Originally published in The Shopper
ROCKINGHAM, Vt. - On Tuesday, June 7, the Rockingham Selectboard discussed two applications recommended by the Rockingham Revolving Loan Fund Committee.
The Revolving Loan Fund (RLF) is a source of capital assisting in startup and expanding businesses. It is available for all applicants who meet program eligibility and lending requirements. Funds are available on first-come, first-served basis and the disbursement of funds is contingent on an available fund balance. The REF Committee recommends applicants, but the 1 final decision is upheld by the selectboard.
The RLF Committee is made up of Development Director Gary Fox, Chair Katie Dearborn, se-lectboard members Rick Cowan. Vice-Chair Susan Hammond, and Rebecca Gangon. The recommendation for the board was for two loans; $50,000 to Deborah Fox for the Miss Bellows Falls Diner and $38,000 to Kari Gypson and Cassandra Pedigo for the Twin Falls Training Center.
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In the second loan recommendation for Twin Falls Training Center, Cowan spoke highly of the applicants; Gypson and Pedigo. He said they bring "a strong clientele, lots of expertise, and provided a crackerjack business plan."
Gagnon agreed the proposal "was professionally presented and well written.”
Pedigo explained they had the equipment and their plans included checking the HVAC system and minor interior upgrades.
On contamination concerns, Fox explained that in the past, that area of the building had a food operation business. The board approved the $38.000 loan at 4% interest.
The RLF encourages Disadvantaged Business Enterprises to apply and qualified applicants can have access to loans from $5,000 up to $50,000. In addition to the RLF program, Rockingham also has a housing loan fund that can assist property owners on owner-occupied multi-family properties.
For more information on these programs visit www.rockinghamvt.org/exoffices or contact the Development office.
The Rockingham Selectboard meets once per month through September; the next meeting is Tuesday, July 12 at 6 p.m.