Welcome to the SRDC December 2020 Newsletter. 2020 has proven to be very challenging in several ways for many of us. We would like to extend our best wishes to all for a happy holiday season and a happy, healthy, and healing 2021.
Economically Speaking Serving the communities of: Andover, Baltimore, Cavendish, Chester, Ludlow, Reading, Springfield, Weathersfield, Windsor and West Windsor
We Will Never Forget 2020 By Bob Flint, Executive Director
I usually look forward to the New Year’s weekend Sunday papers, as one (or more) of them will carry humorist Dave Barry’s “Year in Review”. I chuckle at the silly running jokes and non sequiturs as Dave does quick hits on various events that took place in the previous 12 months. Assuming he’s still doing the annual piece, I would suggest he has his work cut out for him when looking back at 2020. Particularly from March on.
A year ago, we had no idea what a PPP was, much less an EIDLEA (some of the folks in economic development might’ve known about EIDL’s). No one was getting a face mask in their Christmas stocking and normally around now folks would be getting ready for holiday gatherings and travel. We know what’s happened and that we are all holding on, hoping that 2021 truly brings back some normalcy, for all of us and our families, as well as for our regional and national economy.
SRDC has been honored to have worked with our regional and state partners to help facilitate the various programs and resources that have emerged so far, to help attempt to minimize the economic impact of COVID. As of this writing, Congress has just passed a $900 billion relief bill, which will provide for additional funding for business support (e.g. PPP Round 2 and likely more grants, via the State). If you are not receiving our regular Disaster Financing Worksheets (that we prepare, with Debra Boudrieau/VtSBDC), please let us know and we will make sure you see updates as they become available.
SRDC is busy with activities for the East Central Vermont Economic Development District! This includes continuing to help our area businesses with their COVID needs, including providing information on all available programs, as well as providing specific technical assistance.
Feel free to call or email us for more information about the ECVEDD or go to www.ecvedd.org
ReStart Vermont Technical Assistance Program By Amanda Porter, Business Navigator
The ReStart Vermont Technical Assistance Program opened on September 21st, 2020 to all Vermont businesses and nonprofits who had been negatively impacted by the COVID-19 pandemic. The goal of the program was to connect business with specialized service providers to assist with executing recovery plans.
The Vermont Legislature allocated $1,400,000 to be used specifically for providing small businesses with technical assistance and tasked the Regional Development Corporations of Vermont (SRDC is the RDC for Southern Windsor County!) to execute the program. Business Navigator positions were developed to work closely with applicants to help establish recovery plans, and then connect them to the appropriate vendor.
Forms of technical assistance could include financial management and bookkeeping, legal services, manufacturing and physical space design, as well as marketing plans. Many participating businesses in the SRDC region utilized the program to be matched with vendors that could provide website redesign and updates to allow them to transition to a digital based market. Website redesigns allowed stores to transition to a digital market space when they could no longer rely on foot traffic for sales. Restaurants as well were able to offer their food more efficiently through online ordering. The ReVTA vendors have allowed these businesses to pivot to a stronger web-based presence, making marketing to a new audience and maintain a connection to long-time customers.
The ReVTA program successfully concluded on Dec 4th, 2020. In total, twenty-seven businesses in the SRDC region participated in the program, as well as thirteen businesses contributing as vendors. Collectively, the SRDC regional businesses that participated received a total of $75,550.00 in aid through the program.
Working Communities Challenge By Amanda Porter, Business Navigator
The Springfield Area Working Communities Challenge team received a three-year grant for $300,000 from the Federal Reserve Bank of Boston, the State of Vermont, as well as local philanthropic private sector donors.
The goal for the SAWCC Team is to focus on increasing workforce participation in the region. The strategy behind this goal is to create a sustainable workforce pipeline that will focus on both recruitment and retention of employees. The team hopes to bridge the gaps between resource providers and regional employers creating a cross-sector network of partners.
Collaboration among network partners will establish a “no wrong door” approach to helping residents maintain employment. This holistic approach will provide resources to tackle challenges that can often impact sustainable employment, such as transportation, childcare, education, housing, and recovery needs.
The Springfield Area Team includes members from SRDC, RVTC, Reach Up, AHS, VDOL, and Springfield Restorative Justice, as well as private employers. Additionally, the SAWCC team is working closely with the River Valley Workforce Investment Board, which consists of regional stakeholders, to help gather information and resources surrounding employment concerns.
Towns within the SAWCC region includes: Andover, Baltimore, Cavendish, Chester, Grafton, Londonderry, Ludlow, Plymouth, Reading, Rockingham, Springfield, Weathersfield, Weston, Windham, West Windsor and Windsor.
For more information, or to become a network partner please visit us on Facebook at Springfield Area Working Communities Challenge or email Amanda Porter at amanda@springfielddevelopment.org.
Springfield-Area CARES Act RLF By Paul Kowalski, Senior Project Manager
Although Federal and State aid programs to businesses are in progress, with more help likely coming, applying for and receiving aid from these programs is time-consuming and full of uncertainties. Not all businesses are a good fit for these programs, and vice versa. The CARES Act Revolving Loan Fund, administered by SRDC, was funded by the US Economic Development Administration (EDA) to make loans to coronavirus-impacted small businesses in Southern Windsor County.
SRDC Executive Director Bob Flint said that these funds are intended for use for COVID-related impact, such as working capital needs or helping to cover equipment or renovation costs.
With the distribution of COVID-19 vaccines underway, the financial fallout from the global pandemic is less open-ended, reducing uncertainty and allowing business owners to enact plans to reach the ‘finish line’ of a more normal economy in which to operate. As a financing tool, debt is becoming less risky. The Springfield Vermont Area CARES Act RLF offers fixed rate business loans at a very competitive rate.
For information and an application, contact Paul Kowalski at: pkowalski@springfielddevelopment.org or call 802-885-3061.
You're Invited...
Join us at the next Springfield Area Employer Resources meeting. In January we will have a roundtable-style discussion to share information
about compensation and benefits. Some questions we will tackle are:
What is your compensation strategy?
Do you have a salary scale?
How do you determine salary increases?
What sort of innovative and/or unique to you benefits do you offer?
What is your process for reviewing and/or adding benefits?
Bring your own questions for the group. The Adaptiva HR Facilitators will also share some ideas and resources for reviewing compensation and benefits, especially if you want to enhance your systems and what you offer.
When: January 6, 2021, 9:00-10:30 AM Where: via Zoom, register here Who: HR Managers, business owners, and compensation/benefit decision-makers
Springfield Area Working Communities Challenge is a partnership between organizations such as Springfield Regional Development Corporation and the River Valley Technology Center, along with public sector and state government organizations. The group is working to address barriers to employment, to help employers recruit and retain employees as well as help more people enter (and remain in) the workforce.
Monthly meetings are organized and facilitated by Adaptiva HR.
We hope to see you!
As we close out this unreal year I would like to share with you a post from our new VtSBDC Blog. I was interviewed by our media and marketing specialist, Phyllis Ershowsky, about my recommendations for getting thru the winter. As usual I could not help doing my top ten.
1. LISTEN
It’s more important than ever to pay attention to Governor Scott’s press conferences and frequent updates, visit Vermont’s Agency of Commerce and Community Development’s (ACCD) website for COVID guidelines, subscribe to the ACCD newsletter to hear and read the news that impacts your business. On the global level, be aware of what’s happening outside of our state as well. Be in the know so you can prepare and react! 2. COMMUNICATE
Use verified, relevant information to develop your messaging for staff, customers, and vendors. Have a system to get in touch with your “constituents” at any time day or night. That includes updating your database for easy connection to your clients and customers. Keep the lines of communication open among your staff and customers: Are you feeling supported? Is our safety signage clear? For vendors: Where are your products coming from? Will there be delays or shortages? Keep the conversation going so you can be reactive and proactive. And having a virtual, centralized place for updates is key – think about every “in person” touch you’ve had in the past and determine how you can translate that into virtual communication. Does your website need an overhaul? Are your social media channels up to date and reaching your audiences? Let’s get creative! 3. ASSESS
Assessment and Response is the NEW business plan! From your financials, to neighboring businesses, to your business environment, it is critical that you are continuously assessing your situation. Did the Governor or CDC change guidelines? Are your financial reports up to date? Are you taking safety measures to make your staff and customers comfortable at your place of business? VtSBDC offers helpful assessment tools on the Recovery Roadmap, a resource that has helped hundreds of businesses with difficult decisions since last spring. 4. UPDATE
During your assessment, you may discover that you need to back up and update financial reports, like your P&L for instance. This is especially critical when it comes to applying for state and federal grants. Review your QuickBooks to ensure it is “healthy” and robust, and continue to work on the 13-week Cash Flow tool to protect your business. 5. SAVE
It may sound impossible, but it is critical to save cash and build cash to the best of your ability. You will need cash reserves to get your business through these difficult months. 6. REACH OUT
Remember: you are not in this alone! This is the time to reach out to your support system for your business, and for your mental health. Your team might include your VtSBDC advisor, Mastermind groups, mentors, friends and family. Make sure to have your team in place to advise, guide and support! 7. BE SAFE
You’ve worked hard to establish and communicate safety protocols and your procedures may have helped you get through the last surge of COVID. This is no time to become complacent or to fold in reaction to pandemic fatigue. Stay strong to ensure the safety of your staff and customers. It would be devastating to have a COVID case traced to your business. Work with your team or an advisor to revitalize and reinstate your safety procedures and safety messages. As a business owner you can, and should, take a leadership role here. 8. CONNECT WITH YOUR INSURANCE AGENT
He or she should be your new best friend. Why? Because cyber security is now on the forefront of protecting your business. Plus, the pandemic is changing your insurance needs: Are airborne pathogens in your place of business covered by your plan? What about workers’ compensation if you have to shut down? Consider an insurance audit to figure out, “What can I do that I am not already doing?” 9. PAUSE
No one thinks clearly when in panic mode. Whether you need 15 minutes, a full day, or a few days in a row, stop to think and take care of yourself. Breathe, focus, give yourself a break. You will be surprised at how this simple exercise will reinvigorate you and help you move forward with greater clarity. 10. BE PATIENT
In addition to being patient with yourself, be mindful of the difficulties others are facing and how they may be reacting. That grouchy customer may have just lost his job, or learned that her mother passed away. We must be able to rely on others, and learn to deal with each other with patience, kindness and grace – in and out of the workplace.
Please visit www.vtsbdc.org and sign up for the weekly blog, The Starting Point. We launched it as a way to communicate about our resources for small business owners, aspiring and student entrepreneurs, valued community partners throughout our state, and legislative representatives. The Starting Point covers a range of current topics: small business trends, effective advisor tools, inspiring stories about clients demonstrating resilience, and thought leadership articles to provide helpful education to our readers.
Hosted by Vermont Technical College (VTC) since 1995, VMEC operates as a not-for-profit with a primary mission, “To help improve and grow manufacturing in Vermont and strengthen the global competitiveness of the state’s manufacturers.” A local resource and trusted adviser to enterprises of all sizes, the VMEC Team brings world-class expertise in consulting, coaching, hands-on implementation support, training and education for leaders and workers. Call us today at (802) 728-1432 or email us at vmec@vmec.org
Vermont PTAC
Counselor: Ed Williams
Springfield: Mon., Tues., Fri.,
802-885-3061
Brattleboro: Wed., Thurs.
802-257-7731
The Black River Innovation Campus recently sent out its year-in-review newsletter, the summary of which can be found here: https://bricvt.org/2020-year-in-review. While there were many memorable moments in the 4th quarter, BRIC is particularly excited to launch Actuator, its keystone tech entrepreneurship program. The official launch of this free tech entrepreneurship program took place on December 4, 2020 (the full event livestream is available at https://vimeo.com/489433703). Actuator by BRIC is a year-long engagement combining educational curriculum and resources along with a dedicated support program for early-stage tech startups. The first cohort will start on January 25, 2021, and applications are open. Team BRIC wishes everyone a happy and healthy holiday season - we look forward to seeing you in 2021!
SRDC Staff
Bob Flint,
Executive Director
Heather Hartford,
Assistant Director
Paul Kowalski, Sr. Project Manager
Amanda Porter
Business Navigator
Sandy Clifford,
Office Manager
Cynthia Porter,
Finance Director
Joanne Jackson
Finance
SRDC Board of Directors
Doug Gurney
Patti Putnam
Bob Kendall Dale Williamson
Rick Bibens
Nate Cobb Todd Priestley
Ex-Officio Board Members
Tom Kennedy
Caitlin Christiana
Kristi Morris
Main Supporters
Town of Springfield
Town of Chester
Town of Windsor
Vermont Agency of Commerce and Community Development
Members
Acrylic Design
All Seasons Constr.
Berkshire Bank
Bibens Home Center
Black River Produce
Community Bank
Countryside Lock & Alarm
Drew's All Natural
Dufresne Group
Efficiency Vermont
Graham & Veroff, PC CPA
Green Mountain Power
Gurney Bros. Constr.
HB Energy Solutions
IVEK
Lawrence & Lober Electric Services
Lamb & McNaughton, PC
Lawrence & Wheeler LBL Fabrication
Lovejoy Tool
Mascoma Bank
NewsBank
Okemo Valley Chamber of Commerce
Peoples United Bank
Image - Tek Mfg.
River Valley Credit Union
Springfield Automart
Springfield Hospital
Springfield Printing
Springfield Realty
Town of Cavendish
Vermont Packing House
Vermont Timber Works
VTel
WIC
Winstanley Enterprises, LLC
Wright Construction
From Our Members
Claremont Savings Bank President, Reggie Greene, interviewed by FHLBank Boston, about current banking climate in our area.
Q. Can you please describe your market area and how it affects your overall operations and strategy?
We are based in the City of Claremont, New Hampshire, which is located just across the Connecticut River from Vermont, and have branches in Claremont and Charlestown, New Hampshire and Springfield, Vermont. We also have a Loan Production Office in Lebanon, New Hampshire. Claremont and Springfield are older mill towns that are transforming into employment centers for manufacturing, tech and services. We are about 35 miles south of the “Upper Valley,” home to both Dartmouth College and Dartmouth Hitchcock Medical Center, as well as many other vibrant employers.
Like most of northern New England, we have an aging population and part of our mission as a mutual is to provide banking services in the way preferred by our customers. This means maintaining our high level of in-office and telephone service while providing state-of-the-art electronic banking. We are also proud of Claremont Financial Services, our wealth management office.
Q. How has Claremont Savings Bank adjusted its policies in response to the COVID-19 pandemic?
We have been fortunate to have had few cases of COVID in our markets but are taking the necessary precautions. We closed our lobbies for a time and have been back to full operation since June but have noticed a decrease in lobby traffic. Our residential and commercial lending staffs have been almost all working from home since March. We were pleasantly surprised with how well we were able to conduct business in a remote environment, especially in a year with record mortgage volume and a high participation rate in the SBA’s Payroll Protection Program (PPP).
So far, our customers appear to be faring well. Our unemployment rate is among the lowest in the state at 4.8%. Home values are rising, and the problem now is not enough inventory for interested buyers. We are seeing some in-migration as people look for a more rural setting. Many of our local businesses are doing well but we are concerned for those most affected by the pandemic.
Q. How have your customers’ needs changed given the current environment?
After we closed our lobbies, many of our customers became more comfortable with using the drive-up and doing business online. We used the opportunity to educate our customers on the different ways they could access their deposits and apply for loans. We are seeing a significant decrease in overdrafts, probably due to people being more careful with their money and the government stimulus, offset by a large increase in debit card usage.
The PPP program provided relief to our business borrowers who were unsure of their financial future. Our delinquency rates are low with few borrowers still in forbearance. Click here to continue reading the article.
How did one Vermont college take control of its energy savings?
Landmark College built its MacFarlane Science, Technology & Innovation Center in 2015. At that time, Director of Facilities Kyle Skrocki couldn’t imagine that the building would be a candidate for major energy savings a few years later. But in 2019, Landmark partnered with Efficiency Vermont on a project that cut the building’s energy use in half.
This project was the latest in a long partnership with Efficiency Vermont. Many small colleges are facing financial challenges, which COVID-19 have exacerbated. Kyle Skrocki says energy efficiency has helped Landmark College continue serving its students.
Efficiency Vermont partnered with Landmark as they were constructing the MacFarlane Center. The college had installed four rooftop heat pumps to help with heating and cooling. They installed submeters to track how much electricity the heat pumps were using. A building controls system automated the heating and cooling system based on the outside temperature.
Efficiency Vermont Energy Consultant Marcus Jones understands building controls systems. He spent five years as a controls technician before coming to work at Efficiency Vermont. One of his clients during that time was Landmark College. He’s continued the relationship with Kyle and his team in his capacity with Efficiency Vermont. In 2018, he started talking to Kyle about ways to improve the controls system and the rooftop heat pumps.
After looking at the submetering data, they decided to upgrade the controls software. The new software uses real-time feedback from the building and the temperature in each zone. Instead of running based on the “worst-case” scenario, the new software turns the system on only when it’s needed. The result is that the building’s heating and cooling system, including the heat pumps, run much less frequently. The only changes were to the software for the controls system, but the impact was huge. Looking at the submetering data they were collecting, Kyle and Marcus found that the total energy use for the building dropped by 57%.
The new software and increased control over the heating and cooling system allowed Landmark College to enroll in a flexible load management pilot with Green Mountain Power. Green Mountain Power works with large energy users to reduce their electricity usage during peak periods for the grid. These peak periods can result in rate increases for everyone. Reducing power usage during these times can help reduce costs for all utility customers. In 2019, Landmark College was able to reduce their load by 25% during the New England summer peak.
Kyle is eager to identify other opportunities for efficiency projects in the college’s future. He recognizes that technology is constantly advancing, and costs are coming down. A project that was out of reach for the college a few years ago might be possible in the future. The history of successful projects with Efficiency Vermont help pave the way for future energy saving projects. The more energy and money they save, the more the college can invest in its students and in its mission.
