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How are we doing? If you have a question, complaint or suggestion about coverage of Orange and Chatham counties in The News & Observer and The Chapel Hill News, post your comments in this blog or e-mail us. Comments here may be reprinted in The News & Observer or Chapel Hill News.
Carrboro Citizen asks town for $50K loan
Submitted by mschultz on 05/18/2009 - 21:35
The Carrboro Board of Aldermen will consider loaning The Carrboro Citizen money from the town’s revolving loan fund Tuesday night.
Owners Robert and Victoria Dickson asked for $100,000. Town staff recommends $50,000 over seven years at 2 percent interest, with a condominium at 605 W. Main St. valued at $240,000 as collateral.
The Carrboro Citizen has been in publication since March 21, 2007. It recently increased the number of copies printed to 6,000 .
The agenda item says the Citizen has supported worthwhile causes with free advertising worth $50,000.
The business plans to use the loan to continue expanding to at least 10,000 copies. Increased circulation will allow the paper to attract more and larger advertisers, it says. Currently, only the editor and the sales positions are full time. The applicant-owners have invested $228,500 of their own money and have invested more than two years of uncompensated sweat equity in the project.
“The difficulty of obtaining a commercial loan in this harsh economic climate and the sustainability of higher cost of such funds make the Carrboro Revolving Loan Fund participation crucial to the continuation of this project,” the agenda item says.
The Revolving Loan Fund, created 23 years ago, has three goals: to create jobs; help start or expand small businesses; and help create a more vibrant downtown. Loan recipients include Weaver Street Market, the Orange County Social Club and Phydeaux.
About the blogger
Mark Schultz is the editor of The Chapel Hill News and The Durham News, and one of the Western Triangle editors for The News & Observer.Want to post a comment?
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Comments
"The Revolving Loan Fund,
Fri, 12/04/2009 - 02:59 — fgerweThe real estate market is
Wed, 11/25/2009 - 08:20 — pfdfThe real estate market is historically very slow to respond to other market fluctuations. It's curve lags behind that of the others and isn't generally as volatile.
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Sat, 11/14/2009 - 06:42 — qazxswwWhy for home loans the banks
Thu, 11/12/2009 - 05:08 — edward123Why for home loans the banks are calculating the interest rate?
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Sat, 11/07/2009 - 00:54 — javavaWhat is the maximum amount of loan we can take from any bank?
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Thu, 11/19/2009 - 01:58 — steven605iTouch Converter for Mac has the feature of converting video to iTouch (iPod touch, iPod touch 2) compatible video formats on Mac OS. Mac iTouch converter can output lots of formats, like convert AVCHD (.mts, .m2ts), HD TS, HD MP4, HD RM, HD MOV, and ASF, FLV, WMV, MKV, AVI, 3GP and more.
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Tue, 11/03/2009 - 05:43 — hpsnppWhile taking home loan what all documents are needed?
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I guess getting a loan from
Thu, 10/22/2009 - 14:48 — ravmI guess getting a loan from the city is better than taking out a personal loan or having to rely on payday loans.
This is definitely good use
Sun, 09/27/2009 - 05:51 — Jennifer_WrightThis is definitely good use for such a loan. The community benefits since it creates more jobs and the paper gets broader distribution. Well, if they were refused, they could have approached Unsecured business loans and who knows how that would have turned out.
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Thu, 09/17/2009 - 07:25 — garyseowow that is huge amount to obtain with lower interest rates..thanks for sharing
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Sun, 09/06/2009 - 11:03 — mrdonkWho is a pity to me of that in such situation
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Sat, 07/25/2009 - 22:13 — tonygreeneToo bad that it has lead to this kind of fraud.
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Thu, 07/16/2009 - 23:50 — tonygreeneTaking care of the businesses within your community is essential to growth.
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It looks like this small
Sun, 07/12/2009 - 10:15 — tonygreeneIt looks like this small town paper may have to go the way of some of the even larger newspapers from around the country. Pack it all in and just give up. With a staff of a few, how do they attempt to bring this paper bring in any real profit margins and hope to pay back the debtors that they already have? By asking for even more cash at a later date.
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Wow! The Town seems to be apologizing for its actions.
Fri, 05/22/2009 - 20:26 — elvisboy77The chilling effect of the town loan to the local town newspaper has already been felt. (Ooh, maybe that's why Carrboro is so cool!)
While the loan application was in process, there was a BIG story in Carrboro surrounding the behavior of the Carrboro town staff and the town board. Mayor Chilton held a kangaroo court at a board meeting for the lady with the barn apartment problem. Of course, she wasn't invited. Totally unethical behavior. Totallly not progressive. (Or maybe it is!)
Anywhere else, thatis big news. I know that the Carrboro Citizen staff knew of the story. They even have interviewed the lady. Not a word was printed. You'll never "know" exactly how that loan affected the stuffing of the story into the circular file. The fact is that typical human behavior is to deny such influence, especially when you're the one being influenced.
Now do you see the problem?
Government and the press
Thu, 05/21/2009 - 11:41 — freepress1If loans from a "loan fund that was set up through the Federal Government" is the financial answer for newspapers that cannot operate with advertising and subscription revenues, why didn't the publishers of newspapers around the country jet over to Washington to discuss their plight? Could it be a case of journalistic ethics? Are the application and financial records used to obtain this money available for the general public to see? Where?
The Carrboro Town Clerk
Thu, 05/21/2009 - 19:32 — mchiltonThe Carrboro Town Clerk would be glad to email a copy of the loan application. You can request it by emailing her at: SWilliamson@ci.carrboro.nc.us
Or you can look at it on the town website:
http://www.townofcarrboro.org/BoA/Agendas/2009/05_19_2009_C4A.pdf
Government and the press
Thu, 05/21/2009 - 11:40 — freepress1If loans from a "loan fund that was set up through the Federal Government" is the financial answer for newspapers that cannot operate with advertising and subscription revenues, why didn't the publishers of newspapers around the country jet over to Washington to discuss their plight? Could it be a case of journalistic ethics? Are the application and financial records used to obtain this money available for the general public to see? Where?
Do these people claim they are "journalists"?
Wed, 05/20/2009 - 08:13 — jcbarrHow exactly do you claim any impartiality if you're in bed with the town you cover as a journalist? I read the Citizen today (online), but there's no way I would in the future if they get this loan.
All media outlets take money
Thu, 05/21/2009 - 19:36 — mchiltonAll media outlets take money from someone. Some from the subscribers. Some from the advertisers. Some from the government. Most from a combination. Is the media not a watchdog over advertisers? Is it not a watchdog over their subscribers? Subscribers and advertisers have far more power to exercise influence than a lender does.
I agree
Tue, 05/19/2009 - 21:23 — TBlakeCarrboro Citizen is a relatively moderate (for Carrboro) and impartial source of news. I think they serve the community well and deserve the loan. I do hope they manage to keep their objectivity and do not get too chummy with the politicians as a result of the loan though.
Carrboro Citizen
Tue, 05/19/2009 - 15:31 — WayfurI have to disagree with previous commenters...just because the big city newspapers are failing does not mean that there is no place for hyper-local newspapers. Take a look around next time you're hanging out in Carrboro. Folks read the Citizen...it's better than the CH News!
The owners are right, the climate for commercial loans is harsh. They fit the profile for the Revolving Loan Fund! Just because Phydeaux wanted to expand doesn't mean it was a waste of money! Give it to 'em!
The Dicksons don't sound
Tue, 05/19/2009 - 14:27 — TheLibertineThe Dicksons don't sound like they need to be in the newspaper business or any business for that matter. Where have they been, under a rock? Who starts a newspaper in 1997? Duh!
The Dicksons have been in
Tue, 05/19/2009 - 17:41 — mchiltonThe Dicksons have been in the newspaper business for at least three generations and know plenty about it.
Where's my bailout?
Tue, 05/19/2009 - 18:55 — elvisboy77Good for them, they are going to dupe Carrboro into lending them money, since the banks don't see it as a good risk. Of course, Carrboro can just raise taxes to pay for their mistakes. No culpability is such a sweet thing.
The paper is great. If they need money then they should obtain it commercially.
Can anyone believe a newspaper that owes money to the Town Of Carrboro to report accurately about that town?
Of course, this is Carrboro. Goat capital of the world.
You are the champion,
Tue, 05/19/2009 - 19:21 — fhblackElvisboy77, the champion of "Ready, Fire, Aim!" How about getting the facts before you make some of the claims that you make.
Great time to start a newspaper
Tue, 05/19/2009 - 12:59 — obsoletestThey should also consider digging a canal to the Eno or building a horse stable downtown.
Phydeaux Took Loan and Left!
Tue, 05/19/2009 - 09:49 — boxdan476The Revolving Loan Fund with its goals to help Carrboro's downtown and create jobs in town. Phydeaux is cited as one of its successes? They moved out of downtown Carrboro to Chapel Hill! The building downtown is still vacant and for rent. Guess that one didn't work as planned. Would town money not be better spent to improve infrastructure or reduce reliance on property taxes and make the area more business friendly? Why just give away taxpayer money to private individuals whith no obligation or interest in Carrboro's future?
The proposal is to make a
Tue, 05/19/2009 - 17:39 — mchiltonThe proposal is to make a loan from a loan fund that was set up through the Federal Government. The money in the loan fund cannot be used for any other purpose per Federal rules.
Phydeaux repaid the loan they got. The fact that they later moved to Chapel Hill is irrelevant.