The Vermont Economic Development Authority (VEDA) Board of Directors approved $8.5 million in financing assistance to support manufacturing, business incubator and small business projects around the state. Total costs of the projects approved for VEDA financing are $15.6 million.These loans will help expand production capacity at several existing manufacturing facilities, said Jo Bradley. In addition, new incubator space will be created for entrepreneurs who have moved beyond the early stages of commercialization, and have begun manufacturing and producing new products and services.Approved for financing by the VEDA Board are: – Autumn Harp, Inc., Essex Junction Industrial revenue bond inducements totaling $4 million were approved by the Board, enabling Autumn Harp to pursue expansion plans for the company. Autumn Harp, founded in 1978, is a private label custom manufacturer of personal care and cosmetic products for major national and international brands. The company plans to maintain operations in Bristol and will expand to a second location in Essex Junction to ensure adequate capacity for continued product diversification, and a growing customer base. Autumn Harp estimates the planned $4.6 million project would increase employment at both facilities by 50 employees over a three year period. – Vermont Center for Emerging Technologies, Inc., Colchester Financing of $1.1 million was approved, allowing the non-profit Vermont Center for Emerging Technologies (VCET) to develop a second business incubator facility in Colchester. Since 2005, VCET has operated a high-technology business incubator on a portion of the former Trinity College campus in Burlington, property now owned by the University of Vermont. The $3.1 million expansion project planned by VCET involves the purchase of 2.2 acres and a 21,000 square foot building in Colchester. The new space will provide incubator facilities to serve companies that have moved beyond initial commercialization and have begun manufacturing and producing products and services. It is expected that jobs will increase over three years from 13 at the current facility to 35 positions housed in both facilities. – Vermont Precision Woodworks, Morrisville The Board renewed a loan guarantee for up to 32% of a $1.25 million Union Bank working capital line of credit for Vermont Precision Woodworks. The VEDA-insured Union Bank line of credit will help the wood furniture manufacturer maintain its recent growth in employment at its Morrisville plant. – Vermont Quality Wood Products, Brandon The Board approved a 6-month renewal of $300,000 in mortgage insurance to guarantee a KeyBank working capital line of credit to owners of the former Vermont Tubbs furniture manufacturing firm. Vermont Quality Wood Products purchased the assets of Vermont Tubbs in 2003 as Tubbs was poised to liquidate the company and close the business. Vermont Quality Wood Products has continued operations since that date, and currently employs 105 individuals. – SecurShred, South Burlington An approved $306,000 loan will allow SecurShred, a growing document destruction company, to purchase a 10,000 square foot warehouse in South Burlington. The $850,000 project will enable SecurShred to increase its capacity and efficiency in the shredding of paper and electronic media for companies in Vermont, New Hampshire, Massachusetts and New York. SecurShred employs 10, and expects to increase that number to 14 within three years of the expansion.In addition, $1.9 million in Vermont SBA 504 Program loans were approved to support $5 million in business real estate and construction project costs. And, small business loans totaling $472,550 were approved by the Board.VEDAs 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 $1.2 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.
Some 50,000 PCR (polymerase chain reaction) COVID-19 test kits from South Korea are expected to arrive at Soekarno-Hatta International Airport on Sunday afternoon, the Indonesian Embassy in Seoul has said. The embassy announced on Sunday that the PCR diagnostic kits had been donated by four companies under South Korea’s LG group, namely LG Electronics, LG Chem, LG Innotek and LG International Indonesia.The kits were sent from Seoul on Garuda Indonesia flight GA879 directly to Soekarno-Hatta International Airport in Tangerang, Greater Jakarta. The Investment Coordinating Board (BKPM) expressed gratitude for the LG group donation.”Here we can see that LG is not only an investor but also Indonesia’s best friend. We certainly hope that the current solid ties between the two countries will become stronger,” BKPM spokesperson, Tina Talisa said in a written statement on Tuesday.Experts consider PCR tests the “gold standard” of COVID-19 testing. Rapid tests, though faster, are less accurate.According to the Health Ministry, only 9,712 people nationwide had undergone PCR testing as of Saturday. Of those tested, 2,092 have tested positive, while 7,620 have tested negative.Topics :
Subsurface Imaging, part of CGG’s Geoscience division, has been awarded processing contract by the Abu Dhabi National Oil Company (ADNOC). Under its terms, CGG will perform time and depth imaging of massive volumes of very high-spec data from what is believed to be the world’s largest ocean-bottom node (OBN) seismic survey to date.Starting in May 2019 – and for a period of at least five years, during the maximum seven-year contract period – CGG will process a minimum 20,000 sq km of high-density wide-azimuth OBN seismic data at its Abu Dhabi geoscience center.Sophie Zurquiyah, CEO, CGG, said: “CGG was selected for this record-breaking OBN processing contract, the largest ever awarded, on the strength of our reputation for service excellence and OBN processing pedigree. We are confident that close technical collaboration between our two companies on this strategic project will ensure that ADNOC gains the full value from their OBN investment. It will provide them with the reservoir insight required to support ADNOC’s 2030 smart growth strategy.”