Council Committee Approves City Loan for Downtown Business
Raleigh City Council committee members this week approved a $50,000 loan through the Downtown Raleigh Loan Program.
Trig Modern LLC will use the loan to make improvements to its showroom at 328 W. Jones St. The company specializes in kitchen, bath, furniture and lighting design.
The 10-year loan will have an interest rate of 3.5 percent.
The total cost of the renovation of the leased space is estimated to be about $142,300, with Trig Modern covering the bulk of the costs.
The Budget and Economic Development Committee unanimously voted in favor of the loan. Mayor Nancy McFarlane was absent from the meeting. The Council will vote on the loan at its meeting next week.
The Downtown Loan Pool Program is in its ninth year. The city created the program to stimulate economic development and revitalization in the downtown area, particularly on Fayetteville Street. The program has since been expanded to other major areas of downtown.
Since the start of the program, City Councilors have approved six loans using the fund’s $300,000. One loan has been repaid.
If approved, the Trig loan will deplete the loan program funds until more loans are repaid.
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