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Success Stories

By Danny Monahan
Small Business Administration
 
Some mission-driven entrepreneurs could never imagine selling their growing business, whereas other entrepreneurs start an enterprise with the primary goal to sell it one day. 
 
It appears Paul Hines, Mads Almassalkhi and Jeff Frolik have found the entrepreneur’s version of the Goldilocks Zone when the company they cofounded, Packetized Energy located in Burlington, was acquired by EnergyHub. Hines and all the full-time employees are not only staying on with EnergyHub and continuing their work in Vermont, but also are expanding operations.
 
“Paul and the staff are going to continue working on a number of initiatives, including the integration of Packetized Energy’s technology into EnergyHub’s software solutions for the electricity industry. EnergyHub is growing and hiring rapidly and looks forward to growing the size of its workforce in Vermont.  The fact that EnergyHub sees Vermont as a strategic... Read More

Every new year millions of Americans vow this is the year they are going to lose weight, join a gym and workout every day, and yet every year in the middle of February about 80% of Americans who made a New Year’s resolution abandoned it, according to a recent study. 

However, the owners of a South Burlington based fitness studio think the year 2022 may be the exception because there is still a waitlist for their classes eight weeks into the new year.

“Traffic always picks up in the new year, but this feels different. I think it’s because we have a vaccine for COVID-19 now. After being cooped up in their homes for so long, members really seem to enjoy getting out of the house and staying out of the house,” said Deshawn Thomas, who along with his wife Marla own Queen City Yoga & Fitness.

The waitlist and foot traffic are a welcome relief because at the height of the pandemic Queen City Yoga & Fitness had lost 150 of its members after spending four years... Read More

As COVID-19 spread across the state in 2020 closing schools, restaurants, theaters and countless other places of employment the pandemic forced Vermonters to learn and work from their homes.

When it seemed like each and every sector of the economy was closing or slowing down, one area actually began to thrive. Vermonters wanted to get out of their homes and soon sales for bikes, basketball hoops, swimming pools and boats began to soar.

“At the very beginning of the pandemic we got a Paycheck Protection Program like everyone else because there was so much uncertainty. We figured we’d be affected like everyone else, but soon realized there was a demand for our boats,” said Justin Martin, who co-owns Adirondack Guideboat with his brother Ian Martin.  Located in North Ferrisburgh, the company builds custom cedar boats and Kevlar boats.

In April 2020 the Martins wanted to hire more employees, but it was difficult finding help. At the time they thought they were just... Read More

By Danny Monahan
Small Business Administration Vermont District Office

 

The Small Business Administration approved more 504 loans in Vermont during fiscal year 2021 than in any other year the past decade. The agency’s fiscal year is from Oct. 1 to Sept. 30.

This past fiscal year Vermont small businesses obtained 44 SBA 504 loans worth $27,512,000.  In 2019, Vermont small businesses only obtained 18 SBA 504 loans worth $10.1 million. The 504 Loan Program provides long-term, fixed rate financing of up to $5 million for the purchase or improvement of land, buildings, and major equipment, to facilitate the creation or retention of jobs, and to support local economic development. 

One of the small businesses that received a 504 loan this past year is Vermont Salumi, an Italian cured meat and sausage maker based in Barre. Occupying the old Homer Fitts department store on Main Street since 2019, Vermont Salumi is purchasing the building and property it is... Read More

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