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Select Board hears financing challenge for $469,000 paving and truck needs
Summary
Board members said they still need about $469,000 to cover paving work and a truck purchase and that local banks have been slow to respond; a staff contact warned a line-of-credit could carry variable rates near 7.5–8.5%.
The Stamford Select Board discussed financing options after members said the town still needs roughly $469,000 to cover a planned paving program and a truck purchase. Chair said she had reached out to four banks but had received little response; she told the board one contact advised against a revolving line of credit because interest could float higher.
"I contacted 4 banks…Nobody calls me back," the Chair said, adding that one contact estimated a line-of-credit rate "looking at 7.5 to 8.5 percent." Board members noted an existing lower-rate loan — mentioned as about 4.25 percent — and debated whether refinancing that loan would be prudent. The Chair said: "We still need, yeah, 469,000."
Board members discussed alternatives including a five-year fixed-term loan to lock in interest and suggested local banks (Bennington-area bank named) as possible lenders. No formal financing motion was recorded; the discussion ended with staff directed to continue outreach and return updated quotes at a future meeting.
