Financial capital is the financial resources available to invest in community for capacity building, business development, to support civic and social entrepreneurship, and to accumulate wealth. One important flow of financial capital into the Jeffersonville community is a $1.1 million loan from VEDA (Vermont Economic Development Authority) that will partially fund the construction of a water pipeline that will allow Smugglers’ Notch Resort to expand its snowmaking capacity (Vermont Business Magazine). Smugglers’ Notch is one of the largest employers in the area, employing 529 individuals, and it supports many local families (Vermont Business Magazine). Investing in the snowmaking capacity of the ski resort is important because as natural snowfall becomes less reliable, as we have seen in the past couple of year, man-made snow is important for keeping these types of businesses viable and thriving.
One of the reasons that Smugglers’ Notch is an especially important business for the Jeffersonville community is because they provide daycare services for both the resort guests, and the employees that work there. Affordable childcare is an issue for many rural Vermont communities, including Jeffersonville. In 2014 36% of families with children under the age of 5 were living below the poverty level which is significantly higher than the overall town average of 8.9% of residents living below the poverty level (United States Census Bureau, 2014). These unusually high levels of poverty among families with young children is in part because of the lack of affordable childcare. This flow of financial capital into the community is important for maintaining the current services being provided to the community by the resort, and the employment opportunities that already exists. This project is also projected to create 39 jobs within three years improving the employment rate, tax base, and overall morale of the community.
Smugglers Notch: Little Dippers
United States Census Bureau (2014). Selected Economic Characteristics (Data file). Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_14_5YR_DP03&prodType=table
Vermont Business Magazine. (July 23, 2014).VEDA approves $17.8 million in financing to support $35 million in Vermont. Vermont Business Magazine. Retrieved from: http://www.vermontbiz.com/news/july/veda-approves-178-million-financing-support-35-million-vermont-projects