Board asks 2 Guys Auto to return with bank statements and an appraisal; follow-up set for Aug. 19

The Vincennes fund board reviewed a loan application from 2 Guys Auto and asked the applicant to return with additional documentation before the board makes a funding decision.

The applicant identified himself as Chad Oliver and said the LLC owns the building and is asking for $70,000 to buy out a partner and cover inventory and operating funds. Board members questioned whether the request would create new jobs and pressed for evidence the business could repay the loan. One board member summarized the concern: "This isn't bringing more jobs" and said the business's financials "are not strong enough to support some of what you have here." The board asked the applicant to provide bank statements for this year and last year, an appraisal or market analysis of the property, and clearer profit documentation. The board scheduled a follow-up review for August 19 at 9:00 a.m. so members can review the materials.

No formal vote to approve financing was taken; the board's action was to request documentation and reconvene. The applicant said he and his partner own the property outright and that they had attempted to sell it previously without offers. Board members suggested the applicant supply an appraisal and recent bank statements so staff can verify cash flow and secureability before the board considers a loan.

Quote attribution follows the meeting transcript: committee members repeatedly asked for documentation and emphasized the need to show repayment capacity before the fund would be used to buy out an existing partner.