There have been a few misconceptions about Carrboro's Revolving Loan Fund floating around recently. I would like to clear them up.
In June of 1985 the NC Dept of Natural Resources and Community Development gave Carrboro the right to use program income from the repayment of principal and interest from 3 economic development loans made to businesses in Carrboro to start the Carrboro Revolving Loan Fund. The loan proceeds from the three loans totaled $275,000. To date no local tax dollars have been added to this fund, all funds have accrued from the principal and interest from the repayment of the original three loans. There is also some additional interest accrued on the repayment amounts added to the fund from the investment of the repayment dollars. The three original businesses are still operating and employing people.
Over a period of 21 years the Town of Carrboro has loaned money to 33 businesses. Weaver St Market, the first to receive a loan has expanded once in it's original location and has since expanded to Southern Village and soon to Hillsborough. It is a major employer.
