Miledgeville City Council denies bakery’s request for low-interest revolving loan | News

A low-interest revolving loan request by a couple seeking help in acquiring and renovating a building that was once a thriving bakery in downtown Milledgeville was denied last week by members of Milledgeville City Council.

Shawna and Wayne Weschrek of Coasties Bakery, LLC had sought a loan from the city.

Members of the project review committee appointed by Milledgeville City Council reviewed the couple’s revolving low-interest loan application on two occasions and voted unanimously to recommend that city council not approve the loan application

They cited a lack of collateral to cover the requested revolving loan fund amount, lack of sufficient liquidity to support the start-up and ongoing business, and insufficient secondary sources of loan repayment as primary reasons for their recommendation.

The new bakery business had planned to acquire the building that was once the location of Ryals Bakery at 135 S. Wayne St.

In addition to some of the city’s revolving low-interest loan being used to acquire and renovate the building downtown, some of the loan was planned to be used to purchase equipment as well, according to City Clerk Bo Danuser who read the proposed Resolution R-2204-13 publicly during the meeting.

The recommendation by the city’s project review committee, which met on two separate occasions, April 5 and April 19, was upheld by city council members Dr. Collinda Lee, Denese Shinholster, Walter Reynolds and Steve Chambers.

Before city council’s vote, Mayor Mary Parham-Copelan asked for a motion.

Reynolds made a motion to uphold the recommendation by the committee. The motion received a second from Shinholster.

The city of Milledgeville’s Economic Development Revolving Loan Fund Program was awarded by the Georgia Department of Community Affairs to expand economic opportunities for persons of low and moderate income within the city. The special fund provides flexible and expedient funding at a low-interest rate.

Coasties Bakery, LLC had sought a low-interest loan of $190,800 from the Georgia Department of Community Affairs Economic Development Revolving Loan Fund.

Coasties Bakery, LLC is a Georgia Domestic Limited Liability Company, according to the Georgia Secretary of State’s business registration information. The company filed with the state on Nov. 23, 2021, records show.

The registered agent on file for the company is Wayne Weschrek, who lives in Milledgeville.

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