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Council approves $34,000 revolving-loan to Alice Good LLC for local business expansion
Summary
The Verona Economic Development Commission recommended and the Common Council approved a $34,000 economic development loan to Alice Good LLC at 5% interest for five years; the council voted to approve Resolution 25-015 after unanimous recommendation by the commission.
The Verona Common Council approved resolution 25-015, authorizing an economic development loan to Alice Good LLC in the amount of $34,000 with a 5% interest rate and five-year term.
The Verona Economic Development Commission reviewed the application at its May 15 meeting and unanimously recommended the council approve a revolving-loan fund loan to Alice Good LLC for business expansion. The commission also reviewed financial statements submitted by the applicant.
A motion to approve the resolution was made on the council floor and seconded; council discussion included brief remarks encouraging local entrepreneurs to consider the city's revolving loan fund as a financing option. The motion passed on voice vote.
