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Selectboard approves $25,000 RLF loan to Subway business, asks for stronger future application packets
Summary
The Selectboard authorized a $25,000 Revolving Loan Fund loan to the Subway business on Main Street to support an expansion including an ice cream operation; members requested more complete financial documentation in 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.
Some Board members said the application packet supplied to the Selectboard was thin on financial detail and asked that future RLF applications include standardized documentation (basic financials, clearer project budget) even when the RLF committee has reviewed the materials. Michael Schmitt moved to accept the committee’s recommendation; Heather Frahm seconded and the motion passed 5‑0.
