HOLYOKE, Mass. (WWLP) – Governor Patrick re-filed legislation to lift the cap on liquor licenses, and give local government full control, but that means business owners could take a huge hit.
Holyoke has already reached their liquor license cap. Capri Restaurant in Holyoke paid $50,000 for their license. The owner told 22News if the cap was lifted, his license would essentially have no value.
“If you want to sell it you can make money on it; your business is not going to be worth what it was before with the liquor license, so you lose money,” said Fiore Santaniello.
Many businesses also use their license to leverage a loan with the bank, an option that could potentially not exist of the cap is passed and licenses lose value.
Governor Patrick says lifting the cap would boost business growth and free up time in the legislative session.