Agenda - 12-01-2014 - 6a - Laserfiche WebLink

Browse Search

I Commissioner Price asked if there is a maximum grant amount one person can apply 2 for, and if the grants can be used in cooperation with a loan from the County or the Town of 3 Carrboro. 4 Steve Brantley said the current proposal has a multi- tiered application for grants as low 5 as $1000 with limited required information, and up to as much as a $10,000 grant with greater 6 proof of how a potential business will deliver. He said there could be a combination of grants 7 and loans. 8 Chair Jacobs said in this last budget cycle the Board approved a position for business 9 retention. He said the Board hopes that this person would go and see if someone needs 10 assistance. He said if the relationships were good, then perhaps there could be better retention 11 of small and larger businesses. 12 Commissioner Gordon said it is an excellent idea to have an integrative approach. She 13 said if all of the resources could work together, more businesses could be attracted to the 14 County. 15 Commissioner McKee said he sits on this loan committee, and the applications he has 16 seen have run the gamut in terms of focus and detail. He said the committee has gone out of 17 their way to make sure loans are approved. He said there is also a realization that these are 18 tax funds, and the committee does not want the County to be in the position of having to take 19 someone's home, since people use that as collateral. He said once the application and rules 20 are in place for the grant, it may be possible to do a combination of a grant and an additional 21 loan. He said it might be possible to collaborate with the towns if the amount was too large for 22 one entity. 23 Steve Brantley said he and Bonnie Hammersley met with the Chair and Vice Chair to 24 provide direction. He said there is a draft of the kind of document that Commissioner Gordon 25 referred to. He said this will touch on state areas of assistance, as well as non - profits in order 26 to create a comprehensive view of the services that are available. 27 Commissioner Pelissier asked if Hillsborough is more affordable than the American 28 Tobacco space or the other towns. 29 Steve Brantley said incubator space can be well served in Carrboro and Hillsborough. 30 He said Hillsborough has a healthy menu of products and space. He said anything that adds 31 space to Carrboro will affect market rate and give businesses an opportunity to be there. 32 Alderman Haven O'Donnell said one of the things that has been learned about loans in 33 Carrboro is that people come there as the last possible resort. She said many of the people 34 who come for loans lack business experience, and there is a need to provide training for loan 35 applicants. She said they need mentorship during the first 3 -5 years. She questioned whether 36 funds in the small business loan program can be used throughout the County. She said that 37 businesses get started in Carrboro and then they reach certain size and the space rate is too 38 expensive, so they move elsewhere. She said there is no graduation of space within Carrboro, 39 and this is a retention issue. 40 She said incubators say that they need to reduce costs with the space, and there is no 41 public private partnership to provide this. She said the other piece is to have a shared space 42 with shared administrative assistance. 43 Bonnie Hammersley asked Steve Brantley to provide an update on the business 44 retention and recruitment position. 45 Steve Brantley said this position was approved in the spring. He said this person would 46 be calling on existing large and small businesses to develop a relationship and help provide any 47 needed assistance. He said the job has been posted, and staff is screening applicants now. 48 Commissioner McKee said the committee has had some discussion regarding ways to 49 direct these applicants on where to get help with their business plan.