Vermont
Silicon Valley Bank Awards Vermont Slauson Economic Development Corporation $100,000
South LA non-profit provides companies help and inexpensive loans to minority- and women-owned companies
LOS ANGELES, June 7, 2022 /PRNewswire/ — Vermont Slauson Financial Growth Company acquired a beneficiant $100,000 grant from Silicon Valley Financial institution to assist underserved small companies and entrepreneurs in South Los Angeles. The funds will go on to the group’s CDFI revolving mortgage fund, which helps revitalize the South LA group by giving inexpensive small enterprise loans to minority-owned small enterprises.
Silicon Valley Financial institution was additionally the title sponsor for the latest grand opening of VSEDC’s South L.A. Greatest Purchase Teen Tech Middle, a 1,200 square-foot tech incubator for teenagers and younger adults.
“VSEDC is thrilled and grateful for Silicon Valley Financial institution’s assist for the hard-working, various small enterprise homeowners of South Los Angeles,” says CEO of VSEDC, Joseph T. Rouzan, III. ”For much too lengthy, our group has been missed and underserved. Our partnership with Silicon Valley Financial institution represents a renewed dedication to creating an economically sustainable area.”
Based mostly within the coronary heart of South LA, VSEDC has been serving minority- and women-owned small companies within the area for over 40 years. The non-profit works to create an equitable future and thriving native financial system by means of personalized one-on-one technical help, and financial growth companies. In 2018, VSEDC grew to become a CDFI non-traditional lender with a revolving mortgage fund to infuse the native financial system with capital. VSEDC’s inexpensive small enterprise loans provide funds to companies which can be traditionally ineligible for loans from conventional lenders, corresponding to banks.
“Small companies are important to our communities, however they usually wrestle to get the capital and assist they should thrive,” mentioned Craig Robinson, Head of Company Social Duty at Silicon Valley Financial institution. “We’re happy to assist VSEDC’s vital work to get funding into the arms of individuals of shade and girls enterprise homeowners in South LA.”
Vermont Slauson Financial Growth Company (VSEDC) is a community-based nonprofit and Group Growth Monetary Establishment (CDFI) acknowledged for many years of technical and entrepreneurial help to South LA small companies, start-ups and entrepreneurs. The companies VSEDC gives serves to drive group self-sufficiency, facilitate enterprise development, entry to inexpensive housing, items and companies, and job creation. VSEDC achieves this by means of youth training, a core curriculum of enterprise training, one-on-one enterprise help, and small enterprise loans. Discover out extra about VSEDC at www.vsedc.org, Fb and Twitter.
Silicon Valley Financial institution, the financial institution of the world’s most modern corporations and buyers, gives business banking companies, experience and insights to the expertise, life science and healthcare, personal fairness, enterprise capital and premium wine industries. Silicon Valley Financial institution operates in facilities of innovation world wide and is considered one of SVB’s core companies with SVB Capital, SVB Non-public and SVB Securities. With world business banking companies, Silicon Valley Financial institution helps deal with the distinctive wants of its dynamic, fast-growing, modern purchasers. Study extra at svb.com.
SOURCE Vermont Slauson Financial Growth Company
Vermont
Vermont expected to get light snow Saturday. Here’s the forecast
Wintry weather spreads across the South
Significant snow and icy precipitation are moving from Texas to the Carolinas.
Following a week of cold temperatures and harsh winds, this weekend will see light snow across New England, including Vermont.
While the snow is expected to cover the entire state of Vermont, this weekend’s snowfall will be calm, with no strong winds to create a storm and only a small amount of accumulation.
Here’s what to know about the timing, location and effects of Saturday’s snowfall in Vermont.
Where in VT will it snow Saturday?
According to the National Weather Service (NWS) of Burlington, light snow is expected throughout the day on Saturday, with the greatest chances of snow in the morning. Most areas of the state will see one inch of snowfall, with two inches possible in the middle region of the state.
While Vermont has seen extremely strong winds over this past week, the wind is expected to die down Friday night and stay mild throughout the snow Saturday. As of right now, the NWS has not issued any hazards or warning for Saturday, as the snowfall is expected to be calm.
VT weather next week
Temperatures will stay in the 20s throughout the weekend, with slightly warmer temperatures coming in next week. Snow showers are expected overnight from Monday to Tuesday.
Vermont
Committee leadership in the Vermont Senate sees major overhaul – VTDigger
Nine of the Vermont Senate’s 11 standing committees will have new leaders this biennium and three will be helmed by Republicans, Lt. Gov. John Rodgers announced from the Senate floor Thursday afternoon.
The committee overhaul follows the retirement, death or defeat of a considerable number of veteran chairs last year — and after Republicans picked up six seats in the 30-member body in November’s election. Democrats and Progressives now hold 17 seats, while Republicans control 13.
Unlike the Vermont House, where committee positions are chosen unilaterally by the speaker, Senate assignments are doled out by a three-member panel, the Committee on Committees, which this year includes two new participants: Rodgers, a Republican, and Sen. Ginny Lyons, D-Chittenden Southeast. Senate President Pro Tempore Phil Baruth, D/P-Chittenden Central, returned to the committee.
The trio had few experienced senators from which to choose, given that — as Baruth noted in his opening remarks to the chamber Wednesday — nearly two-thirds of the Senate’s members joined the body over the past two years. Illustrating the point, newly sworn-in Sen. Seth Bongartz, D-Bennington, was tapped to chair the Senate Education Committee. (Bongartz had previously served in the House since 2021 — and had tours of duty in both the House and Senate in the 1980s.)
Perhaps the most significant appointment went to Sen. Andrew Perchlik, D/P-Washington, who will chair the powerful Senate Appropriations Committee. He succeeds Sen. Jane Kitchel, D-Caledonia, who retired after leading the budget-writing panel for 14 years.
Sen. Nader Hashim, D-Windham, will helm the Senate Judiciary Committee, following the death last June of veteran Sen. Dick Sears, D-Bennington.
The Senate Natural Resources & Energy Committee will be led by Sen. Anne Watson, D/P-Washington. Its former chair, Sen. Chris Bray, D-Addison, was defeated in November.
READ MORE
Sen. Alison Clarkson, D-Windsor, takes over the Senate Economic Development, Housing & General Affairs Committee from Sen. Kesha Ram Hinsdale, D-Chittenden Southeast. Ram Hinsdale defeated Clarkson for the role of Senate majority leader in November, requiring the former to step down from her committee leadership position and allowing the latter to step up.
The three Republicans chairing panels are Sen. Richard Westman, R-Lamoille, who will run the Senate Transportation Committee; Sen. Russ Ingalls, R-Essex, who will head the Senate Agriculture Committee; and Sen. Brian Collamore, R-Rutland, who will lead the Senate Government Operations Committee. (Republicans similarly made gains in House leadership positions this year.)
Sen. Wendy Harrison, D-Windham, takes over the Senate Institutions Committee from Ingalls, who chaired it last biennium.
The sole returning chairs are Lyons, who will continue to lead the Senate Health & Welfare Committee, and Sen. Ann Cummings, D-Washington, who will retain control of the Senate Finance Committee.
Speaking to reporters Thursday afternoon, Baruth said the Committee on Committees had intentionally sought partisan equilibrium on certain panels. The Senate Education Committee, for example, which is expected to engage in heavy lifting as lawmakers reconsider the state’s education funding scheme, includes three Democrats and three Republicans. For a bill to clear that panel, four members would have to approve.
“What I intended for that committee… to do is to put out bipartisan bills,” Baruth said of Senate Ed.
Similarly, Baruth called the composition of the tax-writing Senate Finance Committee “very centrist,” with four Democrats and three Republicans.
“They’re going to have a lot of work to do, hard work, but the one thing I want them to think — to think long and hard about — is any kind of raising taxes or fees,” Baruth said. “The only time I’m looking to do that, if it’s necessary, is if it brings down the property tax.”
Ethan Weinstein contributed reporting.
Vermont
Gov. Scott comes out swinging on education funding during inaugural address
This article will be updated.
Gov. Phil Scott proposed a sweeping overhaul of what he called Vermont’s “broken and failing” education funding and governing systems during his inaugural address Thursday.
In his first major speech since voters overwhelmingly reelected him and booted Democrats up and down the ballot from office, Scott focused on the topic that most infuriated Vermonters in November: affordability.
“When it comes to politics, I know it can be hard to admit when you’ve gone down the wrong path and need to turn around,” Scott told House and Senate lawmakers during his fifth inaugural address at the Statehouse in Montpelier. “But we’re not here to worry about egos. We’re here to do what Vermonters need. And they just sent a very clear message: They think we’re off course.”
As is typical for an inaugural speech, Scott did not delve into specifics on Thursday — the details of his plan will be unveiled later this month during his budget address.
But in the broad strokes, Scott teased a plan that would overhaul Vermont’s byzantine school governance structure and see the state assume a direct role in deciding how much districts spend.
“The bottom line is our system is out of scale and very expensive,” Scott said. “And as obvious as these challenges are, we haven’t been able to fix it.”
At the heart of Scott’s vision is a transition to a so-called foundation formula, whereby the state would calculate how much districts should spend on their schools and provide them corresponding grants.
Currently, local voters decide how much their school districts should spend when they approve or reject budgets during Town Meeting Day in the spring. Whatever the amount, the state must pay. To calculate each town’s fair share into Vermont’s more than $2 billion education fund, residential property tax rates are adjusted based on how much each district is spending per pupil.
While potentially explosive in a state where local control is jealously guarded, a foundation formula is fairly typical across the country. And in Vermont, a bill to transition over to such a system even passed the House in 2018 with Democratic support. The architect of that 2018 legislation, then-GOP Rep. Scott Beck, was just elected to the Senate and named Republican minority leader for the chamber — where he is working closely with administration officials on their education plans.
“I think what we’re going to see [from the governor] here in a couple, three weeks is something that is far beyond just education finance,” Beck said in an interview Thursday. “I think it’s going to get into governance and delivery and outcomes.”
Beck said the transition to a foundation formula would force a series of questions, including whether districts would be allowed to approve any spending beyond the state’s base foundation grant.
“And in that case, where do they get that money from? And under what conditions can they access that money?” Beck said. “There’s a myriad of decisions that go into that whole thing. None of those decisions have been made. But I think in various circles, we have committed to going down the road of building a foundation formula in Vermont.”
Beck said he expects Scott’s education proposal will also include provisions that are designed to reduce staffing in the public education system.
When Scott first took office in 2016, the state spent about $1.6 billion annually on public schools. This year, that number will exceed $2.3 billion.
Vermont schools now have one staff person for every 3.63 students, the lowest ratio in the United States. In 2018, Scott pushed hard, and unsuccessfully, for legislation that would have instituted mandatory caps on staff-to-student ratios.
“With what we’re spending, we should not be in the middle of the pack on any educational scorecard,” Scott said. “And our kids should all be at grade level in reading and math. In some grades, less than half hit that mark. While educators, administrators, parents and kids are doing their very best to make things work, the statewide system is broken and failing them.”
Inaugural and state-of-the-state speeches tend to include a laundry list of policy ideas. But Scott’s 43-minute speech was focused almost entirely on education and housing — he renewed calls to trim development regulations and to bolster funding for rehabbing dilapidated homes.
Scott only briefly discussed last summer’s floods, and made glancing mentions of public safety, climate change, and health care. The governor, who voted for Vice President Kamala Harris in November, made no mention of President-elect Donald Trump or national politics.
Seeking to highlight some successes, the governor noted that overdose and traffic fatalities have declined recently, the state has welcomed more than 1,000 refugees in the past few years, and that the state park system saw near record visitation last year.
The governor has long argued that Chittenden County is prospering at a rate disproportionate to the rest of Vermont. He intensified that rhetoric in Thursday’s speech.
“As the rest of the state struggles to catch up, they carry the same burden of increasing taxes and fees and navigate the same complicated mandates and regulations,” the governor said. “And regardless of how well-intentioned these policies are, they’re expensive and require resources that places like Burlington, Shelburne and Williston may have, but small towns like Chelsea, Lunenburg, Peacham, Plainfield — and even Rutland, Newport or Brattleboro — do not. Too many bills are passed without considering the impact on these communities.”
Early in his speech, Scott paid tribute to several veteran legislators who died in the past year, including senators Bill Doyle and Dick Sears and representatives Don Turner, Bill Keogh, and Curt McCormack. Scott choked up and was visibly emotional when his recalling “my dear friend and mentor,” Sen. Dick Mazza, who died in May.
Former Governors Peter Shumlin, Jim Douglas and Madeleine Kunin attended the speech.
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