE LODGES
HOMEOWNERS
ASSOC.
TOTAL
ADDISON
Loan
Amount
$828,700
WINDSOR
395,012
CHITTENDEN
711,830
CALEDONIA
19,520
BENNINGTON
2,660
WINDHAM
4,665
WINDHAM
WINDHAM
218,801
8,950
GRAND ISLE
27,800
GRAND ISLE
382,920
RUTLAND
481,930
Name
County
BDCC-LAURA ZINDEL
DESIGNS
FRANKLIN CTY. IND.
DEV. CORP.
GMEDC-ADVANCED
ILLUMINATION
SPRINGFIELD REG.
DEV. CORP.
TOTAL
WINDHAM
Loan
Amount
$180,000
FRANKLIN
4,000,000
WINDSOR
1,080,000
WINDSOR
230,000
Revenue Bond Program
Name
County
AUTUMN HARP
BLACK BAY
VENTURES V
DORSET PARK
SKATING ASSOC.
GREEN MOUNTAIN
COLLEGE
NORTHEAST
KINGDOM HUMAN
SERVICES
VT SCHOOL BOARDS
INSURANCE TRUST
VT SCHOOL BOARDS
INSURANCE TRUST
WAKE ROBIN
CORPORATION
WASHINGTON CTY
MENTAL HEALTH
SERV.
TOTAL
CHITTENDEN
CHITTENDEN
CHITTENDEN
RUTLAND
WASHINGTON
1,695,000
WASHINGTON
1,955,000
CHITTENDEN
27,000,000
WASHINGTON
5,300,000
$58,420,225
25,842
Direct Loan Program
WINDHAM
201,354
Name
County
41 CHERRY STREET
AMERICAN CRAFTED
SPIRITS
AMERICAN CRAFTED
SPIRITS
APPALACHIAN
ENGINEERED
FLOORING
BUTTERNUT
MOUNTAIN FARM
BUTTERNUT
MOUNTAIN FARM
CABOT HOSIERY
MILLS
CATAMOUNTMALONE- HINESBURG
CHROMA
TECHNOLOGY CORP.
CHROMA
TECHNOLOGY CORP.
CHROMA
TECHNOLOGY CORP.
FLEX-A-SEAL
CHITTENDEN
WINDSOR
FLEX-A-SEAL
FLEX-A-SEAL
FOUR J'S REALTY
GRISTMILL
PROPERTIES
HIGHLAND
SUGARWORKS
JAMES EDWARD
COMPANY
NUMIA MEDICAL
TECHNOLOGY
RAM GRACE
REVISION BALLISTICS
RUTLAND PLYWOOD
STERLING
TECHNOLOGIES
TIVOLY
TWINCRAFT
VIP PROPERTIES
RUTLAND
LAMOILLE
County
Loan
Amount
$2,654,000
CRL SOLAR
WINDSOR
REGAL GYMNASTICS
ACADEMY
STOWE HARDWARE &
DRY GOODS
TOTAL
CHITTENDEN
887,000
LAMOILLE
278,000
$3,819,000
Vermont State Infrastructure Bank Program
Name
County
ADD. COUNTY
TRANSIT RESOURCES
TOWN OF HARDWICK
TOWN OF
WALLINGFORD
TOTAL
ADDISON
CALEDONIA
RUTLAND
Loan
Amount
$356,250
300,000
100,000
$756,250
Mortgage Insurance Program
Name
County
Insured
Amount
NEW ENG. CULINARY
INSTITUTE
VERMONT MACHINE
TOOL
TOTAL
WASHINGTON
$500,000
WINDSOR
810,000
$1,310,000
TOTAL
1,466,345
14,657,400
3,900,000
408,000
Name
Loan
Amount
$1,085,529
1,360,951
ORLEANS
RUTLAND
504 Loan Program
14
$5,490,000
RUTLAND
$3,717,984
Vt. Agricultural Credit Corp. Loan Program
Loan
Amount
$1,300,000
70,000
WINDSOR
56,250
ORLEANS
1,200,000
LAMOILLE
1,200,000
LAMOILLE
100,000
WASHINGTON
160,480
CHITTENDEN
1,000,000
WINDHAM
400,000
WINDHAM
358,000
WINDHAM
362,000
CHITTENDEN
176,000
CHITTENDEN
CHITTENDEN
64,000
30,000
WASHINGTON
CHITTENDEN
CALEDONIA
WINDSOR
ORLEANS
RUTLAND
LAMOILLE
ORLEANS
CHITTENDEN
CHITTENDEN
1,200,000
120,190
47,426
1,300,000
412,000
400,000
1,160,000
146,000
119,625
332,320
1,200,000
237,600
$13,151,891
Name
County
ABBOT, CHESTER &
SCHEINDEL, ELIZ.
AINSWORTH, DAVID
& PEGGY
ALLENDALE FARM
ALLENHOLM FARM
APPALACHIAN
LANDSCAPING
ARETHUSA FARM
BADOR, KEVIN
BALFE, ROBERT &
SUSAN
BALZANO, AMERIGO
& JILL
BARRETT, LEONARD
& LINDA
BATHALON, KAREN
BELL, JOSHUA
BELTER, JOHN &
JOYCE
BENJAMIN, MICHAEL
& DENNA
BISSON, GREGORY &
KIMBERLY
BLAIS, DAVID
BLAIS, DAVID
BLISS, RICK
BLISSFUL DAIRY
BOISSONNEAULT
FAMILY FARM
BRACE FARM
BRADFORD, JENNIFER
BRANON, DANIEL &
HELEN
BRANON, DANIEL &
HELEN
BRATTLEBORO
CARBON HARVEST
BRUTKOSKI,
RANDALL & STACEY
CARRIER, CHARLES
CARY, JAMES
CARY, JAMES
CHAMPLAIN
ORCHARDS
CHAMPLAIN
ORCHARDS
CHAPPELLE, ROBERT
CHAPPELLE, ROBERT
& BARBARA
CHAPUT FAMILY
FARMS
CHD, INC.
CHD, INC.
CHIMNEY POINT
FARM
CHURCHILL,
MATTHEW &
CHANDELLE
CILLEY, DANIEL
CLAFLIN, SIDNEY
CLAFLIN, SIDNEY
CLAFLIN, SIDNEY
COCHRAN COUSINS
COHEN, JON
COLVIN, GERALD &
DIANE
CONNOR, LEO &
CHERYL
CORREIA FAMILY
CORREIA FAMILY
CRAM, DAVID
CRESCENT BAY FARM
CROOKED BROOKS
FARM
CROOKED BROOKS
FARM
CRYSTAL SPRING
FOOD & LODGING
CUSTOM SPREADING
DAVIS, GARY &
TAMMY
DECKER, DARYL &
SHERRI
EAST SHORE
VINEYARD
EDEN ICE CIDER
COMPANY
EDEN ICE CIDER
COMPANY
FAT TOAD FARM
FERRIS, MICHAEL &
AMY
ORANGE
Loan
Amount
$40,000
WINDSOR
45,000
ADDISON
GRAND ISLE
WASHINGTON
82,000
75,000
12,000
CHITTENDEN
ORANGE
ADDISON
25,000
19,000
59,100
RUTLAND
81,600
ADDISON
69,500
ORLEANS
ORANGE
CHITTENDEN
91,000
69,750
100,000
FRANKLIN
150,000
WASHINGTON
10,250
WINDSOR
WINDSOR
WINDSOR
ADDISON
FRANKLIN
115,000
15,000
28,000
125,000
80,000
ADDISON
CHITTENDEN
FRANKLIN
65,400
52,000
765,000
FRANKLIN
50,000
WINDHAM
450,000
RUTLAND
152,500
ORANGE
ADDISON
ADDISON
ADDISON
10,000
36,000
15,000
600,000
ADDISON
225,000
ORANGE
ORANGE
15,000
35,000
ORLEANS
55,000
ADDISON
ADDISON
ADDISON
101,500
25,250
6,100
WASHINGTON
40,400
ORANGE
ADDISON
ADDISON
ADDISON
CHITTENDEN
WINDHAM
RUTLAND
15,000
18,300
20,000
8,700
76,500
48,000
10,000
ADDISON
71,000
ADDISON
ADDISON
WINDSOR
GRAND ISLE
WASHINGTON
108,200
20,000
10,000
652,000
20,000
WASHINGTON
28,000
WINDSOR
21,000
ADDISON
CHITTENDEN
82,500
40,850
LAMOILLE
23,000
GRAND ISLE
46,500
ORLEANS
105,000
ORLEANS
100,000
ORANGE
ORANGE
25,000
20,000
2012 VEDA Loan Approvals
FLETCHER, FRED &
FILIPINAS
FORGUES, JOHN &
BILLIE JO
FROMM, NEIL
GERVAIS, HUGO &
AMANDA
GILES, DOUGLAS
GINGUE BROS. DAIRY
GLEASON, RANDY
GLEN-MAR DAIRY
GLEN-MAR DAIRY
GOODHOUSE, DAVID
& SUSAN
GOODRICH FARM
GRAHAM FARMS
GRAHAM FARMS
GUILE, KAREN
HALL & BREEN FARM
HANFIELD, WILLIAM
& ROBIN
HANFIELD, WILLIAM
& ROBIN
HANFIELD, WILLIAM
& ROBIN
HARD CLIMB FARM
HARVEY FARMS
HARVEY FARMS
HESCOCK, JOSEPH &
KATHLEEN
HIGHLAND BEEF
HIGHLAND BEEF
HINSDALE, CLARK &
SUZANNE
HINSDALE, CLARK &
SUZANNE
HOLM, CORALEE &
SHORAM, SPENCER
HOWLETT, BRIAN &
SIGRID
HOWLETT, BRIAN &
SIGRID
HOWRIGAN'S MAPLE
ORCHARD
HOWRIGAN'S MAPLE
ORCHARD
HUESTIS, ARTHUR &
JOAN
HUGHES-MUSE,
TIMOTHY & BROOKE
INTERVALE
COMMUNITY FARM
COOP.
ISLANDACRES FARM
JASPER HILL
CREAMERY
JASPER HILL
CREAMERY
JERRY, RONALD
JONESLAN FARM
KAUFMAN, BRUCE &
JARVIS, JUDY
KIMBALL BROOK
FARM
KITCHEL, ANN
LADY BUG FARM
LADY BUG FARM
LAWRENCE, MELVIN
& JENNIFER
LAWSON, ROBERT &
JANET
LAWSON, ROBERT &
JANET
LEATHER, JEREMY &
JENNIFER
LEATHER, JEREMY &
JENNIFER
LEBLANC, JONATHAN
LEHOUILLIER, TONY
LERMONTOVSALMON, NIKITA
LEWIS CREEK
JERSEYS
LEWISHOLM VALLEY
FARM
LILLEY, DOUGLAS
LONGE, RONALD &
CAROLINE
M.D. HOWRIGAN
M.D. HOWRIGAN
MACHIA, RONALD,
CHERYL, DUSTIN &
CHAD
MACLELLAN,
ALEXANDER &
BENNETT,
KATHARINE
LAMOILLE
ADDISON
3,300
50,000
ORLEANS
GRAND ISLE
26,100
181,600
ORANGE
FRANKLIN
ORLEANS
RUTLAND
RUTLAND
WINDSOR
19,000
190,000
190,000
25,000
35,000
25,000
ADDISON
ORANGE
ORANGE
ESSEX
ADDISON
RUTLAND
88,060
46,000
45,000
9,000
74,500
69,500
RUTLAND
32,700
RUTLAND
10,000
CALEDONIA
RUTLAND
RUTLAND
ADDISON
16,000
46,000
75,000
277,000
ORLEANS
ORLEANS
CHITTENDEN
3,500
18,000
410,000
CHITTENDEN
150,000
FRANKLIN
30,700
ADDISON
182,000
ADDISON
50,000
FRANKLIN
135,700
FRANKLIN
25,000
ADDISON
50,000
RUTLAND
23,150
CHITTENDEN
25,000
GRAND ISLE
ORLEANS
135,000
150,000
ORLEANS
150,000
WASHINGTON
LAMOILLE
CALEDONIA
10,000
50,000
30,000
ADDISON
71,100
ORANGE
CALEDONIA
CALEDONIA
BENNINGTON
35,000
30,000
95,000
12,000
ORLEANS
225,000
ORLEANS
100,000
ORLEANS
50,000
ORLEANS
7,500
CALEDONIA
LAMOILLE
FRANKLIN
1,100
100,000
278,000
CALEDONIA
120,000
BENNINGTON
8,750
WASHINGTON
ADDISON
277,000
125,000
LAMOILLE
FRANKLIN
FRANKLIN
25,000
24,000
460,000
WINDSOR
30,000
MADISON, GEORGE &
JOANNE
MANNING DAIRY
MARSZALKOWSKI,
RICHARD
MARSZALKOWSKI,
RICHARD
MARSZALKOWSKI,
RICHARD
MIDDLEBROOK FARM
MIEROP FARMS
MISTY MAPLES FARM
MORIN, DENNIS &
ANITA
MURRAY, GORDON &
PATSY
NEWTON FARMS
NORTHEAST
AGRICULTURAL
SALES
OAK KNOLL DAIRY
OLALLIE FARM
OSCIELOWSKI, JOHN
OSCIELOWSKI, JOHN
PADDOCK, SAMUEL &
JUDITH
PARENT, PAUL &
KAREN
PARENT, PAUL &
KAREN
PETE'S GREENS
PHOENIX FORESTRY
& LOGGING
PITCHFORK FARM
PLEASANT VALLEY
FARMS OF
BERKSHIRE
PULLMAN, DAVID
PURINTON, SCOTT &
MARY
PYLE, MICHAEL &
JULIE
QUESNEL, LORENZO
& AMY
QUESNEL, LORENZO
& AMY
QUESNEL, RANDALL
& JEAN
RAINVILLE, RODNEY
RAPANOTTI, GARY
REED, ALLEN & JANET
REINING HOPE AEAAT
RESENDES, ANTONIO
& MERILDA
ROBERTS, JOHN
ROBETH HOLSTEINS
ROONEY, FRANCIS &
DELIA
ROYCE HILL FARM
RUANE, CASH
RUANE, CASH &
KAREN
SALOMAA TREE
PLANTATION
SANDERS, JASON &
GORDON, JOANNE
SCRIBNER, STANLEY
& CATHERINE
SECICH, MATTHEW &
CRYSTAL
SEE GREEN FARM
SHELDON FARM
SOLINSKY, JEFFREY &
JEAN
SOMERS, BRIAN &
KATHLEEN
ST. PIERRE, MARK &
AMANDA
STANCLIFF, STEPHEN
STANCLIFF, STEPHEN
STONEWOOD FARM
SUNSHINE VALLEY
SWAINBANK, CALEB
SWEET, RONNIE &
CAROL
SWENSON, ROBERT &
MELANIE
TANNER, HAYDEN
TERRIER, LEE & LISA
THOMAS, BRAD & JILL
THOMAS, BRAD & JILL
TREMBLAY, DARLEEN
& DAVID
TREMBLAY, DARLEEN
& DAVID
VANDERWEY,
RAYMOND & LINDA
ADDISON
FRANKLIN
ADDISON
222,000
1,017,000
50,000
ADDISON
50,000
ADDISON
75,000
ADDISON
ADDISON
FRANKLIN
LAMOILLE
86,000
10,000
60,000
53,500
CALEDONIA
24,000
FRANKLIN
CALEDONIA
44,300
695,200
WINDSOR
WINDHAM
RUTLAND
RUTLAND
ORANGE
36,500
25,000
16,000
10,000
30,000
ADDISON
30,000
ADDISON
70,000
ORLEANS
ADDISON
150,000
17,000
CHITTENDEN
FRANKLIN
5,800
75,000
ORANGE
ADDISON
100,000
5,000
ADDISON
75,000
ADDISON
35,000
ADDISON
60,000
ADDISON
50,000
WINDSOR
WINDSOR
ORLEANS
ORLEANS
ADDISON
38,000
105,000
50,000
100,000
9,000
ADDISON
WINDSOR
FRANKLIN
30,000
100,000
62,600
ADDISON
RUTLAND
RUTLAND
7,750
65,000
65,000
ORLEANS
75,000
CHITTENDEN
123,300
WASHINGTON
50,000
LAMOILLE
48,000
ADDISON
RUTLAND
CALEDONIA
CALEDONIA
55,000
226,400
113,600
50,000
FRANKLIN
300,000
LAMOILLE
LAMOILLE
ADDISON
WINDSOR
FRANKLIN
FRANKLIN
100,000
190,000
125,000
10,000
140,000
18,750
ORANGE
20,220
CALEDONIA
ADDISON
ADDISON
ADDISON
FRANKLIN
55,000
50,000
73,000
20,000
85,000
FRANKLIN
42,000
ADDISON
37,500
VANDEWEERT,
TIMOTHY
VAUGHAN, LUCAS &
KRISTINA
VERN-MONT FARM
VON TRAPP
FARMSTEAD
WEBB, TYLER &
MELANIE
WOODNOTCH FARMS
YOUNG, JASON &
JEREMY
TOTAL
ADDISON
10,000
ORANGE
180,000
WINDHAM
WASHINGTON
100,000
50,000
FRANKLIN
17,300
ADDISON
WASHINGTON
49,500
12,000
$17,033,380
Vermont Capital Access Program
Name
County
FIRED-UP TOBACCO
TOTAL
WASHINGTON
Loan
Amount
$80,000
$80,000
Technology Loan Program
Name
County
APREXIS HEALTH
SOLUTIONS
EASTMAN BENZ
ELECTROCELL
TECHNOLOGIES
EVERGREEN
BEHAVIORAL
SOLUTIONS
STERLING VALLEY
SYSTEMS
THERMAL STORAGE
SOLUTIONS
VERMEDX
CHITTENDEN
Loan
Amount
$200,000
CHITTENDEN
CHITTENDEN
100,000
150,000
ADDISON
250,000
LAMOILLE
CALEDONIA
CHITTENDEN
TOTAL
92,145
150,000
150,000
$1,092,145
Small Business Loan Program
Name
County
346 PARTNERS
61 RIVER RD
A PITTER PATTER
CHILD CARE
A PLACE IN VERMONT
ABATIELL'S FLOOR
COVERING
ABEL MOUNTAIN
CAMPGROUND
ABEND FAMILY
LIMITED
PARTNERSHIP
AC LAWN MOWING
ACORN ENERGY
SOLAR ONE
ADVANCED
ILLUMINATION
ALAN I. COUCH
CONSTRUCTION
ALANA PROVENCALE
ALANA PROVENCALE
ALCES POST & BEAM
ALCES POST & BEAM
ALCHEMY BREWING
ALLEN BROTHERS
AMERICAN
PRECISION MUSEUM
ANN COLEMAN
GALLERY
APRES VOUS BAR &
RESTAURANT
ARCHITECTURAL
ASSOC.
ARLINGTON'S WEST
MOUNTAIN INN
ARVAD'S
ASPEN
CONSTRUCTION
SERVICES, CORP.
ASSOCIATED
GENERAL
CONTRACTORS OF
VERMONT
ASSOCIATES IN
GASTROENTEROLOGY
CHITTENDEN
WINDSOR
WINDHAM
WINDHAM
RUTLAND
ORANGE
WASHINGTON
Loan
Amount
$300,000
50,000
30,000
25,000
20,000
100,000
50,000
WINDSOR
ADDISON
50,000
165,000
WINDSOR
100,000
WINDSOR
15,000
RUTLAND
RUTLAND
WASHINGTON
WASHINGTON
WASHINGTON
WINDHAM
WINDSOR
312,706
37,294
52,000
152,000
100,000
100,000
50,000
WINDHAM
100,000
WINDHAM
25,000
WASHINGTON
12,000
BENNINGTON
25,000
WASHINGTON
BENNINGTON
40,000
32,000
WASHINGTON
75,000
CHITTENDEN
190,000
15
2012 VEDA Loan Approvals
ASTA
AUBE, GEORGE &
CLAIRE
AUSTIN'S
ANTIQUARIAN BOOKS
BANK HILL
BAREFOOT OFFICE
ENTERPRISES
BARN RESTAURANT &
TAVERN
BARRE HISTORICAL
SOCIETY
B-A-R-T INDUSTRIES
BARTLEBY'S BOOKS
BARTLETT CORNER
BARTLETT CORNER
BATTENKILL CANOE
BATTENKILL INN
BBH, LLC
BEANHEADS
BEAN'S MOBILE
HOMES
BERGERON DESIGNBUILD
BIDWELL STREET
PROPERTIES
BIG BEARS LODGE
BIRCH RIDGE INN
BLANCHE & BILL'S
PANCAKE HOUSE
BLM MANAGEMENT
CORP.
BLOSSOM FIREWOOD
& LOGGING
BRANDON HOUSE OF
PIZZA
BRATTLEBORO
DISCOUNT BEVERAGE
BRISTOL WORKS!
BROCKWAY MILLS
BROOKHOUSE
COUNTRY STORES
BUILT-RITE MFG.
CORP.
CADY & DUGAN
CAFE AT DELIGHT
CAMPING ON THE
BATTENKILL
CAN DO SPECIAL
EVENTS
CANDLELIGHT
MOTEL
CAPITOL PLAZA
CORP.
CARPENTER HOUSE
CASCADES LODGE
CAVENDISH
WILDWOOD FARM
CEDARBROOK
MOTOR INN
CENTRAL VT
GYMNASTICS
ACADEMY
CHADWICK'S
STEAKHOUSE & PUB
CHALET KILLINGTON
CHANTECLEER
RESTAURANT
CHARLES
SHACKLETON &
MIRANDA THOMAS
CLOVER GIFT SHOP
COFFEY PROPERTY
MANAGEMENT
COLLEGE TOWN
INDUSTRIAL PLAZA
COLLEGEXTRA.COM
COMPASS SCHOOL
CONCEPTS ETI
CORK VENTURES
COUNTRY CREEMEE
CRAFTS INN OWNERS'
ASSOC.
CRASH PALACE
CREIGHTON HILL
CROSSROADS
REALTY HOLDINGS
CROWS CORNER
BAKERY CAFÉ
D&P HAWK NORTH
MANAGEMENT
DARBY, STEARNS,
THORNDIKE, KOLTER
& WARE
DAVE'S COMMUNITY
FITNESS OF
WATERBURY
16
WINDHAM
CHITTENDEN
20,000
22,500
WINDHAM
20,000
WASHINGTON
WASHINGTON
38,000
60,000
RUTLAND
25,000
WASHINGTON
25,000
WINDHAM
WINDHAM
WINDSOR
WINDSOR
BENNINGTON
BENNINGTON
CHITTENDEN
WINDHAM
CALEDONIA
100,000
100,000
25,000
25,000
24,250
164,000
90,000
45,000
100,000
CHITTENDEN
24,000
WASHINGTON
100,000
WINDHAM
RUTLAND
WINDSOR
15,000
42,000
20,000
WINDHAM
100,000
WINDSOR
100,000
RUTLAND
60,000
WINDHAM
100,000
ADDISON
WINDHAM
WINDHAM
350,000
100,000
25,000
WINDSOR
30,000
WINDHAM
WINDSOR
BENNINGTON
25,000
19,900
100,000
ORANGE
100,000
BENNINGTON
50,000
WASHINGTON
20,000
WASHINGTON
RUTLAND
WINDSOR
40,000
100,000
15,000
RUTLAND
100,000
WASHINGTON
25,000
ORANGE
40,000
RUTLAND
BENNINGTON
25,000
50,000
WINDSOR
100,000
WINDSOR
WASHINGTON
25,000
100,000
WASHINGTON
100,000
CHITTENDEN
WINDHAM
WINDSOR
WASHINGTON
WINDSOR
WINDHAM
30,000
50,000
200,000
50,000
25,000
100,000
RUTLAND
CALEDONIA
WASHINGTON
300,000
104,000
70,000
RUTLAND
20,000
WINDSOR
40,000
WASHINGTON
25,000
WASHINGTON
20,000
DJ ENTERPRISE
DOCKUM
DOCKVIEW
DOWN IN THE
VALLEY
DUCAS, MARCEL &
JOANNE
EDWARD E. STEELE
REVOCABLE TRUST
EL CORTIJO
ELECTRIC ICE HOUSE
EM PROPERTIES
EMERSON FALLS
HYDRO
EMERSON REALTY
CORP.
EMERSON'S
ENCORE
REDEVELOPMENT
ENCORE
REDEVELOPMENT
EQUIPE SPORT
EXPERIENCED GOODS
THRIFT SHOP
FAIRFAX FAMILY
PHYSICAL THERAPY
FAMILY PHYSICAL
THERAPY
FIRST STOP SKI SHOP
FLOURISH NATURAL
BODYCARE
FULCRUM ARTS
FULL CIRCLE PRESS
FULLER, BRADBURY
GADBOIS PLUMBING
& HEATING
GANDL ENTERPRISES
GEORGE & RUTH
ANDERSON IRREVOC.
TRUST
GILLIS, SUZANNE &
DOERLER, JANICE
GOOD COMMONS
GRANITE VILLAGE
RESTAURANT
GREAT OUTDOORS
SKI & SPORTS
GREEN MTN BICYCLE
SERVICE
GREEN MTN BOAT
LINES
GREEN MTN HORSE
ASSOC.
GREEN MTN
PERFORMING ARTS
GREY BONNET INN
GROW COMPOST OF
VT
HARTFORD FIRE
DISTRICT 1
HARTFORD SIGN CO.
HEARTS & MINDS
CHILDCARE
HEATECH HEATING
SYSTEMS
HEIRLOOM
FURNITURE &
ANTIQUE CTR.
HENDERSON,
TIMOTHY
HILLSIDE POULTRY
HIZNY, GEORGE &
WILLIAMS, DOUGLAS
HOGBACK OVERLOOK
ENT.
HOMESTEAD
LANDSCAPING
HONORA WINERY &
VINEYARD
HOOD & AYER
HORSESHOE ACRES
HUIZENGA
PROPERTIES
HUNTINGTON HOUSE
INN
HUSKY WORKS
MUSHING CO.
IBEX OUTDOOR
CLOTHING
IBEX OUTDOOR
CLOTHING
ICE CTR. OF
WASHINGTON WEST
INN AT LONG TRAIL
JAMESON REAL
ESTATE
JD'S QUICK STOP
WINDSOR
WINDSOR
ADDISON
WINDHAM
85,000
50,000
250,000
25,000
WASHINGTON
100,000
WASHINGTON
100,000
CHITTENDEN
WINDHAM
WASHINGTON
WASHINGTON
10,000
65,000
160,000
60,000
WINDHAM
100,000
WINDSOR
CHITTENDEN
100,000
244,753
CHITTENDEN
294,657
WINDHAM
WINDHAM
100,000
20,000
FRANKLIN
107,500
WASHINGTON
25,000
RUTLAND
WINDSOR
75,000
100,000
WINDHAM
WINDSOR
ADDISON
WASHINGTON
298,442
7,930
16,000
45,000
LAMOILLE
CHITTENDEN
350,000
8,000
GRAND ISLE
15,000
WINDSOR
WASHINGTON
50,000
25,000
RUTLAND
250,000
WINDSOR
100,000
CHITTENDEN
50,000
WINDSOR
25,000
WASHINGTON
20,000
RUTLAND
WASHINGTON
95,000
5,000
WINDSOR
60,000
WINDSOR
RUTLAND
100,000
50,000
WINDSOR
100,000
WINDSOR
15,000
WINDSOR
40,000
WINDHAM
WINDHAM
17,000
30,000
WINDHAM
25,000
BENNINGTON
100,000
WINDHAM
100,000
WASHINGTON
WINDSOR
CHITTENDEN
75,000
25,000
84,000
WINDSOR
100,000
WINDHAM
23,000
WINDSOR
350,000
WINDSOR
150,000
WASHINGTON
25,000
RUTLAND
WINDSOR
25,000
25,000
ADDISON
8,000
JERICHO MINI
STORAGE
JUNIPER'S FARE CAFE
K & L ASSOCIATES
KARR, CHRISTOPHER
KILLINGTON
COUNTRY VILLAGE
KILLINGTON MOTEL
& VTACK
KITZHOF INN
KLINE, JUDITH ANN
KLOETI, MICHAEL &
LAURA
KNIGHT TUBS, POOLS
& SPAS
KP MOTOR
KUCHARSKI,
RICHARD &
KUCHARSKA, MARIA
KURRLE, REGINA
LAREAU FARM
LATCHIS CORP.
LEADER HOME CTRS.
LEO D. BERNSTEIN &
SONS
LJBC ASSOCIATES
LPCTV, CORP.
LUCKY'S TRAILER
SALES
LYNDE
MOTORSPORTS
MACH'S BRICK OVEN
BAKERY
MACH'S GENERAL
STORE
MAD RIVER VALLEY
TELEVISION
MAIN STREET HARE
SALON
MANWARING, ANN
MANYU'S BOUTIQUE
MAPLE LEAF MALT &
BREWERY
MAPLE LEAF MUSIC
MAPLECROFT BED &
BREAKFAST
MARINE PLUS
MARLBORO
COLLISION & TOWING
MARSAN & SONS
ENTERPRISES
MARZELLI, ROBERT
MASK ENTERPRISES
MATTRESS OUTLET
MCBREAIRTY'S
MARKETPLACE
MCBRIDE, DENISE &
CLARK, TED
MCLEOD, ROBERT &
NORMA
MEAGHER
ELECTRONICS
MEG STREETER REAL
ESTATE
MEGAN SCHULTZ
EVENTS & DESIGNS
MIDWAY STATION
MINT RESTAURANT
MOJO PROPERTIES
MONTAGUE GOLF
CLUB
MONTPELIER LODGE
OF ELKS
MORRIS BROS. MTN
BIKES
MOUNT SNOW REG.
CHAMBER OF COM.
MUSCULAR THERAPY
CLINIC
NE WASHINGTON
CTY. COMMUNITY
HEALTH
NEELY, DONALD &
NOEL
NESHOBE FALLS
NESHOBE GOLF CLUB
NOLES PROPERITES
NORTH 100 DESIGN
NORTH COUNTRY
GRANITE
NORTHERN BUILDERS
NORTHFIELD
COUNTRY CLUB
NORTHSTAR LODGE
NORWICH REGIONAL
ANIMAL HOSPITAL
OLD FAT CITY
CHITTENDEN
100,000
WASHINGTON
BENNINGTON
RUTLAND
RUTLAND
15,000
45,000
100,000
100,000
RUTLAND
12,000
WINDHAM
WINDHAM
WASHINGTON
15,000
25,000
20,400
WINDSOR
85,000
RUTLAND
BENNINGTON
75,000
11,250
WASHINGTON
WASHINGTON
WINDHAM
WINDHAM
BENNINGTON
3,000
60,000
100,000
100,000
350,000
WINDSOR
WINDSOR
WINDSOR
100,000
35,000
100,000
WINDHAM
30,000
RUTLAND
60,000
RUTLAND
20,000
WASHINGTON
100,000
WINDHAM
5,000
WINDHAM
WINDHAM
WINDHAM
100,000
20,000
63,209
WINDHAM
WASHINGTON
94,000
8,000
ADDISON
WINDHAM
60,000
75,000
RUTLAND
25,000
WINDSOR
LAMOILLE
WINDHAM
WINDHAM
15,000
260,000
50,000
20,000
WASHINGTON
72,000
WASHINGTON
20,000
WINDSOR
30,000
WINDHAM
25,000
WASHINGTON
7,000
WINDSOR
WASHINGTON
WINDSOR
ORANGE
50,000
25,000
100,000
100,000
WASHINGTON
25,000
WINDSOR
17,326
WINDHAM
100,000
WINDSOR
100,000
WASHINGTON
25,000
WASHINGTON
16,875
RUTLAND
RUTLAND
WASHINGTON
WASHINGTON
ORLEANS
35,000
83,000
25,000
40,000
17,000
WINDSOR
WASHINGTON
47,500
100,000
RUTLAND
WINDSOR
100,000
243,600
WINDHAM
25,000
2012 VEDA Loan Approvals
OLD STAGECOACH
INN
ONE THE VILLAGE
GREEN
ONION RIVER
CROSSROADS
ORMSBY, JOHN
PAM'S RABBIT HOLE
PARADISE SPORTS
PARKER HOUSE
PASTA POT
PATCO PROPERTIES
PEDERSEN, MARK &
WENDY
PEDERSEN, WENDY &
CUMMINGS, SHERYLL
PEPPINO'S
PFANNE, MARY
PICKWELL'S BARN
PICO MANOR
PIERRE MOTEL
PILGRIM
PARTNERSHIP
PITCHER INN AT
WARREN
PIZZERIA LA
PLATT, THOMAS &
JUDITH
POSITIVE PIE
POWER PLAY SPORTS
PRECISION
COMPOSITES OF VT
PRIMROSE GARDEN
PRINCE & THE
PAUPER
PUTNEY MOUNTAIN
WINERY
QUECHEE GORGE
VILLAGE
QUECHEE PIZZA CHEF
R & N AUTOMOTIVE
R. S. B. KILLINGTON
READING COUNTRY
STORE
READSBORO
GENERAL STORE
RED MILL
RED WAGON TOY CO.
REX ASSOCIATES
RIVER STREET ASSOC.
RIVER'S BEND
CAMPGROUND
RIVER'S EDGE STORE
RIVERSIDE PET
HOSPITAL
ROBERT JAMES
WALSH ANTIQUES
ROBERT L. SCHMIDT,
DMD
ROBERT'S AUBERGINE
ROCHESTER CAFÉ
ROCK LANDSCAPING
ROCKINGHAM TREE
SERVICE
ROSEATE CREATIONS
ROUSSEAU, JEFFREY
ROUTE 100
ENTERPRISES
RUTLAND COUNTRY
CLUB
RUTLAND PLYWOOD
CORP.
S&L
ENTERTAINMENT
SAM'S STEAKHOUSE
SANDY'S DRIVE-IN
LUNCH RESTAURANT
SELLERSONIAN
SHADER, LANCE
SILO RESTAURANT AT
MT. SNOW
SIMON PEARCE
SIMPLY FORDS
AUTOMOTIVE
SIMPLY FORDS
AUTOMOTIVE
SJB HOLDINGS
SNOW FARM WINERY
SNOWED INN
SOH WIND
ENGINEERING
SPORTS ODYSSEY
SPRAGUE WELDING
STONE HEARTH INN &
TAVERN
STOWE MOTEL
WASHINGTON
80,000
WINDSOR
50,000
WASHINGTON
15,500
WASHINGTON
WASHINGTON
WINDSOR
WINDSOR
RUTLAND
CHITTENDEN
WINDHAM
8,000
100,000
20,000
80,000
47,000
200,000
25,000
WINDHAM
25,000
RUTLAND
RUTLAND
WINDHAM
RUTLAND
WASHINGTON
WASHINGTON
40,000
61,500
60,000
100,000
25,000
100,000
WASHINGTON
95,000
WINDHAM
WINDHAM
20,000
100,000
WASHINGTON
LAMOILLE
CALEDONIA
25,000
45,000
74,400
WINDSOR
WINDSOR
25,000
50,000
WINDHAM
24,967
WINDSOR
100,000
WINDSOR
WINDSOR
RUTLAND
WINDSOR
37,000
50,000
100,000
15,000
BENNINGTON
16,250
WINDHAM
WINDSOR
WINDSOR
WASHINGTON
ADDISON
100,000
60,000
100,000
100,000
75,000
WINDSOR
RUTLAND
40,000
90,000
WINDSOR
4,500
RUTLAND
25,000
WINDSOR
WINDSOR
RUTLAND
WINDHAM
30,000
35,000
50,000
18,000
WINDHAM
RUTLAND
RUTLAND
25,000
25,000
25,000
RUTLAND
100,000
RUTLAND
200,000
RUTLAND
50,000
RUTLAND
WINDSOR
100,000
100,000
WASHINGTON
WINDHAM
WINDHAM
30,000
15,000
25,000
WINDSOR
WASHINGTON
100,000
35,000
WASHINGTON
15,000
CHITTENDEN
GRAND ISLE
RUTLAND
CHITTENDEN
75,000
63,500
25,000
250,000
WINDSOR
WINDSOR
WINDSOR
100,000
50,000
25,000
LAMOILLE
50,000
STOWEFLAKE
RESORT
STOWEFLAKE
RESORT
STROM, LLC
SUMMIT LODGE
SUMMIT VENTURES
SUNRISE GENERAL
STORE
SUNUP BAKERY
SUPER MAIN
STRUCTURES
SUPER THIN SAWS
SWITCHBACK
BEERWORKS
SWM REALTY
HOLDINGS
TADDINGERS
THURSTON GARRETT
TIMBER INN MOTEL
TOP NOTCH
PROPERTIES
TOWN OF BARTON
TOWN OF
LUNENBURG
TOWN OF PEACHAM
TOWN OF
WAITSFIELD
TPW MANAGEMENT
TRANSCEND QUALITY
MFG.
TWEED RIVER
ENTERPRISES
ULTRAMOTIVE CORP.
UPPER VALLEY GRILL
& GEN. STORE
VALLEY DENTAL
ASSOC.
VT ARTISAN COFFEE
& TEA CO.
VT GIFT AND GARDEN
VT GRANITE MUSEUM
OF BARRE
VT HOME BAKERY
VT RAILWAY
VT ROOTS
VT STANDARD
VT VERDE ANTIQUE
VT WILDWOOD
VIKING MOTEL
WAHOO'S EATERY
WALL/GOLDFINGER
WALL/GOLDFINGER
WALLACE, PETER
WATERBURY
GROCERY
WATERBURY
SERVICE CTR.
WEISSER, PATTI
WELCH BROS. CO.
W. HARTFORD
VILLAGE STORE
WEST HILL
INVESTMENTS
WESTON COMMUNITY
ASSOC.
WESTON PLAYHOUSE
THEATRE
WESTON VILLAGE
STORE
WHETSTONE STATION
RESTAURANT &
BREWERY
WHETSTONE STATION
RESTAURANT &
BREWERY
WHETSTONE STUDIOS
FOR THE ARTS
WHETSTONE STUDIOS
FOR THE ARTS
WHITE COTTAGE
SNACK BAR
WHITE RIVER GOLF
CLUB
WILLIAM AUSTIN'S
ANTIQUES
WILLIAM GEORGE
HEYER TRUST &
HEYER, MARJORIE
WILLIAM MACLAY
ARCHITECTS &
PLANNERS
WILLIAMS RIVER
HOUSE
WINDEKIND FARM
WINDHAM FAMILY
VISION CARE
LAMOILLE
150,000
LAMOILLE
100,000
WASHINGTON
RUTLAND
WASHINGTON
WINDSOR
25,000
100,000
100,000
70,000
RUTLAND
WINDHAM
10,000
40,000
WASHINGTON
CHITTENDEN
100,000
350,000
CHITTENDEN
220,000
WINDHAM
WASHINGTON
WINDSOR
WASHINGTON
35,000
17,000
100,000
100,000
ORLEANS
ESSEX
100,000
100,000
CALEDONIA
WASHINGTON
100,000
100,000
WINDSOR
CHITTENDEN
100,000
184,200
WINDSOR
WINHALL MARKET
WOODS AT
WIHAKOWI
WOODSTOCK
AQUEDUCT CO.
WOODSTOCK
FARMERS' MARKET
WOODSTOCK PIZZA
CHEF
WORLD CUISINE
CONCEPTS
WURZBERGER,
ALBERT & SUZANNE
TOTAL
WINDHAM
WASHINGTON
30,000
100,000
WINDSOR
100,000
WINDSOR
100,000
WINDSOR
52,065
WINDSOR
100,000
WINDHAM
100,000
$24,918,110
15,000
WINDSOR
WASHINGTON
100,000
100,000
WASHINGTON
100,000
WASHINGTON
100,000
RUTLAND
WASHINGTON
40,000
10,000
ADDISON
CHITTENDEN
RUTLAND
WINDSOR
RUTLAND
WASHINGTON
WINDHAM
WINDHAM
WASHINGTON
WASHINGTON
WINDHAM
WASHINGTON
6,000
100,000
100,000
100,000
100,000
74,136
100,000
25,000
282,000
100,000
25,000
200,000
WASHINGTON
60,000
RUTLAND
WINDSOR
WINDSOR
45,000
100,000
100,000
RUTLAND
38,000
WINDSOR
100,000
WINDSOR
100,000
WINDSOR
60,000
WINDHAM
172,500
WINDHAM
27,500
WINDHAM
100,000
WINDHAM
50,000
WINDSOR
100,000
WINDSOR
100,000
WINDSOR
25,000
FRANKLIN
20,000
WASHINGTON
25,000
WINDSOR
25,000
ORANGE
WINDHAM
92,000
20,000
17
Vermont Economic Development Authority
(A Component Unit of the State of Vermont)
Balance Sheet (Unaudited)
as of June 30, 2012 and 2011
Assets
June 30, 2012
Cash and cash equivalents
Unrestricted
Restricted
Total cash and cash equivalents
$
Restricted Investments
Notes receivable
less allowance for loan losses
Notes receivable, net of allowance
Accrued interest receivable
Other assets
Fixed assets, net of accumulated depreciation
Total Assets
3,289,898
2,751,128
6,041,026
June 30, 2011
$
1,655,222
327,732
1,982,954
27,055,963
26,845,232
166,294,599
(4,743,000)
161,551,599
136,319,011
(3,725,700)
132,593,311
372,669
711,043
5,516,275
229,302
714,416
5,072,367
$
201,248,575
$
167,437,582
$
116,300,000
34,375,379
118,107
535,582
42,530
2,288,922
2,544,991
107,584
156,313,095
$
104,000,000
14,074,324
199,619
900,139
62,827
1,142,663
4,345,555
60,631
124,785,758
Liabilities
Commercial Paper
Notes payable
Escrow and reserve accounts
Accounts payable and accrued expenses
Due to State of Vermont
Other liability - State of Vermont
Deferred revenue for federal program
Accrued interest payable
Total Liabilities
Net Assets
Unrestricted
Restricted
Total Net Assets
Total Liabilities and Net Assets
18,102,777
26,832,703
44,935,480
$
201,248,575
14,509,588
28,142,236
42,651,824
$
167,437,582
Audited financial statements are available upon request or visit our website at www.veda.org
18
Audited financial statements are available upon request or visit our website at www.veda.org
Vermont Economic Development Authority
(A Component Unit of the State of Vermont)
Statement of Revenues, Expenses and Changes in Net Assets (Unaudited)
For the Years Ending June 30, 2012 and 2011
Operating Revenues:
Cash and investment interest
Net decrease in the fair value of investments
Notes receivable interest
Non-interest income
Total Operating Revenues
2012
$
488,979
509,538
5,131,348
1,005,477
7,135,342
2011
$
495,931
1,942,483
4,576,384
1,433,494
8,448,292
Operating Expenses:
Interest expense
Provision for loan losses
Provision for losses on insured loans
Staff salaries, expenses and benefits
Professional fees
Office and administrative expenses
Depreciation expense
Total Operating Expenses
1,746,764
1,192,043
585
2,797,027
484,530
831,815
242,737
7,295,501
Net Operating Income
1,530,789
1,702,023
1,962
2,693,409
496,206
848,192
214,747
7,487,328
(160,159)
960,964
Non-operating revenues (Intergovernmental Transfers):
Appropriation from State of Vermont
Federal grant program revenue earned
Deferred appropriation earned
Federal grant program expense
Operating transfer to State of Vermont
Total Non-Operating Income
0
1,800,564
657,112
(7,269)
(6,592)
2,443,815
1,140,000
0
305,451
0
(25,038)
1,420,413
Net increase in net assets
2,283,656
2,381,377
42,651,824
40,270,447
Net assets at beginning of year
Net assets at end of year
$
44,935,480
$
42,651,824
Audited financial statements are available upon request or visit our website at www.veda.org
Audited financial statements are available upon request or visit our website at www.veda.org
19
Vermont Economic Development Authority
The Vermont Economic Development Authority (VEDA), created by the General Assembly in 1974, is
Vermont’s economic development finance lender. VEDA manages a wide range of low-cost lending programs for
Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each client’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. In the past 38 years, VEDA has provided over $1.9 billion in financing assistance to thousands of
eligible Vermont entrepreneurs, manufacturers, small businesses and agricultural enterprises, helping them to
realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.
20
VEDA Staff
Seated, clockwise from left: Melanie Scott, Ruth Tucker, Louise Anair, Gerrie Rogers, Heidi van Gulden, Kathy
Rouleau, Dave Carter, Alice Ennis, Sarah Isham, Angela Roy, Charlie Keeler, Patty Duffy, Steve Greenfield, Sandy
Croft
Standing, clockwise from left: Nancy Gonneville, Barry Koch, Thom Firlik, Dave Lane, Kelly Leonard,
Jay Stewart, Pete Fitzgerald, Tom Porter, Peter Bendoris, Rob LaClair, Bill Roberts, Marie Dussault,
Mariah Miller
Missing from photo: Carol Brown, Margaret Baird, Jamison Kimberly, Katrina Kilpatrick, Chris Anderson and
Toni Stebbins
VEDA Management Team
Clockwise from left: Dave Carter, Chief Financial
Officer; Steve Greenfield, Chief Operating Officer;
Jo Bradley, Chief Executive Officer
Renewable Energy
Vermont Economic
Development Authority
58 East State Street
Montpelier, Vermont 05602
www.veda.org
802-828-5627
[email protected]
VEDA is an Equal Opportunity
Provider and Employer