VERGENNES — A high-tech manufacturing company in Vergennes shared in $6.3 million in loans announced by the Vermont Economic Development Authority (VEDA) for economic development projects totaling over $16.5 million throughout Vermont. The authority projected the loans should create more than 100 new jobs throughout Vermont within three years of completion of the financed projects.
“It is exciting to see so many businesses continue to grow and create jobs for Vermonters, and VEDA is pleased to provide financing support to these companies,” said Jo Bradley, VEDA’s Chief Executive Officer. “We are also especially excited to provide financing assistance to businesses through the Authority’s new Entrepreneurial Loan Program.”
Nathaniel Electronics of Vergennes was approved for a $200,000 Entrepreneurial Loan Program loan to help it move its newest products to market.
In existence since 1984, Nathaniel Group designs, manufactures and services electro-mechanical devices, including medical equipment for surgical applications, as well as cameras and LED and Laser light sources for medical and scientific markets around the world.
The company has 15 full-time employees, and expects to increase that number to 21 within three years of the project.