Windsor Locks EIDC concurs with $30,000 microloan after executive session

At a Windsor Locks EIDC meeting the commission concurred with moving forward on a $30,000 microloan for an applicant represented by Riverbank Federal Credit Union after reviewing confidential financial documents in executive session.

The Chair led the motion to approve the minutes and then to enter executive session so members could review the applicant's personal financial information. After the executive session the commission returned to open session and, by voice vote, concurred to proceed with a $30,000 loan.

The commission was told the loans are guaranteed by town funds on deposit with Riverbank Federal Credit Union. One committee member said, “The town has funds on deposit with Riverbank Federal Credit Union, and then we make the loans, and those funds guarantee the loan,” explaining why the commission takes a concurrence step rather than an outright loan approval. The record shows approximately $11,000 remaining in the TIF account and about $25,000 in ARPA funds; the speaker said there are six loans currently outstanding and that, at present balances, there would be room for roughly two more loans of similar size unless the town budgets additional funds.

The transcript does not record a roll-call tally for the concurrence vote; the decision is recorded as carried by voice vote. The Chair asked for signatures to complete paperwork and directed that the bank follow its normal approval and closing procedures.

Next steps recorded in the meeting: the credit union will complete its underwriting and the town will coordinate signatures and documentation as required. The commission did not record further conditions attached to the concurrence in the public record.