A contractor, affected by the alleged EB-5 scandal at Burke Mountain Resort and Jay Peak, closed on a more than half-million dollar loan Monday to help carry his business through the summer construction season.
The contractor, based in the Northeast Kingdom, is the first to take advantage of a recently-created loan program through the Vermont Economic Development Authority (VEDA), which is working with the Northern Communities Investment Corporation (NCIC).
The name of the business who obtained the loan was not released by VEDA or NCIC officials. Because both VEDA and NCIC are tax-funded organizations, it’s not clear under what open record exemption the organizations are withholding the public information.
According to Jo Bradley, CEO of VEDA, the contractor in question is a Northeast Kingdom business, and they worked on both the Burke Mountain and Jay Peak projects, which are both under federal oversight now.
“I think that it means that they’ll be able to keep people employed, that’s what I understand,” Bradley said. “I spoke with the owner today, and he’ll be able to continue to do the jobs that he’s got lined up, because it’s really for working capital, it’s to replace what they didn’t get paid for either Burke or Jay.”
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