Raleigh expands downtown business loan program
Posted January 3, 2012
Raleigh, N.C. — The City Council voted Tuesday to expand Raleigh's Downtown Loan Program across the city's central business district.
Several years ago, the city started giving $50,000 loans to businesses along Fayetteville Street as a way to help revitalize downtown. The council decided to start offering those low-interest loans to businesses in the rest of downtown that might be looking to renovate.
The program will now include portions of Dawson Street, Glenwood Avenue, Hargett Street, Martin Street, Davie Street, Fayetteville Street, Blount Street, Person Street, Harrington Street, West Street, McDowell Street, Dawson Street, Salisbury Street, Wilmington Street, West Morgan Street, Hillsborough Street and Peace Street.
Three loans have been made under the program, and one has been repaid. Four businesses, including a restaurant and retail shop, have applied for loans under the new guidelines.
To be eligible for the loan program, commercial property owners and business owners must demonstrate management ability and experience. Qualified applicants also must show they are unable to secure financing from financial institutions.