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Boulder council approves restructured $60,000 loan for Montana Mountain Patches
Summary
At a Nov. 26 special meeting, the Boulder City Council approved a restructured $60,000, 20-year loan from the Boulder Revolving Loan Fund to Montana Mountain Patches after the business owner offered equipment (rather than a building) as collateral.
The Boulder City Council approved revised loan terms Nov. 26 for Montana Mountain Patches, a local outdoor-apparel business.
Zach Portnoy, owner of Montana Mountain Patches, told the council the building originally proposed as collateral—owned by Jim McCauley—cannot be used. Portnoy offered business equipment as collateral instead; the loan was restructured by Headwaters into a 20-year, $60,000 loan with revised conditions to reflect that change.
Council President Drew Dawson moved to approve the loan terms as presented by Portnoy; Council member Mike Taylor seconded. The motion carried with four aye votes. The record does not specify individual roll-call votes by name beyond that tally. The meeting was called to order at 9:00 a.m. by Mayor Russell Giulio and adjourned at 9:04 a.m.
The approved financing comes from the Boulder Revolving Loan Fund and is intended to support Portnoy’s business operations under the restructured terms. The council did not record additional conditions or further public comment in the minutes.
