Selectboard approves $25,000 RLF loan to Subway business, asks for stronger future application packets

The Selectboard accepted the RLF Loan Committee’s recommendation and authorized the Town Manager to execute required loan documents for a $25,000 revolving loan to the Subway business on Main Street. The committee reviewed the application, reduced the requested amount from $30,000 to $25,000 based on projected revenues and applicant equity, and noted the RLF guideline that the fund should not exceed 50% of total project costs for loans over $5,000.