Goldstein: Tech Hub Designation, BEGAP in Action, Rehabbing Brownfields

[ad_1]

Tool manufacturer Trow & Holden on South Main Street in downtown Barre.

by Joan Goldstein, Commissioner, Department of Economic Development

Greetings,

As the temperature starts to tumble, we at the Department of Economic Development (DED) are still mindful of the damage created by our summer storms. That’s why Governor Scott announced a holiday push to raise an additional $1,000,000 dollars for flood relief from sales of ‘Vermont Strong’ license plates and socks. Proceeds will benefit individuals via the Vermont Community Foundation and the Business Emergency Gap Assistance Program (BEGAP) will distribute funds to businesses, nonprofits, and landlords. The BEGAP portal closed in late October. We have enough applicants still in the queue to account for this new infusion of funding. To date, BEGAP has helped 500 organizations. You can read about one of them below, the historic Trow & Holden family-owned tool manufacturer in downtown Barre.

In late October, the Biden Administration named Vermont a U.S. Tech Hub for advancing the use of Gallium Nitride in semiconductors. It’s an exciting development that could put Vermont at the forefront of this amazing and fast-moving technology.

The Vermont Brownfields Revitalization Fund run by DED continues to contribute to the state’s economy. Earlier this month, Governor Scott announced $4,000,000 is headed to seven communities to clean up contaminated sites so they can be transformed into usable commercial space and housing. See this program in action in Brattleboro as you read on.

Vermont’s captive insurance industry keeps racking up the wins. Earlier this month, Vermont was named the International Captive Insurance Domicile of the Year in Luxembourg at the European Captive Awards. This is on top of being named the number one domicile in the world this summer by two captive insurance publications. Interested in starting a captive? Please reach out to our Brittany Nevins.

With Thanksgiving behind us, we are now in the heart of the holiday gift giving season. If you plan to do some shopping, please consider buying from your neighbors, especially those businesses fighting to recover from flooding.

With sincere good wishes,

Joan Goldstein
Commissioner, Department of Economic Development
[email protected]

President Biden announces the U.S. Tech Hub Program on October 23, 2023.

Tech Hub Designee

The U.S. Economic Development Authority named Vermont a U.S. Tech Hub for advancing the use of Gallium Nitride based semiconductors. Gallium Nitride (GaN) is a more durable and efficient alternative to silicon-based wafers. It is already in use in a limited capacity, but demand is expected to soar with the expansion of 5G communications, the electrification of transportation, increased renewable power generation, and defense related applications. DED is working with a consortium led by the University of Vermont, GlobalFoundries, and the Vermont State Colleges to take advantage of this Tech Hub Designation and apply for federal funds that could transform our region into a global leader of GaN. We will keep you updated on our progress.

Build to Scale

Two Vermont organizations are winners of “Build to Scale” federal grants designed to support technology entrepreneurs, catalyze innovation, and fuel economic growth.

The Northeastern Vermont Development Association (NVDA) won a federal grant of $749,947 to launch InnovateNEK to help foster 15 revenue-generating tech companies. In Hartland, Green Mountain Launchpad won a $260,379 grant to fill an early-stage investment gap in the startup ecosystems of Rutland, Springfield, Randolph, Caledonia and Windham Counties.

The Governor and legislature provided match to both of these grants to help InnovateNEK and Green Mountain Launchpad achieve their goals.

BEGAP Helps Historic Barre Business

Trow & Holden has made stonecutting and masonry tools from its South Main Street location since 1890. That building never flooded, until July 10, 2023.

That evening the Stevens Branch behind Trow & Holden rose fast – flooding the basement, destroying equipment, and damaging the foundation. After the water washed away, they tallied up the damage: $903,000. Find out how BEGAP helped them get back up and running.

EV Flood Recovery Rebates

A reminder to Vermont flood impacted businesses: Efficiency Vermont is offering $1,000 rebates per piece of heating, cooling, refrigeration, or commercial kitchen equipment damaged by recent floods. Learn more.

Electrify Your Fleet

Looking to electrify your fleet so that your business can do its part to reduce its carbon footprint? VTrans has a new incentive program for businesses, municipalities, and nonprofits. Applicants can get up to $2,500 per vehicle.

Learn more

Fly High in Singapore

Interested in participating in the “Best of New England Pavilion” at the 2024 Singapore Airshow in February? STEP could help defray the cost. Reach out to the Vermont State Trade Expansion Program Manager Daegan Goodman for details before the end of 2023.

Manufacturing Summit

DED was honored to sponsor the Vermont Chamber of Commerce’s 10th Annual Manufacturing Summit at Hula in Burlington in late October. Original Equipment Manufacturer (OEM) buyers, suppliers, and partners from across the United States and Canada collaborated to strengthen supply chains and advance the Vermont economy. The event featured virtual matchmaking, a robust seminar agenda, and in-person networking.

New Life for Brattleboro Brownfield

After four years of planning, construction, and collaboration, the DeWitt Block on Flat Street in Brattleboro is back in business.

Built in the early 1900s, the building was first a grocery store and warehouse. By the time it closed in 2012 it was being used to store furniture and the site was contaminated.

Find out how $1.6 million in grants from the Vermont Agency of Commerce and Community Development (ACCD) helped turn that property around.

Outdoor Recreation Grants

The Vermont Outdoor Recreation Economic Collaboration (VOREC) Community Grant Program is accepting applications until December 15, 2023. Six million dollars is available for Implementation, Project Development, Outdoor Equity, and Flood Recovery.

The Outdoor Economy

DED participated in the 5th annual Vermont Outdoor business Alliance’s 5th Outdoor Economy Summit. One-hundred forty outdoor businesses, organizations, and service providers shared ideas for the next 5 years. Learn more about the Vermont Outdoor Business Alliance (VOBA).

Help for Businesses

DED has given the Regional Development Corporations of Vermont a grant to launch The Small Business Technical Assistance Exchange (SBTAE). Small to medium-sized businesses that need help with service projects like websites, photography, and legal support should click here to learn more.

Vermont Wins Again!

Vt. Financial Regulation Commissioner Kevin Gaffney, Vt. Director Captive Insurance Christine Brown, Vt. Captive Insurance Economic Development Director Brittany Nevins, Vt. Financial Regulation Deputy Commissioner Sandy Bigglestone celebrate Vermont winning the International Captive Insurance Domicile of the Year Award at the European Captive Awards in Luxembourg.

2023 Rising Star

Brittany Nevins, Vt. Captive Insurance Economic Development Director, is recognized as a Vermont Business Magazine 2023 Rising Star. The 40 winners under the age of 40 were chosen for their commitment to business growth, professional excellence, and involvement in their communities. Congratulations Brittany!