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Winooski council awards $50,000 small-business loan after debate over fund balance
Summary
After extended questioning of the applicant’s finances and the loan program’s remaining balance, the Winooski City Council approved a $50,000 loan to an applicant doing business as Diamonds PLLC / Steinmetzville LLC and asked the finance commission to review the program.
The Winooski City Council voted to award a $50,000 small-business loan to an applicant identified in the record as Diamonds PLLC / Steinmetzville LLC after staff recommended and the council debated a lower award than the program maximum.
Councilors spent more than an hour questioning the applicants and reviewing staff and credit-union recommendations before the vote. City staff said the Winooski Small Business Loan Committee (staff-only at present) had scored the application above the program threshold and originally recommended the full $75,000 limit. Opportunities Credit Union reviewed the application and recommended against funding; staff and council discussed that difference in judgment at length.
The applicants told the council…
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