
{"id":20456,"date":"2011-08-25T10:20:00","date_gmt":"2011-08-25T14:20:00","guid":{"rendered":"http:\/\/www.carrborocitizen.com\/main\/?p=20456"},"modified":"2011-08-25T10:30:37","modified_gmt":"2011-08-25T14:30:37","slug":"aldermen-approve-loan-with-caution","status":"publish","type":"post","link":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/2011\/08\/25\/aldermen-approve-loan-with-caution\/","title":{"rendered":"Aldermen approve loan, with caution"},"content":{"rendered":"<p><strong>By Susan Dickson<br \/>\n<em>Staff Writer<\/em><\/strong><br \/>\nCARRBORO \u00e2\u20ac\u201c In a reflection of the state of the economy and hard times for small businesses, the Carrboro Board of Aldermen gave words of caution on Tuesday before approving a loan for Second Wind Juice Bar and Caf\u00c3\u00a9, a restaurant planned for the space next to Armadillo Grill on Main Street. <\/p>\n<p>The business had requested a $90,000 loan from Carrboro\u00e2\u20ac\u2122s Revolving Loan Fund, which provides loans to small businesses in Carrboro at low interest rates. However, the board approved just $45,000, which was recommended by the town\u00e2\u20ac\u2122s Economic Sustainability Commission (ESC). And the loan comes with a few conditions: Applicants Sherry Pate and Jerry Glass must secure an additional $45,000 from another source, submit a marketing plan prepared by a professional marketing agency and proof of a budget adequate for that plan, and spend personal cash identified for the start-up of the business prior to using loan funds. <\/p>\n<p>\u00e2\u20ac\u0153I really like the specificity,\u00e2\u20ac\u009d board member Lydia Lavelle said. \u00e2\u20ac\u0153Some thought really went into figuring out how best to make this loan. \u00e2\u20ac\u00a6 This is the way that we want these loans to be made.\u00e2\u20ac\u009d<br \/>\n\u00e2\u20ac\u0153It\u00e2\u20ac\u2122s kind of a new day of funding business, and the climate is so different, so I think it\u00e2\u20ac\u2122s a really good thing to take an extra-special look at these applications,\u00e2\u20ac\u009d she added <\/p>\n<p>Pate and Glass propose the business as a juice bar and sandwich shop geared toward athletic individuals and teams. They submitted their application to the ESC earlier this year and made modifications to their plan upon receiving recommendations from the commission. <\/p>\n<p>Board member Dan Coleman said that while he supported approving the loan for the business, he was concerned about how the applicants responded to the initial recommendations of the ESC.<\/p>\n<p>\u00e2\u20ac\u0153I was really disturbed when the applicants came in and made the allegations against ESC members back in June,\u00e2\u20ac\u009d Coleman said, referring to statements made by Pate and Glass suggesting a conflict of interest with their application and certain commission members. <\/p>\n<p>\u00e2\u20ac\u0153My hope is that now that they\u00e2\u20ac\u2122ve gotten the support of the commission and board that they\u00e2\u20ac\u2122ll see how things are done in Carrboro,\u00e2\u20ac\u009d board member Jacquie Gist said. <\/p>\n<p>Also on Tuesday, the board approved loan modifications for both Neal\u00e2\u20ac\u2122s Deli and Carrboro Creative Coworking, whose accounts were past due with the town\u00e2\u20ac\u2122s revolving loan fund. Carrboro Creative Coworking owner Brian Russell recently announced that the business will close in September, at which point the assets will be dissolved with the proceeds to go toward the loan. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a reflection of the state of the economy and hard times for small businesses, the Carrboro Board of Aldermen gave words of caution on Tuesday before approving a loan for Second Wind Juice Bar and Caf\u00c3\u00a9.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20456","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts\/20456","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/comments?post=20456"}],"version-history":[{"count":1,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts\/20456\/revisions"}],"predecessor-version":[{"id":20457,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/posts\/20456\/revisions\/20457"}],"wp:attachment":[{"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/media?parent=20456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/categories?post=20456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibiblio.org\/carrborocitizen\/main\/wp-json\/wp\/v2\/tags?post=20456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}