Carrboro loans money to weekly paper
Posted May 20, 2009 10:43 a.m. EDT
Carrboro, N.C. — Town officials on Tuesday approved a $50,000 loan to a weekly newspaper.
The Carrboro Citizen obtained the money from the town's revolving loan program for small businesses. Town Manager Steve Stewart said the loan would be repaid over seven years at 2 percent interest.
The owners of the weekly newspaper said they want to expand.
The revolving loan program has been around for more than two decades and is funded through grants and the interest paid on loans.
The town also approved a $57,000 loan Tuesday to a Main Street coffee shop, The Kind Coffee.