Small businesses are feeling the economic slowdown just as much as the rest of us. To help them learn more about financial options, Carrboro’s Office of Economic Development invited loan officers from Durham-based Square 1 Bank and Chapel Hill-based Harrington Bank to address the Carrboro Business Association on Thursday, Oct. 30. Representatives of the Small Business Technology Development Center and U.S. Small Business Administration also were on hand.
“I’m definitely aware of the economy and the downturn since the products we carry are non-necessities,†said Sara Gress, owner of the N.C. Crafts Gallery at 212 W. Main Street, Carrboro. “I’m not looking for financing right now, but I want to keep my options open. It’s important to know what’s available to keep us going during lean times.â€
Patrick Scheper, associate vice president of venture banking for RTP-based Square 1 Bank, said Gress is doing the right thing.
“It’s important to be clear about expectations,†he said. Square 1 serves primarily technology or life-sciences companies that have received or are about to receive venture investment. “We play alongside venture capitalists,†Scheper said. Working with start-ups is a little riskier than most banks would like, but the presence of venture investment provides more stability than working with an unfunded, bootstrapped business.â€
Harrington Bank has a broader client base, providing commercial banking services to a range of business types, including construction companies, retail businesses and small enterprises. “Commercial banks like us have a hard time making loans to start-up businesses,†said Jim Evans, assistant vice president and commercial loan officer at Harrington. “Because we’re lending your money, we have to be the most conservative with our credit standards.â€
Businesses need operating capital, said Ron Ilinitch, SBTDC’s regional director. “The Self-Help Credit Union is a good resource,†he said. “So is the Small Business Association.â€
The Economic Development Office has a list of local small business lenders, in addition to its own revolving loan fund. For more information, contact James Harris, director, at 918-7319.

It would have been great to know about this meeting. Why do I pay a tax to Carrboro every year as a small business if the Town (or whoever Carrboro’s Office of Economic Development is) doesn’t take the trouble to send me information like this? I work out of my home, I take up no parking spaces, no traffic comes through town as the result of my work, I spend a huge amount of money at local Carrboro businesses, and it amazes me that Carrboro continues to charge me a tax and gives me NOTHING in return for it.