ST. ALBANS, VT – Northwest Access TV, Franklin County’s local public access station, proudly announces the successful payoff of its mortgage to Peoples Trust Company.
NWA-TV took on the $530,000 loan from Peoples Trust Company in 2017 when construction began on its state-of-the-art studio at 616 Franklin Park West in St. Albans, Vermont. The project was aided by a multi-year savings plan by the organization’s board of directors and former Executive Director, Elizabeth Malone.
“Some great forethought and sound financial planning by the Board of Directors and staff at Northwest Access have allowed us to get to this milestone,” said NWA-TV President Tim Stetson.
This news comes at a critical time for the local public access station as cable subscribers across the state continue to decline. NWA-TV receives a percentage of franchise fees from Comcast subscribers in the county in order to operate and provide free media services, equipment lessons, and air-time.
“This achievement not only solidifies our long-term sustainability but also reinforces our commitment to providing invaluable services to the residents of Franklin County. Without this debt over our heads, our organization can focus our spending on equipment, upgrades, staffing, and other community needs,” said Paul Snyder, Executive Director at NWA-TV.
Leadership at NWA-TV expresses heartfelt gratitude to Peoples Trust Company for their partnership and assistance throughout the mortgage process. Their support has been instrumental in enabling Northwest Access TV to attain ownership of its building, creating a strong foundation for continued growth and community impact.
“Paying off this loan lays the foundation for Northwest Access Television to continue to be Franklin County’s media center for many years to come,” says NWA-TV President Tim Stetson.
Since its inception in 1999, NWA-TV has been dedicated to providing Franklin County with high-quality public access programming, fostering community engagement, and promoting transparency in local governance. The organization’s relentless commitment to its mission, coupled with prudent financial planning, has allowed them to reach this significant milestone well ahead of schedule.
NWA-TV plans to celebrate this accomplishment at its annual meeting in October, a public event where community members are encouraged to attend and learn about what the media organization provides to their community.