Putney School is in the midst of a significant capital campaign that will fund the majority of the project. The bond issue is intended to provide both permanent funding and bridge finance some of the capital campaign pledges until they are received over the next few years.
Mortgage Insurance Agreements were approved to back working capital loans made by commercial lenders to several Vermont companies:
— $1 million to Chittenden Bank for Shelburne Plastics;
— $500,000 to Vermont State Employees Credit Union for Vermont Hospitality Management, Inc., and the New England Culinary Institute (NECI); and
— $264,360 to Peoples United Bank for Cabot Hosiery Mills, Inc. Shelburne Plastics, South Burlington – In addition to the Authority’s mortgage insurance commitment, VEDA approved a direct loan of $420,000 to help Shelburne Plastics purchase South Burlington real estate for the company’s operational headquarters.
Applejack Art Partners, Inc., Manchester Center – VEDA approved $1.3 million to help Applejack Art Partners, Inc. purchase the 163,022 square foot building it currently leases in Manchester Center.
VEDA also approved close to $1.3 million in farm operating loans through the Authority’s agricultural financing program, the Vermont Agricultural Credit Corporation.
In addition, the Authority approved the following:
— $671,000 in business real estate development financing through the Vermont 504 Loan Program;
— $627,500 for several small business development projects through the Vermont Small Business Loan Program; and
— $65,606 through the Vermont Business Energy Conservation Loan Program to help small businesses make energy efficiency and conservation improvements.
“In this round of financing approvals, VEDA is pleased to help a number of Vermont businesses in their growth plans through direct lending, or by insuring working capital loans provided by local commercial lenders,” said the Authority’s Chief Executive Officer Jo Bradley. “Also, several agricultural, educational, small business and energy conservation projects are receiving VEDA financing.”
