HomeMy WebLinkAboutAgenda - 06-19-2012-13 (4)INFORMATION ITEM
To: Orange County Board of Commissioners
From: Dottie Schmitt, Orange County Economic Development department
Date: June 11, 2012
Re: Orange County Small Business Loan Program Status Report
To date, the Orange County Small Business Loan Program (Loan Program) has issued loans to
six local companies, totaling $255,000. Two additional loans have been approved by the
Program's Board of Directors and are currently finalizing details for issuance. Several other
applications are under consideration. All outstanding loans are current under their repayment
terms.
A brief update on the companies that have utilized the Loan Program is provided below:
The Depot in West Hillsborough continues to thrive in their first year of operation as a
general store and music venue. Sales have risen 35% since the beginning of the year,
and an outside seating area has recently been opened. In response to local demand, the
owner has begun renting out the Depot semi - privately to small groups, and privately to
large (200 +) groups. The Depot offers a wide variety of local products, from micro -
brewed beer to locally produced chocolates, pastries and jams. The Depot's
entertainment offerings are also growing fast — they are now booked every night of the
week for music (except Mondays) and have seen a steady increase in the customer base.
Phd Productions, LLC (Phd), maker of the Pocket DiscTM, has enjoyed growth in many
areas over the past year. The Pocket DiscTM can now be found in over 2,000 stores
throughout the US and Canada, including LL Bean and Bass Pro Shops, as well as over
100 stores in Japan. Phd also continues to grow its socially responsible activities. In
addition to being a member of the Fair Trade Federation, they have participated in a
variety of community development projects including a water filtration project in
Guatemala and the installation of more environmentally friendly stoves in Mexico.
Closer to home, Phd is the lead organizer of the annual Eno River Clean-up in
Hillsborough, where over the past two years they and 90 other volunteers have pulled
over two tons of debris from the Eno River. Phd is able to successfully balance their
corporate and social commitments as evidenced by their 53% growth rate last year.
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INFORMATION ITEM
Skram Furniture Company's custom furniture business continues to make a name for
itself, as evidenced by their recent participation in the International Contemporary
Furniture Fair in New York. In early 2012, Skram's founder and lead designer traveled
to Paris as part of an effort supported by the U.S. Small Business Administration and
the North Carolina Department of Commerce. The Paris visit provided Skram with the
opportunity to meet with existing and new showroom partners and investigate their
potential future participation in the Maison et Objet show, one of the foremost
exhibitions of modern design in the world.
M stery Brewing Company is off to a fast start following their grand opening in late
February. Their growlers, which hold one half - gallon of freshly brewed, seasonal beer,
are now available in Weaver Street Market and The Depot, as well as other restaurants
and markets from Wilmington to Charlotte. In addition to serving as owner and
brewmaster of Mystery Brewing, the company's founder can also add 'author' to his
skill set. His recently published book, "North Carolina Craft Beers & Breweries" contains
a wealth of information about North Carolina beer, from a short history of beer in North
Carolina to a review of 48 North Carolina breweries.
Isis Information Technology is the Loan Program's newest client, offering a wide array
of information technology (I.T.) services, including I.T. management and outsourcing,
security assessments and products, and web and application development. Isis
continues to grow their customer base with an expanded marketing effort, including
radio advertising on National Public Radio's local broadcasts.
Santosha /ServiceMaster, a commercial janitorial service company continues to expand
their regional client base.
With additional funding expected from the Quarter Cent Sales Tax, Economic Development
staff are working on additional outreach and partnering opportunities with area organizations,
including SCORE, Empowerment Inc., and Self -Help Credit Union, in additional to traditional
financial institutions. Potential partnering opportunities with Carrboro's Revolving Loan
Fund are also under consideration.
The Loan Program serves as an important resource to Orange County's Small Business
community, and the continued support of the Board of County Commissioners is greatly
appreciated.
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