ROCKINGHAM — Michael Bruno's new business plan - to fill the former Sam's Outdoor Outfitters space with consignment booths catering to a public looking for antique furniture, jewelry, lamps or rugs - has found approval with the town.
Bruno successfully requested a $50,000 loan from the Town of Rockingham's revolving loan fund to start renovations on the building - which initially include asbestos removal on some pipes in the basement - and upgrades for public safety which will include a fire suppression system.
“Banks aren't allowed to give loans to do asbestos removal,” Interim Town Manager Francis “Dutch” Walsh said. “That's what the revolving loan fund is good for. That's when Bruno came to us. Normally, we might split the loan 50/50 with the Chittenden Bank, which participates with us in the loan cycle.”
The Selectboard also signed off on the request. Bruno's application was approved contingent on completion of the sale of the Sam's building, which he said may be as early as July 9.
The building, owned by S & I Army & Navy of Vermont., Inc., has an assessed value of $338,000, according to Joan Harlow, administrative assistant for the Town of Rockingham listers' office.
“We're taking bids still for asbestos removal and upgrades of the fire suppression system,” Bruno said. “[Renovation] always takes longer than expected, but we're hoping to have the doors open by the end of fall.”
How the fund works
Many towns have revolving loan funds founded upon receipt of federal monies set aside by Vermont's congressional delegation.
In 1994, then-Congressman Bernie Sanders, I-Vt., got $2 million set aside for six municipalities in Vermont that had revolving loan funds. Rockingham got a part of that. There have been other congressional “earmarks” along the way as well. The fund stands at about $300,000 right now.
“The first generation of loans from the fund has gone out, and now we are on the second generation,” Walsh said. “Those first loans to small businesses in Rockingham have been paid off with interest. We believe in supporting small businesses here.”
Three types of loans are available: micro loans up to $5,000; small business loans from $5,000 to $100,000; and community development funds, loans over $100,000.
The community development funds “would include development projects with a 20-year loan structure for projects such as the Exner Block or the Howard Building,” Walsh said.
The revolving loan fund is overseen by a five-person committee out of the Development Office, which Walsh still heads. “The revolving loan fund is a critical part of the community,” he said. “We want to support small businesses trying to start up.”
“In the last 16 months since I've been here,” Walsh said, “about 25 people have come by to talk about the revolving loan fund requirements. Most didn't come back.”
“We want to know you have a business plan. We want to see it. We want to see that it is a worthy project,” Walsh said. “We've granted about seven loan applications for an average of $5,000 to $10,000.”
“We've never had a defaulted loan,” he said. “Both we and the bank do due diligence on the loan applications.”
What's the plan?
Bruno opened his current business, Michael Joseph's Jewelry, in The Square just recently. He gutted the space to its original interior. Much of the original tin ceiling moldings and hardwood floors are visible now.
“There were three layers of carpeting and one of linoleum,” Bruno said.
Now the south light streams in through fresh glass, glinting off Victorian jewelry pieces in the window, spreading inward across the rich dark wood floor.
Bruno hopes to do similar restoration on the former Sam's building, which will become the Rockingham Antique Center.
“I want to restore its art deco look, put back the triangular pieces on the roof,” he said. “It'll take a lot of money, but this is just a start.”
He sees improvements planned to the landmark building as only increasing a positive image of downtown Bellows Falls, the more to attract visitors.
He and several other Bellows Falls residents formed Twenty-Nine: Thirty, LLC to buy the building, thus precluding liens on the building that might complicate the future for the new company.
In Bruno's letter of application to the revolving loan committee, he wrote that the main portion of the space will “contain numerous rental properties for antique dealers as well as in-town auctions.”
“We've had contact with several potential tenants for the other half [of the space],” Bruno said, adding that he will need to employ five additional employees to manage and oversee sales for the Antique Center.
While there is nothing in writing regarding rental space opportunities in the Antique Center just yet, Bruno said that “there are several people who are ready to go right now. We've had about 20 people come by and express interest [in participating].”
“I want to make a brochure that advertises not just our own but all the similar type artisans and businesses around us,” Bruno added. “Being inclusive is the best way to do business.”
Bruno's vision includes a network of similar businesses people can access in a “trail from Brattleboro to Chester.” A searchable database of the inventory in the Rockingham Antique Center will eventually be available online, so anyone in the country can access it to find what they are looking for.
Bruno said he has had a long history in business with jewelry and vintage items.
“At Tiffany & Co., I was in management working with all the gemological needs…in my store,” Bruno said of his start. “Also I enjoyed … preparing shows to display archival items from Tiffany's private collection.”
Bruno said that as a kid he had a rock collection, which sparked his interest in gemstones. He had his first job in a jewelry store at the age of 14, and “I have been involved in it ever since.”
Bruno has earned graduate gemologist status at the Gemological Institute of America in Manhattan.
“[I've done] everything from management, appraisals, and retail to wholesale, fabrication and gem identification.” Bruno said, adding that he travels a lot for his business.
From skepticism to support
Other business owners who had been skeptical of Bruno's plan have come around on the idea.
“We didn't want just another antique store,” Pat Fowler, co-owner of the Village Square Booksellers, said. “We've already got a few of those,” she said gesturing around the square.
“Once I realized what the plan was, I supported it,” Fowler added.
Fowler said she was assured that Bruno's business would have people there to operate the business and keep it open during normal business hours.
“I'm all for any retail business that will bring people into town,” she said. “Especially if there's going to be someone there to open the business and let folks in. It won't matter if they've got nice things if they're never open. We've got some great businesses in town, but they're never open. I didn't want another one of those taking up the Sam's space.”
Fowler said in her experience, a customer who tries once and finds a store closed may come back and try a second time, but “if it's closed again, they won't be back.”
“I'm open seven days a week,” she continued. “Locals can shop here both Saturday and Sunday, and if there's someone in the store when its closing time, the store stays open until they leave. People joke about the sign on my door: 'If the lights are on, come on in.'”
“You can't run a business and just open when you want to,” Fowler said. “You've got to make the commitment [to be there to open and close the store].”
Bruno's said his interest in the community extends to educational talks during Third Friday ARTwalk on various fashions, or eras of jewelry like the Victorian or Georgian period.
“It might focus on a [particular] artisan too,” he said.
Former village president Cathy Bergman, who attended the Selectboard meeting where Bruno presented his loan request, applauded his efforts.
“I think it's wonderful to see [this new business]. Here's an out-of-stater who came to this community because [he] loves that it's a walking community, and has committed [himself] by starting not one, but two, businesses here,” she said.
“It's this kind of commitment this community really needs,” Bergman said.
“There are so many talented people in this town,” Bruno said. “It's just a great place to do business. So many young people coming in and starting new businesses … there's a lot of positive change happening here.”