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Selectboard approves $25,000 RLF loan to Subway on Main Street for expansion
Summary
The Selectboard accepted the RLF Committee recommendation and authorized a $25,000 revolving loan to the Subway business on Main Street to support an expansion including an ice cream operation, with the manager authorized to execute loan documents.
The Selectboard on July 20 authorized a $25,000 Revolving Loan Fund (RLF) loan to the existing Subway business on Main Street to help finance a planned expansion that includes adding an ice cream operation.
Town materials said the RLF Committee reviewed the application and recommended reducing the applicant’s original $30,000 request to $25,000 based on projected revenues and matching equity. The committee noted the RLF policy limits loans over $5,000 to no more than 50% of total project costs and that the fund is replenished through loan repayments rather than general tax revenue.
Some board members commented that the application packet supplied to the Selectboard lacked complete financial detail and requested that future presentations include basic financials and a clearer project budget even when the RLF Committee had already reviewed materials.
Michael Schmitt moved to accept the RLF Committee’s recommendation and authorize the Town Manager to execute loan documents for $25,000 at standard RLF terms; the motion passed unanimously, 5‑0.
