Orange County NC Website
Browse       Search
INFORMATION ITEM <br />To: Orange County Board of Commissioners <br />From: Dottie Schmitt, Orange County Economic Development department <br />Date: June 11, 2012 <br />Re: Orange County Small Business Loan Program Status Report <br />To date, the Orange County Small Business Loan Program (Loan Program) has issued loans to <br />six local companies, totaling $255,000. Two additional loans have been approved by the <br />Program's Board of Directors and are currently finalizing details for issuance. Several other <br />applications are under consideration. All outstanding loans are current under their repayment <br />terms. <br />A brief update on the companies that have utilized the Loan Program is provided below: <br />The Depot in West Hillsborough continues to thrive in their first year of operation as a <br />general store and music venue. Sales have risen 35% since the beginning of the year, <br />and an outside seating area has recently been opened. In response to local demand, the <br />owner has begun renting out the Depot semi - privately to small groups, and privately to <br />large (200 +) groups. The Depot offers a wide variety of local products, from micro - <br />brewed beer to locally produced chocolates, pastries and jams. The Depot's <br />entertainment offerings are also growing fast — they are now booked every night of the <br />week for music (except Mondays) and have seen a steady increase in the customer base. <br />Phd Productions, LLC (Phd), maker of the Pocket DiscTM, has enjoyed growth in many <br />areas over the past year. The Pocket DiscTM can now be found in over 2,000 stores <br />throughout the US and Canada, including LL Bean and Bass Pro Shops, as well as over <br />100 stores in Japan. Phd also continues to grow its socially responsible activities. In <br />addition to being a member of the Fair Trade Federation, they have participated in a <br />variety of community development projects including a water filtration project in <br />Guatemala and the installation of more environmentally friendly stoves in Mexico. <br />Closer to home, Phd is the lead organizer of the annual Eno River Clean-up in <br />Hillsborough, where over the past two years they and 90 other volunteers have pulled <br />over two tons of debris from the Eno River. Phd is able to successfully balance their <br />corporate and social commitments as evidenced by their 53% growth rate last year. <br />Page 1 of 2 <br />