City Launches Targeted Loan Pool Program
November 11, 2003

The City of Greensboro will hold a signing ceremony for its Targeted Loan Pool Program on Wednesday, November 12 at 3 pm at the Melvin Municipal Office Building, 300 West Washington Street. The Program, which received final City Council approval at the November 5 Council meeting, provides capital financing for small businesses that would typically be ineligible for a traditional loan.

The $1 million loan pool consists of $400,000 in City Community Development Block Grant monies and $600,000 from 9 local banks. To be eligible for the loans, businesses must be located in the State Development Zone - the Eastern, Southern Central or downtown regions of Greensboro. For each $50,000 borrowed, one new job must be created. The maximum loan amount is $200,000.

Participating banks include: RBC Centura, SterlingSouth, Mutual Community Savings, SouthTrust, BB&T, Bank of America, Wachovia, First Citizens and Carolina Bank. Representatives from each bank, along with City Manager Ed Kitchen, will attend Wednesday's ceremony to sign the participation agreement.
Program applications are available at the following locations:

City of Greensboro Housing & Community Development Department, 300 West Washington Street, Room 315, 373-2349
Greensboro Chamber of Commerce, 324 North Elm Street, 275-8675
Central Library, 219 North Church Street, 373-247
Nussbaum Center for Entrepreneurship, 2007 Yanceyville Street, Suite 101, 379-5001
East Market Street Development Corporation, 1106 East Market Street, 275-1101
Self Help Credit Union, 122 North Elm Street, Suite 810, 378-1840

For more information, contact Ben Brown at 373-2002 or Housing & Community Development at 373-2349.