
{"id":125,"date":"2007-04-11T16:10:48","date_gmt":"2007-04-12T00:10:48","guid":{"rendered":"http:\/\/www.carrborocitizen.com\/main\/2007\/04\/11\/board-looks-at-possible-tweaks-for-towns-revolving-loan-program\/"},"modified":"2007-04-11T16:10:48","modified_gmt":"2007-04-12T00:10:48","slug":"board-looks-at-possible-tweaks-for-towns-revolving-loan-program","status":"publish","type":"post","link":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/2007\/04\/11\/board-looks-at-possible-tweaks-for-towns-revolving-loan-program\/","title":{"rendered":"Board looks at possible tweaks for town&#8217;s revolving loan program"},"content":{"rendered":"<p><em><strong>By Kirk Ross<\/strong><br \/>\nStaff Writer<\/em><\/p>\n<p>Be prepared. That&#8217;s the message James Harris, Carrboro&#8217;s economic director, said is the key to not only a successful new business, but a successful application to the town&#8217;s revolving loan program.<\/p>\n<p>In a report to the Board of Aldermen at their meeting Tuesday night, Harris said the 21-year record of the program has a number of success stories, all with good preparation in common.<br \/>\n&#8220;The more prepared they are up front, the more they are apt to succeed,&#8221; he said.<br \/>\nHarris said the program should have a substantial fund balance of $412,585 by the end of the fiscal year in June.<\/p>\n<p><!--more--><\/p>\n<p>The program currently has $215,480 in outstanding principle on seven loans and $383,115 in cash equity available.<\/p>\n<p>Board members offered few tweaks they&#8217;d like to see.<\/p>\n<p>Jacquie Gist asked Harris to do some tracking to make sure the loan process is not taking too long.<\/p>\n<p>Mayor Mark Chilton suggested rewording a requirement that an applicant be turned down by at least two banks before being eligible. The language could turn away some entrepreneurs, he said.<\/p>\n<p>Harris said the requirement is meant to make sure applicants have thought through their proposals and have some documentation.<\/p>\n<p>Joal Hall Broun said there need to be rules in place to make sure applicants have a serious plan.<br \/>\n&#8220;We need to know that if you&#8217;re going to do it with Carrboro money,&#8221; she said, &#8220;you&#8217;re not some fly-by-night thing and you&#8217;ve done your homework.&#8221;<\/p>\n<p>Dan Coleman noted that with such a large fund balance, he&#8217;d like to see some way to make sure the bulk of the money is always at work. Coleman suggested setting a standard for what percentage of the funds should be loaned out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Kirk Ross Staff Writer Be prepared. That&#8217;s the message James Harris, Carrboro&#8217;s economic director, said is the key to not only a successful new business, but a successful application to the town&#8217;s revolving loan program. In a report to the Board of Aldermen at their meeting Tuesday night, Harris said the 21-year record of&#8230;<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-125","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts\/125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/comments?post=125"}],"version-history":[{"count":0,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts\/125\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/media?parent=125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/categories?post=125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/tags?post=125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}