Monday, The Vermont Economic Development Authority announced a new round of financing, totaling over $15m, for select in-state manufacturers as well as for some agricultural enterprises, energy ventures, and small business projects. “VEDA is pleased to provide financing assistance to several manufacturing businesses that are expanding and creating new jobs for Vermonters,” Jo Bradley, VEDA's CEO, tells the press.
VEDA has been operating since 1974. The non-profit economic development financer aims to create and safeguard jobs by facilitating business growth through direct loans, loan guarantee, and by issuing tax-exempt bonds. Thousands of Vermont businesses have benefited over the 40+ years VEDA has been operating. The group has reportedly “provided over $2.288 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.”
As part of this latest round of funding, VEDA announced that Autumn Harp has been approved for financial assistance in the form of tax-exempt industrial revenue bonds.
The bonds, to be purchased by TD Bank, will fund an expansion of Autumn Harp’s cosmetic manufacturing facility as well as new machinery and equipment to keep pace with operational demands. As the VEDA press release puts it, “The company is in need of additional manufacturing space to meet increased product demand and ensure its ability to add additional products for its customer base of multinational companies.”
Currently the Autumn Harp manufacturing facility occupies 115,000 square feet and employs more than 200 people. The VEDA press item gave no estimates on the size of the planned expansion or number of new jobs.
Autumn Harp is owned by Black Bay Ventures. The company manufactures and provides cosmetic and skin care product R&D services to multinational beauty companies. “Autumn Harp is the silent partner to some of the biggest names in beauty,” boasts the company experience page. “To date, the collaboration results in hundreds of best-selling product launches with our brand partners.”
The company’s core expertise is anhydrous formulations. But Autumn Harp also takes pride in its emulsions and a number of product formula formats, including organic and natural formulations as well as preservative-free product formulas.
Autumn Harp claims “150% more brief-to-launch realizations than industry average,” “innovative technology and texture formulations,” “adherence to EU cosmetic directives and Japanese formulary requirements,” and “global SPF and OTC skin protectant formulations” among its R&D proficiencies.