GILMAN, Vt. (AP) — A project seeking to build a wood pellet mill in northeast Vermont has received a $2.5 million loan guarantee through the U.S. Department of Agriculture's rural development division.
The Caledonian Record reports (http://bit.ly/2feS7rk ) the loan will help convert a former paper mill in Lunenburg into a wood pellet manufacturing facility.
Tabitha Bowling, a partner in the new start-up — Kingdom Pellets — says without the loan guarantee, the project couldn't move forward.
Partners in Kingdom Pellets hope the business will create 21 jobs to operate the 30,000-ton softwood pellet mill in Vermont's Northeast Kingdom.
USDA officials say the purpose of the financial assistance is to help businesses "transitioning to renewable or energy efficient technologies to cut costs and reduce energy consumption."
Information from: The Caledonian-Record, http://www.caledonianrecord.com