Rep. Peter Welch (D-VT) and Gov. Peter Shumlin today announced a federal grant to help Vermont businesses reliant on defense contracts diversify into new markets as defense spending declines. The $386,325 Department of Defense (DOD) grant was awarded to the Vermont Agency of Commerce and Community Development to work directly with Vermont businesses looking to adjust their business plans.
"Many Vermont businesses provide high-quality products and services to our military," Congressman Welch said. "They also provide good jobs for Vermonters and represent a key component of our economy. As federal defense spending declines, it's important that these businesses diversify into new markets so that they and their employees continue to thrive."
"It is a good thing that defense spending is decreasing as America winds down its involvement in overseas conflicts," Gov. Peter Shumlin said. "As that happens, there is an opportunity for us to work with companies like Revision to help them diversify and access new markets for continued growth right here in Vermont. This money will help us do that and I am thankful to Congressman Welch for helping us secure the funds to do this important work."