Commission approves $15,000 CDBG revolving loan for Reynolds Golden Fines LLC to create one job

The Mount Pleasant City Commission voted June 9 to approve a $15,000 loan through the city's Community Development Block Grant (CDBG) revolving loan fund to Reynolds Golden Fines LLC.

Staff said the state's CDBG‑funded revolving loan program is administered locally through the city's fiduciary role and, in this case, by Northern Initiatives, the city's contract administrator. Finance Director Lauren Pawlowski told commissioners the program is intended to help small businesses that cannot secure conventional financing and that past city loans had created jobs: she cited a $25,000 loan in 2020 that created one full-time job and a $340,000 loan in 2022 that created 12 full‑time jobs.

Pawlowski and Northern Initiatives recommended the Reynolds Golden Fines application for $15,000 in working capital to support inventory, marketing and accounts payable; staff said the application projects the creation of one full‑time equivalent job. Bernard Robison (on Zoom) explained the loan analysis considered two-year financial projections and a debt-service coverage ratio to assess whether the business could support a full‑time equivalent position.

No members of the public spoke during the public hearing on the loan application. Commissioner Pershbacher moved to approve the resolution to fund Reynolds Golden Fines LLC; the motion passed on a voice vote.

The loan is intended for working capital and inventory purchased from liquidation suppliers; staff said the funds will be used for marketing materials, reserves, accounts payable and inventory costs. The commission's vote completes the local approval; the loan will be administered through the city's existing CDBG revolving loan processes.

Action summary: motion to approve resolution to fund a $15,000 CDBG revolving loan for Reynolds Golden Fines LLC; motion passed.