Jobs Act cuts loan fees for Vermont small businesses

first_imgOn September 27, 2010, President Obama signed the Small Business Jobs Act of 2010 into law, putting more resources into the hands of small businesses so they can create more jobs and retain those they already have.  The Act will make a tangible difference to scores of Vermont businesses waiting in the US Small Business Administration’s loan queue. After the Recovery Act passed in February of last year, the SBA was able to help small businesses get Recovery loans by reducing or eliminating loan fees and increasing the SBA-backed guarantee to 90 percent.  When the funds for these loans were exhausted, SBA activated a Recovery Loan Queue as a sequential ‘holding tank’ for businesses interested in waiting for the availability of additional funds, either through the cancellation of previously-approved loans or through Congressional extension of Recovery Act programs.  With the Jobs Act in place, an additional $14 billion in SBA loan programs will be available to eligible small businesses once the agency receives its funding.  The Jobs Act will have an immediate impact on Vermonters waiting in the loan queue, one of whom is a Northeast Kingdom entrepreneur with a start-up loan of $750,000, and a fee savings of $23,625. Another Vermont business patiently waiting for his loan will be pleased to know he is saving nearly $5,000 in loan fees.  Thomas A. Coleman, DDS, of Brandon, Vermont said the purpose of his loan will be ‘to repay my accounts payable and to keep my employees on the payroll.’  Coleman has five part-time and four full-time employees.  In practical terms, the $5,000 he will save can be redirected towards working capital for any number of needs, such as purchasing equipment or retaining employees. The multi-faceted Jobs Act also makes a permanent increase to SBA’s maximum loan amount, from $2 million to $5 million.  ‘With the Act’s higher loan limits, higher size standards and reduced or eliminated fees, more of Vermont’s small businesses will now be eligible for and benefit from SBA loan program,’ said Darcy Carter, District Director, SBA Vermont District Office.Source: SBA. 10.1.2010last_img read more

Plasan acquires KaZaK Composites

first_imgPlasan, a global leader in the mass production of composite materials for defense and automotive clients with two plants in Bennington, today announced the acquisition of KaZaK Composites, a Massachusetts-based engineering design and manufacturing company specializing in pultrusion processing. The deal is not expected to effect employment at either company.KaZaK Composites is a premier provider of value-added composite engineering. KaZaK specializes in high performance composite structures and low-cost automated composite manufacturing. From design and analysis through prototyping and manufacturing, KaZaK’s technology offers a variety of applications in ship structures, building structures, space systems and numerous commercial applications. KaZaK Composites has ongoing activities with most U.S. Department of Defense agencies, including the Army, Navy, Air Force, Marines, Missile Defense Agency and DARPA. They also have performed R&D and/or production for NSF, DOT, DOE and NASA, in addition to many major aerospace and defense contractors. Dan Ziv, CEO of Plasan, said: “KaZak is an ideal fit for Plasan. KaZaK Composites’ expertise, knowledge and respect within the industry will enhance Plasan’s large-scale composite manufacturing capabilities. This purchase will bring together KaZaK and Plasan’s expertise, with the goal of offering a larger and more integrated range of services in design, engineering and customer support to its defense and automotive customers in the United States.” The KaZak acquisition is the latest in a series of moves by Plasan to consolidate its position as the leading manufacturer of composite materials for both automotive and defense applications. Plasan’s recent efforts include: – The launch of a Plasan Carbon Composites sales, research, design and engineering center in Detroit, Michigan today serve the needs of its North American automotive customers. Plasan Carbon Composites is a leading supplier of carbon fiber solutions to the automotive industry.- Armored Chariots LLC, a joint venture with TPI Composites Inc of Scottsdale, Arizona to produce next-generation crew compartments for U.S. military vehicles at a facility in Warren, Rhode Island.About Plasan Plasan provides customized survivability solutions for tactical wheeled vehicles, aircraft, naval platforms, civilian armored vehicles and personal protection. A recognized global leader and industry veteran, Plasan’s survivability solutions offer the optimal combination of protection, payload, and cost by combining in-house R&D, design, prototyping and manufacturing capabilities. Plasan combines innovative survivability engineering and design with advanced armor materials development. Its unique development process is based on continuous interaction between the R&D and the Design & Prototyping departments. During this process, Plasan combines computer-generated analysis and simulations with real-time calibration and ballistic test data. The effective combination of test and simulation data enables improved simulation accuracy and performance, resulting in the optimal survivability solution. Plasan’s engineers are unique in terms of their military backgrounds and hands-on experience. As veterans of the Israel Defense Forces they are familiar with soldiers’ behavior during combat and share a common language with the end user. This often contributes to the development of life saving solutions. Plasan’s success is rooted in the combination of innovation, a high level of commitment and a full range of in-house capabilities. As a preferred supplier to the Israel Defense Forces and an approved supplier to ministries of defense around the world, Plasan’s solutions have been tried and tested by dozens of armed forces in the most demanding battlefields such as Lebanon, Iraq and Afghanistan. As a global company with locations in Israel, North America and Europe, Plasan is a worldwide market leader. Plasan’s production capabilities are complemented by a comprehensive supply chain that encompasses suppliers of materials, equipment and solutions in strategic locations worldwide. This extensive network enables the production capacity flexibility necessary to expand or reduce production volumes according to demand. Please visit http://www.plasan.com(link is external). About KaZaK Composites Headquartered in Woburn, Massachusetts, KaZaK Composites, Inc. integrates engineering design and low-cost manufacturing to produce high performance composites for the aerospace, military and commercial markets. With specialization in large and unusual pultrusion processing, KaZaK Composites, Inc. provides product value in the area of material sciences that has enabled engineers to develop new and creative ways to build structures. KaZaK produces structural components for Navy ships including DDG 1000, T-AKE and aircraft carriers. Other major markets include UAVs, armor and missile canisters. KaZaK Composites, Inc. has a manufacturing facility in Hudson, New Hampshire. Please visit http://www.kazakcomposites.com(link is external). Source: Plasan BENNINGTON, Vermont, June 28, 2011/PRNewswire/ —last_img read more

Vermont gets $15.4 million for Irene repairs from US DOT

first_imgEMERGENCY RELIEF PROGRAM FUND ALLOCATIONS StateEventAllocationSubtotal by State or TerritoryAlabamaApril 27, 2011 Severe Storms and Tornadoes    1,896,010         1,896,010AlaskaSummer 2010 Taylor Highway Flooding    1,368,882         1,368,882American SamoaSeptember 29, 2009 Tsunami    1,229,844         1,229,844ArkansasApril 2011 Severe Storms and Flooding    1,048,534         1,048,534CaliforniaDevil’s Slide   20,785,705       43,430,449January-March 1993 Storms       305,000February 1998 Storms    2,149,300December 2002 Winter Storms    1,901,211December 2004 Winter Storms    5,089,071December 2005 Winter Storms   11,399,039October 3, 2007 Mount Soledad Road Slide    1,801,123ConnecticutSpring 2010 Flooding    1,048,020         2,367,336August 28, 2011 Hurricane Irene    1,319,316FloridaJanuary 2010 Sinkholes    1,107,486         1,107,486IllinoisApril 19, 2011 Heavy Rains and Flooding       338,207            881,388July 27, 2011 High Winds and Rainfall       543,181IndianaApril 2011 Severe Storms and Flooding       322,523            322,523IowaMay 2011 Missouri River Flooding    4,279,822         5,210,934July 27, 2011 Rainfall and Flooding       931,112KentuckyJuly 2010 Storms and Flooding       936,182         3,258,866April 2011 Storms and Flooding       522,684June 19, 2011, Severe Storms and Flooding    1,800,000LouisianaAugust 29, 2005, Hurricane Katrina    7,600,000         9,500,000March 31, 2011 Vicksburg Barge Crash    1,900,000MaineJuly 18, 2008 Heavy Rains and Flooding       416,216            755,397August 28, 2011 Tropical Storm Irene       339,181MassachusettsJune 1, 2011 Severe Thunderstorms and Tornado       457,092         5,110,004August 26, 2011 Hurricane Irene    4,652,912MinnesotaMarch 2011 Spring Snowmelt and Flooding    2,200,000         2,200,000MississippiMarch 31, 2011 Vicksburg Barge Crash (MDOT costs)           7,886         3,769,791April 2011 Severe Storms and Flooding    1,623,283April – June 2011 Mississippi River Flooding    2,138,622MissouriApril – May 2011 Tornado and Flooding       347,219         2,079,250June 2011 Missouri River Flooding    1,732,031MontanaSpring 2011 Flooding    2,564,893         2,564,893NebraskaMay – June 2008 Flooding       776,882         1,309,546May 2011 Platt and Missouri River Flooding       532,664New HampshireAugust 30, 2011 Tropical Storm Irene       132,409            132,409New JerseyAugust 2011 Hurricane Irene and Tropical Storm Lee    7,387,595       10,184,159August 2011 Flooding    2,796,564New YorkAugust 26, 2011 Hurricane Irene    7,686,528       10,248,704September 7, 2011 Tropical Storm Lee    2,562,176North CarolinaSeptember 29, 2010 Tropical Storm Nicole       815,000            815,000North DakotaSpring 2011 Runoff in the Devils Lake Basin   10,171,839       31,530,138Spring 2011 Runoff – Statewide   10,048,855Spring 2011 Runoff in the West James River Basin    5,770,020Spring 2011 Flooding in the Sheyenne/James River Basin    1,082,263ND11-5, Spring 2011 Flooding in the Southern Mouse River Basin    4,457,161OhioMarch 2011 Jefferson County Landslides    4,673,409       14,922,113March – May 2011 Severe Rainfall   10,248,704OregonJanuary 2011 Flooding    1,742,280         1,742,280PennsylvaniaAugust 26, 2011 Hurricane Irene    2,500,000         4,242,280September 7, 2011 Tropical Storm Lee    1,742,280Puerto RicoOctober 2010 Tropical Storm Otto       841,155         2,564,373August 21, 2011 Hurricane Irene    1,723,218South CarolinaMay 22, 2011 SC Route 150 Bridge Damage       392,572            392,572South DakotaSpring 2011 Flooding    2,191,627         2,191,627TennesseeSR 108 Rockslide       918,706         4,802,307April 5, 2011 US-441/SR-71 Rockslide    1,107,630April 19 – 26, 2011 Tornado and Flooding       325,971April 26, 2011 Severe Weather and Tornado Damage    2,450,000TexasAugust 30, 2011 Wildfires    2,500,000         2,500,000UtahDecember 20, 2010 Severe Storms and Flooding       839,543         2,167,226March – May 2011 Flooding    1,327,683VermontSpring 2011 Flooding    1,024,870       15,373,056August 27, 2011 Tropical Storm Irene   14,348,186VirginiaAugust 26, 2011 Hurricane Irene    1,435,173         2,181,614September 5, 2011 Tropical Storm Lee       746,441Virgin IslandsOctober 2010 Tropical Storm Otto       370,382         1,207,112November 2010 Tropical Storm Tomas       836,730WashingtonFebruary 28, 2001 Nisqually Earthquake    3,433,316         9,879,273November 2006 Storm    1,429,586December 2007 Storm       512,287January 2009 Storm       290,705October 11, 2009 SR 410 Landslide       669,713December 2010 Storms    1,026,278January 2011 Winter Storms       568,372March – April 2011 Storms       500,000March 22, 2011 113th Avenue Truck Crash Damage       750,043May 2011 Storms       698,973Federal Lands Agenciesvarious events    8,711,399         8,711,399Total 215,198,775     215,198,775 Vermont is one of the largest beneficiaries of disaster relief funding released today by the federal government. The US Department of Transportation will provide more than $215 million to states across the nation, with Vermont getting $15.4 million, to cover the costs of repairing roads and bridges damaged by a variety of natural disasters, US Transportation Secretary Ray LaHood announced today.‘Communities suffering from disasters have been hard at work restoring vital transportation links so that people can resume daily activities as soon as possible,’ said Secretary LaHood. “They did their part, and now it’s our turn to give the states the money they were promised to help pay for that work.’ The Federal Highway Administration (FHWA) will provide a total of $215,198,775 from its emergency relief program to 34 states, Puerto Rico, the Virgin Islands, American Samoa, and federal lands agencies to reimburse them for repairs to roads and bridges caused by storms, flooding, hurricanes and other natural and catastrophic disasters.‘States and communities can continue counting on our support in times of need,’ said FHWA Administrator Mendez. ‘Everyone pulls together when disaster strikes and we are committed to help as much as we can now and in the future.’Among states that will receive funding, California will receive $43.4 million for flooding and earthquakes, North Dakota will receive $31.5 million for flooding in the Devil’s Lake region and Vermont will receive $15.4 million for spring flooding and damage from Tropical Storm Irene. Estimates of Vermont’s repairs from Irene could run to $250 million, according to Governor Shumlin.The money will reimburse states for fixing or replacing highways, bridges and other roadway structures. Costs associated with detours, debris removal and other immediate measures necessary to restore traffic flow in impacted areas are also eligible.The FHWA’s emergency relief program reimburses states for the repair or reconstruction of federal-aid highways that were damaged in disasters and catastrophic failures.last_img read more

New Jersey’s B.L. England coal plant to finally close in May

first_img FacebookTwitterLinkedInEmailPrint分享The Press of Atlantic City:Will the 368-acre site of the B.L. England electric plant, due to close in May, become a hub for offshore wind developers — a place for them to feed their power into the grid? Or could its waterfront on the southern rim of the Great Egg Harbor Bay be used for recreation, after almost 60 years as a power plant?Russell Arlotta, of owner Rockland Capital’s R.C. Cape May Holdings, said he cannot speak to specific uses of the site in the future.  “We have no firm plans, and are not prepared to comment on that,” Arlotta said. But he said a cleanup will be completed by the end of 2019.R.C. Cape May announced Feb. 28 it was abandoning plans to repower the plant. It will close in May under an agreement with the state, which required it to either repower or close because its outdated technology released too much pollution into the air.The Danish offshore wind company Orsted, which holds a lease to develop a wind farm off Atlantic City, has said it is looking at the site as a potential place to bring its electricity to market if it wins ratepayer subsidy. But it is also considering hooking into the grid at the former Oyster Creek nuclear plant site in Ocean County.Sierra Club New Jersey Director Jeff Tittel said his organization has been fighting to close the B.L. England plant — which was the oldest coal-fired plant in New Jersey when it was in operation — for more than 20 years.“We started fighting B.L. England in 1998, when they put in a new boiler,” said Tittel. The modification meant the plant was no longer grandfathered under the Clean Air Act, he said.  “It was a 21-year battle. At the end of the day, we won,” said Tittel. “It would be great to see it as a facility for offshore wind. For me, it’s a major victory when you think of where we were in 1998.”More: What’s next for B.L. England plant site? First, a cleanup. New Jersey’s B.L. England coal plant to finally close in Maylast_img read more

Where you bank can make a big difference for racial justice

first_imgConsumers can push for racial justice – and it’s as simple as opening an account at a community bank or credit union that supports under-served communities.Netflix announced recently that it would transfer $100 million of its cash holdings to financial institutions that support Black communities in the U.S.Meanwhile, across the U.S., there are more than 1,000 Community Development Financial Institutions, or CDFIs. These institutions specialize in under-served communities and more than a third of their banks are led by minorities. One analysis found that more than 40% of CDFI’s loans and investments are in majority-minority communities.“With all the racial problems going on, right now is the perfect time for people to open up an account at a community development bank or credit union,” said John Holdsclaw, board chair of the Coalition of Community Development Financial Institutions. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more