Vermont Business Magazine The Addison County Economic Development Corporation recently helped two Bristol businesses secure financing for business development projects.
ACEDC has provided a $100,000 loan to Stoney Hill Properties, LLC (SHP) to support its vision of building worker housing and providing commercial and light industrial space in Bristol. ACEDC has been working with Kevin Harper on the Stoney Hill Properties project for three years, primarily to identify funding and financial resources. ACEDC advised SHP to apply to the Northern Regional Boundaries Commission (NBRC) and wrote a letter of support for his application.
The project, through the City of Bristol, has received $500,000 to support site works and infrastructure. Loans from the National Bank of Middlebury and ACEDC will help cover the costs of private infrastructure, including storm water, sewage, sidewalks, roads, utilities and data.
The project will support the creation of approximately 150 full-time jobs and 20 part-time jobs by the companies occupying the planned commercial spaces. SHP has obtained a Subdivision Permit and Conditional Use Permit to accommodate the first tenant, All Earth Renewables. Additionally, the development will include 20 mixed-income housing units, which will be developed by Evernorth and the Addison County Community Trust.
“This private/public partnership would not have been possible without ACEDC’s help in securing the grant funds, as well as providing the project with loan funds from ACEDC,” said Kevin Harper, Managing Member. of the HPS. “The Stoney Hill site is highlighted in the town plan as a mixed use and ‘infill’ opportunity given its location within the village proper, proximity to the leisure park, secondary school and the downtown business district.”
ACEDC also provided $50,000 to V Smiley, owner of V Smiley Preserves, LLC to support plans to transform from a majority wholesale business to a majority direct selling business.
Key to this direct sales growth strategy is Minifactory, a physical location in Bristol, which opened in April 2022. Minifactory is a cafe, bakery, on-site and take-out restaurant and grocery store which includes retail by retail. from V Smiley Preserves, produced on site. Wholesale and online sales of V Smiley Preserves and an educational program to build community and teach preservation techniques are also planned.
They plan to teach fruit-growing professionals and home cooks how to store and enjoy more seasonal food. The mini-factory is located in the former Bristol Cliffs Café at 16 Main Street in Bristol. V Smiley Preserves (VSP) manufactures Vermont Honey Sweet Preserves with an emphasis on Vermont grown fruits and aromatics.
“ACEDC’s support paved the way for the dream of building a warm and delightful community space to gather and feed,” said V. Smiley. “I am so excited and proud to lead two local food-related businesses in beautiful Addison County. It is a special honor to be the next owner/custodian of the four-decade-old business that we locally call “the bakery”.
ADEC: The Addison County Economic Development Corporation is a private, not-for-profit 501(c)(6) corporation, governed by a Board of Directors elected by member companies and organizations. ACEDC’s mission is to create an entrepreneurial and innovative environment that promotes the launch, growth and prosperity of businesses. ACEDC is dedicated to helping Addison County businesses of all backgrounds, at all stages, in all industries and sizes, grow and create well-paying jobs. We offer services to individual businesses, assist business groups and work with professional associations. We also work in partnership with local, regional, state and federal partners to advance community and economic development in the county.
ACEDC’s activities are made possible, in part, by a grant from the State of Vermont through the Agency for Commerce and Community Development. Loan programs are made possible by USDA/Rural Development.