FreshTracks attended the Vermont Economic Development Authority (VEDA) annual meeting on 10/24 in downtown Burlington.  The conference featured remarks from VEDA CEO Jo Bradley and Vermont State Treasurer, Jeb Spaulding.  The tone of the meeting was largely upbeat, with announcements about VEDA’s total project financing approvals topping $80MM in fiscal year 2008, but there was also certainly a nod to the uncertain financial climate that lay ahead.  Jeb noted that adversity is the mother of invention, but that Vermont has a wealth of creative people here in the state, and we have historically found non-partisan ways to succeed in the toughest of times, as its citizens put the interests of their neighbors and the state up front in order to work out creative solutions to the problems we face. 

VEDA’s mission is 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”.  Their annual report features a number of these success stories, including relationships with organizations such as: Revision Eyewear, Vermont Organic Fiber (O-Wool), Jay Peak Inc., Magic Hat Brewing, Casella Waste Systems, and GroSolar, among many others. 

VEDA has also established relationships with two FreshTracks portfolio companies: ISIS and Draker Labs.  In the case of ISIS, VEDA provides a mortgage insurance product alongside ISIS’ local bank lender for their debt facility, while Draker received an investment through Vermont’s Clean Energy Development Fund, whose investments and loans are administered by VEDA. 

To learn more about VEDA or to view their 2008 Annual Report, please click here: VEDA Website.