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Volume 13, No. 2 |
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March 2, 2009 |
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SEN. LEAHY, GOV. DOUGLAS TO HOST STIMULUS BILL CONFERENCE
BURLINGTON, Vt. - U.S. Sen. Patrick Leahy (D-Vt.) and Vermont Gov. James Douglas (R) will host a free conference to help Vermont families, businesses and towns learn how the newly enacted American Recovery and Reinvestment Act (ARRA) will help strengthen Vermont’s economy.
The conference and workshops will convene on Friday, March 6th, from 1 p.m. to 5 p.m. at Champlain College in Burlington. The Vermont Procurement and Technical Assistance Center and the Vermont Small Business Development Center have cosponsored the conference, enabling Leahy and Douglas to offer the conference at no cost to Vermonters. Leahy and Douglas will kick off the conference with introductory remarks.
Leahy, a senior member of the Senate Appropriations Committee which helped craft the legislation, initiated the conference planning and has worked with Governor Douglas, Vermont Legislative leaders and federal agencies in organizing the sessions. Leahy earlier announced that Vermont will receive more than $700 million in direct federal investments under the new law in infrastructure improvements and social services.
Leahy also anticipates that hundreds of small businesses and nearly every Vermont family will receive further direct benefits ranging from tax incentives to medical and unemployment coverage. Much of the bill’s help will be allocated by funding formulas; other benefits will depend on applications by businesses and governments for competitive grants, which will push Vermont’s total still higher.
“Vermonters want to be engaged in finding ways to strengthen our communities and our economy. I have heard from hundreds of Vermonters asking how the economic recovery plan will affect their daily lives and our state’s future,” Sen. Leahy said. “Small business owners, local officials, nonprofit service providers and many others have questions, and this conference is the next step to putting this plan into action to create jobs and to make life better here in Vermont.”
“My Administration is working diligently with President Obama’s team in Washington, Senator Leahy and our federal delegation, legislators in Montpelier and all Vermonters to most effectively utilize the funds from the federal recovery package and get our economy back on track,” said Governor Douglas. “This workshop will be an important opportunity for agencies and departments to share the most recent information and receive feedback from Vermont residents and businesses who may be impacted by this infusion of federal dollars.”
Federal officials and representatives of state agencies will offer their perspective on the economic recovery package during seven workshop sessions focusing on: how to access infrastructure improvement funding; accessing energy and broadband infrastructure funding; assisting small businesses interested in doing business with federal and state agencies; identifying small business provisions that may help weather the difficult economy; accessing first-responder and criminal justice funding opportunities; identifying health, human services, and labor and education funding opportunities; and a session targeted at Vermont families trying to understand how the tax and grant opportunities in the legislation will directly affect their bottom lines.
Participants can expect broad overviews of selected programs and question and answer sessions with program experts. Leahy noted that many of the funding formulas and program details contained in the legislation are still being finalized. He said he hopes the conference “will get Vermonters thinking about how the stimulus package can strengthen Vermont’s economy and lay the groundwork not only for the jobs of today, but also the jobs of tomorrow.”
Vermonters interested in additional information and in seeing a program agenda should visit leahy.senate.gov or call 1-800-642-3193. Participants are asked to register in advance.
The Conference and Workshops on Vermont’s Stake In The American Recovery And Reinvestment Act is scheduled for Friday, March 6th, at 1 p.m. at the IDX Student Life Center, Champlain College, 265 South Willard Street Burlington. Residents, small business owners, advocates, and municipal officials are invited to attend. To learn more, visit: www.leahy.senate.gov
VEDA AUTHORIZES $14.7 MILLION IN BUSINESS DEVELOPMENT FINANCING
MONTPELIER, Vt. - The Vermont Economic Development Authority (VEDA) has approved $14.7 million in business, agricultural and energy conservation financing for projects throughout Vermont totaling $17.3 million.
“Especially during these difficult economic times, VEDA is pleased to help businesses expand, support investments in energy conservation measures, and provide assistance to Vermont farmers in their efforts to sustain and strengthen their operations ” said Jo Bradley, VEDA’s Chief Executive Officer.
Approved for VEDA financing assistance are:
• Independent Brewers United Corporation, South Burlington – VEDA gave final approval to issuance of a $6.7 million tax-exempt manufacturing industrial revenue bond to Independent Brewers United Corporation (IBUC), the newly-formed parent company of Magic Hat Brewing Company and Pyramid Breweries, Inc. Brown Brothers Harriman has agreed to purchase the bond. The Authority’s financing approval supersedes that given Magic Hat in April of 2008, prior to Magic Hat’s subsequent acquisition of the West Coast brewing company, Pyramid Breweries, Inc. Magic Hat’s assets have since been merged with those of Pyramid into one operating company, IBUC, now owned by the former Magic Hat shareholders. In addition to the Magic Hat brewery and retail store in South Burlington, IBUC operates two other full-scale production breweries – one in Portland, Oregon and one in Berkeley, California -- and five brew pubs in cities in Oregon, Washington, and California. The $6.7 million in approved VEDA financing will help IBUC more than double production capacity at the South Burlington facility with the purchase and installation of a new brewhouse and bottling line, as well as other production and filling equipment, and associated leasehold improvements.
• The Manor, Inc., Morrisville – The Authority also gave final approval to issuing a $6.5 million tax-exempt revenue bond to The Manor, Inc. to restructure debt associated with the 1999 construction of a skilled nursing and residential care facility adjacent to Copley Hospital. The Manor is a 100-bed nursing facility employing 120, which provides short-term rehabilitation services, long and short term skilled nursing and residential care/assisted living.
The Authority also approved $506,000 in farm ownership and operating loans through VEDA’s agricultural financing program, the Vermont Agricultural Credit Corporation; and, $778,151 was approved for small business development projects through the Authority’s Vermont Small Business Loan Program. In addition, $195,500 was approved through the Vermont Business Energy Conservation Loan Program to help several businesses make energy efficiency and conservation improvements.
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 in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, call (802) 828-5627 or visit www.veda.org
VERMONT CENTER FOR EMERGING TECHNOLOGIES WELCOMES TWO FIRMS
BURLINGTON, Vt. - The Vermont Center for Emerging Technologies’ (VCET) formally announced that two new high opportunity firms have entered as members in its leading technology business incubator program.
Kilawatt Technologies in Shelburne (www.Kilawatt.com) offers its EnerSuite diagnostic and optimization software that helps conserve energy in large commercial and industrial buildings. Kilawatt’s proprietary software provides actionable information and requires no capital investment, thereby eliminating financial barriers for achieving substantial cost and environmental savings. Customers consistently benefit from 15%-30% annual energy cost savings. Sample clients include: GE Healthcare, Gardener’s Supply Company, several national REITs, INS, and one of the world’s major data center operators.
TeleMedTest in Stowe (www.sonouroflow.com) is a telemedicine firm that has developed proprietary acoustic and information technology to capture highly accurate diagnostic test data at significant reduction in patient inconvenience and cost. Founded by UVM researchers, Dr. Peter Zvara and Dr. Katarina Zvarova, the firm is conducting clinical trials and preparing to scale distribution and marketing partnerships in North America. The firm receives support from the UVMVentures program and UVM office of Technology Transfer. The team is presenting at the prestigious Society for Urodynamics and Female Urology winter meeting in late February.
“The Vermont Center for Emerging Technologies continues to convert good ideas into good paying Vermont jobs,” said U.S. Senator Patrick Leahy, who secured more than $4 million in federal funds to establish and grow VCET. “By marrying cutting-edge technology and world-renowned research with the entrepreneurial environment at VCET, the businesses spawned at VCET have the potential of becoming the cornerstone of Vermont's new economy.”
With 25,000 sq. ft. of flexible term office and dry lab facilities in Burlington and Colchester, VCET so far has incubated 16 next generation employers and helped launch nearly 100 next generation jobs. Member firm sectors include software, medical devices, advanced manufacturing, energy and high performance computing, among others. Clients have been located in Chittenden, Washington, Lamoille and Addison counties and from parent firms in Quebec and the U.K.
“We are thrilled with the quality and potential of these new Vermont employers in the green tech and telemedicine sectors,” said Frank Cioffi, VCET Board Chair. “VCET is really hitting stride in its ability to help next generation entrepreneurs like Kilawatt and TeleMedTest during the current economic crisis.”
VCET opened its doors in June 2005 under the vision and efforts of Senator Patrick J. Leahy, the Vermont Technology Council and UVM’s Dr. John Evans.
Operating under a mandate to aid the commercialization of new technologies, increase technology startups and accelerate next generation job creation for this generation of Vermonters, the Vermont Center for Emerging Technologies is a leading-edge technology incubator serving all of Vermont. VCET offers selected early-stage businesses a menu of services such as furnished office and laboratory space, substantive business consultation, shared office equipment, entrepreneur workshops, MBA Fellows, professional mentors and capital assistance. VCET is an independent 501 c (3) public benefit corporation. Please visit www.VermontTechnologies.com or call (802) 656-3880 for more information.
SBA HAS NEW LOAN PROGRAMS THROUGH STIMULUS BILL
RANDOLPH CENTER, Vt. - The American Recovery and Reinvestment Act, signed into law Feb. 17, 2009, makes significant changes to the U.S. Small Business Administration’s (SBA) lending and investment programs.
The Act, otherwise known as the Stimulus Bill, contains a package of loan fee reductions, higher guarantees, new SBA programs, secondary market incentives and enhancements to current SBA programs that will help unlock credit markets and begin economic recovery for the small business sector.
“We are looking forward to working with Vermont’s small businesses to assist them in these trying times, and the additional funding in the Stimulus Bill will allow us to provide more flexibility in helping to provide financing,” said Darcy Carter, District Director for the U.S. Small Business Administration in Vermont. “The details will be coming out soon and we will share information as quickly as we can.”
The Bill provides $730 million to SBA and makes changes to the agency’s lending and investment programs so it can reach more small businesses that need help. The funding includes:
• $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90% for certain loans.
• $255 million for a new loan program to help small businesses meet existing debt payments.
• $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders.
• $20 million for technology systems to streamline SBA’s lending and oversight processes.
• $15 million for expanding SBA’s Surety Bond Guarantee program.
• $25 million for staffing up to meet demands for new programs.
• $10 million for the Office of Inspector General.
The Bill also authorizes refinancing for certain SBA loans so borrowers can expand their businesses on favorable terms, and expands leverage capability for Small Business Investment Companies.
More details on implementation will be coming over the next few weeks. For more information, visit www.sba.gov/localresources/district/vt/index.html
SUCCESSION PLANNING EXECUTIVE DEVELOPMENT SERIES OFFERED
BURLINGTON - Did you know that in just over 10 years, 40% of the US workforce will be poised for retirement? Or that of the CEOs and Executive Directors due to retire in the next 3 to 4 years, 55% have not yet chosen their successor and their companies or organizations have not adequately developed their talent pipeline?
Executives know that in order to perpetuate their organizations beyond their retirement they need to develop a comprehensive plan. However, the creation of that plan is an undertaking many find daunting.
“We have joined forces with Paula Cope, CEO of Cope & Associates, Inc., a national leader in organizational development, to deliver an intensive five-day Succession Planning Executive Development Series aimed at removing some of the challenges associated with creating such a plan,” said Melissa Hersh, director of Workforce Development at Champlain College. “We have assembled a cadre of industry experts and CEOs to share their experience and resources.”
Champlain College is offering the succession planning executive development series on March 23 & 24, May 1, 28 & 29 at the Sheraton Hotel & Conference Center in Burlington, Vermont. The first two days are being offered as a Symposium in collaboration with the Lake Champlain Regional Chamber of Commerce.
This executive development series is targeted to CEOs, senior executives, nonprofit executive directors and their HR colleagues.
Upon completion of this series, attendees will leave with their organization's succession plan framework including a clear action plan for moving forward.
For details about this series, including a schedule and instructor list, please go to our website
http://email.blueoxmailbox.com/c.html?rtr=on&s=c8s,14zfm,2nmr,am2g,etps,b2dc,a69
or download our Succession Planning brochure http://email.blueoxmailbox.com/c.html?rtr=on&s=c8s,14zfm,2nmr,dvcn,bz8j,b2dc,a69 in PDF format.
Registration is available online, with discounts available for Vermont Human Resource Association (VHRA) members.
Please feel free to contact Bridgette Graham by phone (802-865-5471 ext. 2) or e-mail wdc@champlain.edu with any questions.
Founded in 1878, Champlain College is a private, baccalaureate institution that offers professionally focused certificate and degree programs. With a long-held commitment to adult learning and workforce development, the Division of Continuing Professional Studies can help students balance the demands of life, work and academics. For more information, visit cps.champlain.edu, or contact us at or (888) 545-3459 or online at cps@champlain.edu
VMEC LAUNCHES NEXT GENERATION MANUFACTURING PRACTICES STUDY
RANDOLPH CENTER, Vt. - An important research study to assess the progress of state manufacturers in adopting strategies to win in the global economy was launched recently by the Vermont Manufacturing Extension Center (VMEC). The study is the first step in a long-term effort to help state manufacturers weather today’s recession, improve their manufacturing competitiveness, and grow and be more profitable over the next decade.
The web-based “Next Generation Manufacturing (NGM) Study” questionnaire for Vermont manufacturers can be accessed at www.NGMStudy-NewEngland.com . Any manufacturing company owner, CEO, or senior level executive is eligible to participate. Participation in the 61-question survey is confidential and takes approximately 30 minutes to complete. Participation also can be anonymous. The Deadline for participation is Sunday, March 15, 2009.
Study participants that identify themselves will receive a free, customized benchmarking report comparing their progress to the overall Vermont and national results as well as to other respondents of similar revenue and number of employees. The benchmarking report will be prepared by the internationally respected research, strategy, and benchmarking company, the MPI Group (www.mpi-group.org). The NGM study is part of a coordinated national effort led by the American Small Manufacturers Coalition (ASMC).
The study asks manufacturers to rank their progress toward the world-class performance benchmarks of Next Generation Manufacturing, a forward-looking framework of strategies that are driving manufacturing growth and profitability in the 21st century.
The six attributes of success for Next Generation Manufacturing are: Customer-focused Innovation; Advanced Talent Management; Systemic Continuous Improvement; Extended Enterprise Management; Sustainable Product and and Process Development; and Global Engagement.
“We are encouraging as many Vermont manufacturers to participate as possible. The study results will provide a wealth of valuable data for manufacturers, business leaders, and state and national policymakers,” said VMEC Director/CEO, Bob Zider.
“Participating manufacturers will be able to see how they rank against world-class performance benchmarks and target improvements where needed. It is our hope that policymakers will be able to strengthen and improve programs and services supporting manufacturers by knowing where the critical needs are,” he said. “The study results will provide a scorecard that will tell us what we need to do to improve. It will also assist VMEC in its planning for the additional new products and services that we need to be offering Vermont manufacturers.”
Manufacturing contributes about 11.5% of Vermont’s Gross Domestic Product (GDP)- roughly $2.83 billion in 2007. By comparison, Government was first at 13.7% of GDP; and HealthCare was third at about 10%. Manufacturing employs about 35,000 Vermonters in high wage positions.
VMEC's primary mission since 1995 has been “To improve manufacturing in Vermont and strengthen the global competitiveness of the state's smaller manufacturers.” This is done through confidential professional consulting, one-on-one coaching and public/onsite workshops to help Vermont's approximately 2,000 small and medium sized manufacturers increase their productivity, improve their manufacturing and business processes, reduce costs, identify and adopt new growth strategies, and improve their competitiveness.
Through the VMEC Process Strategies Group (PSG) business unit established in early 2006, VMEC is bringing its proven process and strategy expertise to a number of non-manufacturing sectors in Vermont, including healthcare, higher education, government, and financial services.
Visit www.vmec.org for more information.
CURRENT VEDA RATES:
2.25% Tax-Exempt
2.75% Taxable
Call for details: 828-JOBS |
ECO JOKE
IDEAS, SUGGESTIONS, COMMENTS?
Please write us anytime with your feedback, comments and suggestions at david.mace@state.vt.us. If you are a member of the media and would like more information about any of the stories in this newsletter, please contact David Mace at the Agency of Commerce and Community Development at 802-828-5229 or david.mace@state.vt.us.
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