1. The project must be located within the town limits
2. Project description:
A: Location , floor plans, and square footage
B: Type of service, retail, technology or manufacturing
C: First year's itemized initial start up cost
D: Three to five years estimated cost/revenues
E: Description of other sources of capital funding
F: Financial need to include specific need for revolving
loan funds in addition to or in lieu of private financing
3. Project benefit:
A: Estimated annual sales
B: Number of jobs created and annual salaries
C: Improvement to Real Property
4. Describe how the project will serve the community,
who are the targeted clients/customers, how are these
needs not being met, and how will this project will
satisfy those needs.
5. A detailed budget of startup cost and 3 to 5 years
pro-forma cost/revenue analysis.
6. Applicants must comply with all applicable Fair
Labor Wage laws. Jobs created should demonstrate living
wage salaries (living wage salaries are defined as a
wage sufficient to meet the basic necessities and comforts
essential to an acceptable standard of living) and commitment
to employee retention.
7. Project should be able to demonstrate commitment
of at least 50% of start-up and 1st year operating expenses.
8. Project must create or retain at least one full-time
position for every $25,000 in loan request. At least
51% of the jobs created must be filled by persons who
earned less than 80% of the median income for the county
they lived in the previous 12 months.
9. Documentation of commitment of other sources of
10. The applicant must demonstrate an ability to repay
loan with a personal credit report. Submitted with the
application must be a personal (or business if existing
business) financial statements and a deed for real property
to adequately collateralize the loan.
11. Projects must be consistent with Town policies
and ordinances. Although competition is not viewed as
a negative impact for existing businesses, data must
be presented as to the need for duplication in existing
services or products.
12. The Town of Carrboro wishes to attract locally
owned sustainable business enterprises that are environmentally
and socially responsible. Businesses should demonstrate
the ability to be economically viable within a three
year timeframe. Businesses that are locally owned and
that serve persons of low/moderate income, underserved
and disadvantaged populations or that are mission driven
and fulfill a social need are encouraged.
13. Loan funds may be allocated on a defined schedule,
if after one year the applicant has not used the funds.
A request for an extension of the loan would need to
be reviewed by the Board of Aldermen.
14. Loans are made at the discretion of the Town Board
of Aldermen and subject to loan pool availability.
15. Loan recipients will not discriminate against any
individual on the basis of race, color, religion, sex,
gender, national origin, disability, sexual orientation
or gender expression/identity in any of business activities
or operations whether financed in whole or in part by
funds received by the Town.