Vermont Smoke and Cure to expand into former Saputo plant

first_imgThe VSJF Flexible Capital Fund announced today that Vermont Smoke and Cure is the first recipient of a new investment loan program designed to help small businesses grow. The Flex Fund will lend the company $600,000 ‘ part of an overall financing package that will help it expand into the former Saputo cheese manufacturing plant in Hinesburg. The Flex Fund is specifically targeted to support small businesses in Vermont’s natural resource and clean technology sectors. It is the first business-lending program in Vermont focused on royalty financing for growth stage businesses – and one of only two such investment-lending programs of its scale in New England. With royalty financing, instead of taking a piece of ownership of the company, a lender provides debt that the company repays by sharing a piece of their revenue stream over a fixed period of time. The Flex Fund gives business owners access to the flexible risk capital they need to grow ‘ without having to give up an ownership stake in their company ‘ as well as access to its peer-mentoring network. ‘This Flex Fund is designed to help Vermont companies expand into new markets, reach new customers, and diversify their products,’ said the Flex Fund’s President Janice St. Onge. ‘Vermont Smoke and Cure is a mission-based company, helping more than 600 farmers get their products to market ‘ not only by providing smoking services but also by purchasing local meat for their own branded products. It’s a national brand in a growing market. We’re lending to one company, but our loan will have a positive impact on Vermont’s local food system and other producers who are creating jobs in their communities.’Vermont Smoke and Cure has been producing summer sausage, bacon, ham and other smoked meats for more than 45 years, using pure ingredients and traditional smokehouse methods.‘The Flex Fund was critical in helping us leverage other money and round out our financing package,’ said Chris Bailey, CEO of Vermont Smoke and Cure. ‘It not only provides us with flexible capital as we grow, it also gives us access to a wealth of knowledge through its peer mentoring network. This will help us continue our mission of ‘keeping Vermont farmers smoking.’‘‘We are proud to help Vermont Smoke and Cure expand into a location that has been hard-hit by job losses,’ St. Onge said. ‘The Flex Fund is one piece of an overall financing package that will help ensure the company has the right mix of capital for their stage of growth and the scale they want to grow to.’The VSJF Flexible Capital Fund is a licensed lender in the state of Vermont. ABOUT THE VSJF FLEXIBLE CAPITAL FUND The VSJFFlexible Capital Fund, L3C is a mission-based, low-profit limited liabilitycompany, an investment structure that combines the financial advantages of the limited liability company (LLC) with the social advantages of a non-profit entity (501c3) by focusing investment on in socially beneficial, for-profit ventures. As a Vermont state licensed lender, it provides near-equity or mezzanine financing to targeted Vermont growth companies in sustainable agriculture and food systems, forest products, renewable energy, waste management and other green economy sectors.  The VSJFFlexible Capital Fund is a separate entity created by the Vermont Sustainable Jobs Fund (VSJF), which develops markets for sustainably produced goods andservices to help Vermont businesses create jobs for the next generation of Vermonters.  The VSJF provides grants and technical assistance to entrepreneurs, businesses, and farmers, to accelerate the development of Vermont’s green economy.Learn more at www.vsjf.org/what-we-do/flexible-capital-fund(link is external).  ABOUT VERMONT SMOKE AND CURESouth Barre-based Vermont Smoke and Cure has been producing summer sausage, bacon, ham and other smoked meats for more than 45 years. The company helps local farmers succeed by offering USDA-inspected processing and professional packaging, increasing the variety of products they can make from their meats. More than 600 Vermont farmers a year depend on the company to process their hogs, turkeys and beef. www.vermontsmokeandcure.com(link is external)Montpelier, Vt. [December 6, 2011] ‘last_img