File #: 24-125    Version: 1 Name:
Type: Consent Agenda Status: Agenda Ready
File created: 5/29/2024 In control: Town Council
On agenda: 6/18/2024 Final action:
Title: A Resolution Issuing a Business Revolving Loan PURPOSE: To approve a resolution authorizing the Town Manager to issue a Business Revolving Loan Program loan of $12,000 plus closing costs to Stevie Webb.
Attachments: 1. A - Resolution, 2. B - Loan Application, 3. C - Revolving Loan Equity Lens

 

Title

A Resolution Issuing a Business Revolving Loan

 

PURPOSE: To approve a resolution authorizing the Town Manager to issue a Business Revolving Loan Program loan of $12,000 plus closing costs to Stevie Webb.

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Department

DEPARTMENT: Economic Development

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Contact

CONTACT INFORMATION: Jon Hartman-Brown; JHartman-Brown@CarrboroNC.gov; 919-918-7319

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Council Direction

COUNCIL DIRECTION:

___ Race/Equity   ____ Climate   _ü_ Comprehensive Plan ____Other

Council Direction Statement

This loan would follow Comprehensive Plan Strategy 1.3: Expand access to capital for entrepreneurs, locally owned, small and BIPOC businesses.

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Information

INFORMATION: Stevie Webb founded The Cheese Shop in an effort to bring high-quality cheeses to the Triangle area. He has seen success in his endeavors and is seeking a loan for working capital to expand his business. Overall, the business has seen growth and success since it’s opening with growing sales and the addition of new product offerings.

The business is currently located inside of Glasshalfull. They are planning on moving to a new location near Belltree Cocktail Club (in the back of Carolina Car Wash). They are requesting a loan of $12,000 to use towards working capital to help cover expenses of the move and renovation required for their new location.

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Fiscal and Staff Impact

FISCAL IMPACT: The Revolving Loan Fund currently has approximately $216,000 available to be loaned, so no significant impact should be expected from the issuing of this loan.

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Recommendation

RECOMMENDATION: The Economic Sustainability Commission recommend the loan request for $12,000 plus closing costs be granted (an estimated payment of approximately $301.48 per month - the payment listed in the ESC report is incorrect, the payment should be over 4 years not 5 years.).

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