Post by Logan on Jul 4, 2016 5:44:32 GMT -6
MONTPELIER - Vermont has set up a special loan program for businesses short on cash because they haven’t been fully paid for work done on a hotel and conference center and other northern Vermont construction projects that are at the center of a fraud investigation.
Miami businessman Ariel Quiros, owner of Burke Mountain and Jay Peak ski resorts, and Bill Stenger, Jay Peak’s president, were accused by Vermont and the Securities and Exchange Commission in April of misusing about $200 million raised from foreign investors for various developments through a special visa program. Both men have said they’ll be cleared of any wrongdoing.
An estimated 30 to 40 contractors and subcontractors for the Burke and Jay Peak projects are still owed a total of about $5 million to $5.5 million, said Pat Moulton, Vermont secretary of Commerce and Community Development.
A majority of the contractors have filed liens.
The Vermont Economic Development Authority and Northern Community Investment Corporation could lend up to $500,000 to each contractor for a six-year term depending on their liens. The first year will be an interest only payment and then the businesses make payments on the loan at a variable rate that is now 4 percent. One loan application has already been approved.
Read more: www.burlingtonfreepress.com/story/money/2016/06/28/state-offer-loans-unpaid-contractors/86459586/
Miami businessman Ariel Quiros, owner of Burke Mountain and Jay Peak ski resorts, and Bill Stenger, Jay Peak’s president, were accused by Vermont and the Securities and Exchange Commission in April of misusing about $200 million raised from foreign investors for various developments through a special visa program. Both men have said they’ll be cleared of any wrongdoing.
An estimated 30 to 40 contractors and subcontractors for the Burke and Jay Peak projects are still owed a total of about $5 million to $5.5 million, said Pat Moulton, Vermont secretary of Commerce and Community Development.
A majority of the contractors have filed liens.
The Vermont Economic Development Authority and Northern Community Investment Corporation could lend up to $500,000 to each contractor for a six-year term depending on their liens. The first year will be an interest only payment and then the businesses make payments on the loan at a variable rate that is now 4 percent. One loan application has already been approved.
Read more: www.burlingtonfreepress.com/story/money/2016/06/28/state-offer-loans-unpaid-contractors/86459586/