Downtown loans available
By Rochelle Moore
Published in News on June 20, 2017 7:00 AM
The Downtown Goldsboro Development office is seeking applicants interested in receiving between $5,000 and $10,000 in revolving loan funds for projects that support downtown revitalization.
The downtown revolving loan program has $30,000 available for projects that meet certain criteria, including job creation, private investment and small business support.
The city of Goldsboro's Downtown Development Department, housed at 219 N. John St., is seeking applicants who will encourage job creation and retention, be sustainable, support one or more small businesses and encourage economic growth.
The loans are possible due to a $100,000 Main Street Solutions grant the city received in 2011 from the N.C. Department of Commerce. Due to outstanding loans being paid back, the revolving loan program has more than $30,000 available for new projects.
"The purpose of the loan program is to honor the intent of its funding source, the Main Street Solutions fund, to financially support small businesses in downtown in order to strengthen the local economy and downtown's role as a regional growth and employment hub," said Julie Metz, Goldsboro downtown development director.
"For us, we want to help establish a strong business climate in downtown and provide tools that help promising businesses become their best."
The program has more recently provided a $10,000 loan to Goldsboro Pediatric Dentistry and Orthodontics, which opened on South Center Street earlier this year. The dental practice plans to eventually create 20 full-time jobs.
The revolving loan program criteria includes five major criteria. Projects must take place in the downtown Municipal Service District, include private investment equal to double the amount of the loan, create at least one full-time job for one year, directly support small business development, expansion or retention, and follow the Department of the Interior Standards for Historic Preservation.
The loans are competitive and will be awarded on a first-come, first-serve basis. Applications and other information is available online at www.dgdc.org/grant-programs/ or by calling the office at 735-4959.
The loans include a 10 percent fixed interest rate for five years. Once the loan is paid, the interest rate will be reduced to 2 percent, and the difference in interest fees will be returned to the awardee as a grant.
Applications will be reviewed as they are received, and awarded based on a point system that assesses whether each project meets or exceeds the goals and criteria of the program.
The Downtown Goldsboro Development Corp. will make the final decision on the loan awards, based on recommendations from its DGDC Grant Committee.