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VEDA Announces Financing for LEDdynamics and Other Projects totaling $8.6 Million

Wednesday, March 14, 2018   (0 Comments)
Posted by: Jeff Couture

The Vermont Economic Development Authority (VEDA) announced it had approved $8.6 million in loans to help support commercial, agricultural, and small business projects throughout Vermont, including for Randolph tech firm LEDdynamics, Inc.

"VEDA financing was approved to help a Randolph manufacturer expand and add a number of well-paying jobs for Vermonters," said Jo Bradley, VEDA's Chief Executive Officer. "In addition, a vacant former commercial property will be brought back into productive use in a Vermont downtown, and several agricultural and small business ventures will undertake expansion plans."

VEDA approved $3.8 million in financing through the Authority's Local Development Corporation Loan Program, which provides financing to nonprofit local and regional development corporations to build facilities for lease to identified eligible tenants, or to plan and/or develop industrial parks.

The loan to Green Mountain Economic Development Corporation (GMEDC) was approved as partial financing for the purchase of 6.7 acres of industrial park land in Randolph on which a 27,613 square-foot industrial building will be constructed as a new manufacturing facility for lease to LEDdynamics.

Additional project financing capacity is being sought by the Town of Randolph through the Community Development Block Grant program, and by the Randolph Area Community Development Corporation. An Efficiency Vermont grant is also part of the project financing.

In existence since 2000, LEDdynamics, a manufacturer of custom-engineered lighting solutions for a number of industries throughout the U.S., needs to grow in order to meet product demand. The new building would more than double its manufacturing space. The company currently has 65 employees, and that number is expected to rise significantly once the project is completed.

VEDA also approved $125,000 in financing through the Authority's Entrepreneurial Loan Program to provide working capital for a growing startup company, Seedsheet, that manufactures garden kits which include dissolvable pods containing organic vegetable and herb seeds.

Read the full announcement here.

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