MONROE - North Side Pub and Grill will not be granted a $50,000 loan from the city's Revolving Loan Fund.
ABC Ventures, LLC's application for a $50,000 loan failed Thursday to get a majority of the votes from the recently enlarged membership of the Revolving Loan Fund Committee.
The five-member committee split the vote, 2 to 2, with one abstention.
Committee members Ron Georgeson and Michael Boyce voted to send the application to the council for final approval; Mike Doyle and Steve Bechtolt voted against.
Katee Eliasson abstained.
Eliasson and Georgeson were appointed to the committee March 1.
Mayor Bill Ross said Eliasson abstained because of another financial involvement with ABC Ventures' owners, Joey and Laura Winters.
This was the Winters' second time in front of the RLF Committee.
Their loan application was unanimously approved in committee Feb. 2, when the committee membership was only three.
But the Common Council Feb. 16 sent the application back to committee for review and asked Mayor Bill Ross to increase the committee to five members.
The Common Council's vote was split on the matter, 4 to 4, requiring Ross to break the tie.
Ross said he voted to send the application back to committee, because he wanted consensus on the council.
The loan money was to be used for inventory, supplies, equipment and future working capital for the North Side Pub and Grill, according to the business plan submitted with the RLF application for the business.
It is the first direct loan, without bank participation, considered by the committee since 1996.
In other business, the Revolving Loan Fund Committee also unanimously approved another application for a $20,000 loan to Bargains Galore, a new start-up business.
That three-year loan carries an interest rate of 3 percent. The business seeking the money has a bank participating in the financial endeavor.
ABC Ventures, LLC's application for a $50,000 loan failed Thursday to get a majority of the votes from the recently enlarged membership of the Revolving Loan Fund Committee.
The five-member committee split the vote, 2 to 2, with one abstention.
Committee members Ron Georgeson and Michael Boyce voted to send the application to the council for final approval; Mike Doyle and Steve Bechtolt voted against.
Katee Eliasson abstained.
Eliasson and Georgeson were appointed to the committee March 1.
Mayor Bill Ross said Eliasson abstained because of another financial involvement with ABC Ventures' owners, Joey and Laura Winters.
This was the Winters' second time in front of the RLF Committee.
Their loan application was unanimously approved in committee Feb. 2, when the committee membership was only three.
But the Common Council Feb. 16 sent the application back to committee for review and asked Mayor Bill Ross to increase the committee to five members.
The Common Council's vote was split on the matter, 4 to 4, requiring Ross to break the tie.
Ross said he voted to send the application back to committee, because he wanted consensus on the council.
The loan money was to be used for inventory, supplies, equipment and future working capital for the North Side Pub and Grill, according to the business plan submitted with the RLF application for the business.
It is the first direct loan, without bank participation, considered by the committee since 1996.
In other business, the Revolving Loan Fund Committee also unanimously approved another application for a $20,000 loan to Bargains Galore, a new start-up business.
That three-year loan carries an interest rate of 3 percent. The business seeking the money has a bank participating in the financial endeavor.