The loan would be fully paid in seven years with a 2 percent interest rate and secured by a first mortgage on the property along with a personal guarantee. | File photo
The loan would be fully paid in seven years with a 2 percent interest rate and secured by a first mortgage on the property along with a personal guarantee. | File photo
The village of Rantoul Micro Loan Committee met May 19 to approve Anthony Grillo's request for a $50,000 loan to purchase Ott’s Drive Inn.
The committee oversees the village's micro loan program, which lends qualifying borrowers up to $50,000 at a current rate of 2 percent interest over five to seven years. Eligible projects include equipment and capital improvements. Proceeds from this fund may be combined to meet a matching grant requirement.
Here are the meeting's minutes, as provided by the village:
MICRO LOAN REVIEW COMMITTEE
MAY 19, 2016
9:30 a.m.
Members Present: Mayor Smith, Denny Long, Brian Schurter, Koleen Roseman and Kyle
Leydens
Members Absent: Connie Nelson and Mike Loschen
Also Present: Anthony Grillo, Rebecca Motley and Dave Hinton
Mayor Smith called the meeting to order at 9:30 am.
There was no public participation.
Kyle Leydens moved/Denny Long seconded to approve the minutes of the April 20, 2016
meeting as presented. Motion carried, all voting “aye”.
Anthony Grillo
Mr. Grillo requested a $50,000.00 loan to purchase Ott’s Drive Inn. He is using personal
funds to upgrade the restaurant to meet Public Health Codes and has spoken to Dan
Inspection regarding the building. Mr. Grillo has restaurant experience and will retain Ott’s
business model adding delivery service and Sunday hours. The loan would be fully paid in 7
years with a 2% interest rate and secured by a first mortgage on the property along with a
personal guarantee. Brian Schurter moved/Koleen Roseman seconded to approve the loan
as presented. On a roll call vote:
AYE: Smith, Long, Schurter, Roseman and Leydens - 5
NAY: None - 0
ABSENT: Nelson and Loschen
Motion carried 4-0.
The Bank of Rantoul will fund the loan and receive reimbursement from the Village when
the Micro Loan fund has a sufficient balance.
Denver Miller Loan
Mr. Miller is significantly delinquent on his loan. The Village is working with his attorneys for
collection.
There being no further discussion before the committee, Denny Long moved/ Brian Schurter
seconded to adjourn the meeting. Motion carried.
Chuck Duckworth
Mr. Duckworth’s loan is being paid. It is secured with a first mortgage on the property.
Respectfully submitted by,
Janet E. Gray, MMC
Deputy Clerk
Alerts Sign-up