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CBA Update on 3/23/20 re: CarrboroUnited

MEMO TO: CBA Membership
FROM: David Jessee, CBA Chair c/o Katie Loovis, CBA Staff Support
DATE: Monday, March 23, 2020
SUBJECT: 5 Important Updates for CBA Members from your CBA Chair, David Jessee



Dear Carrboro Business Alliance (CBA) Members,

Our CBA Leadership Council Chair, David Jessee, asked me to share these five important updates with you, including information about new emergency loans now available for independent businesses thanks to local philanthropist and founder of Fleet Feet, Tom Raynor.

He also shared a personal note below.

SCROLL DOWN – this is worth your time,

Katie Loovis
CBA Staff Support
KLoovis@carolinachamber.org | (919) 696-0781 (cell)
 

FIVE UPDATES 

 
  1. Immediate funds: Carrboro-based businesses are now invited to apply for emergency loans from local philanthropist and founder of Fleet Feet, Tom Raynor. Tom is willing to serve as the personal banker and is accepting applications from local and independent businesses for non-asset-based loans up to $10,000. These funds will cover short-term cash needs for payroll and other essential expenses. The application is a one-page submission that triggers a virtual meeting with the potential borrower, Tom, and two people on his team. Funding decisions are made within 24 hours after meeting and delivery of documents.
 
  1. CarrboroUnited: In this trying time, we are seeing Carrboro farmers, local restaurants, and the community pull together through CarrboroUnited. CarrboroUnited is a central food hub that efficiently and safely feeds Carrboro’s citizens and local economy for the duration of the COVID-19 outbreak while reinvigorating our local economy. This great innovation is giving us a hint of hope and was already featured on WRAL.
  2. Mark your calendar: The Town of Carrboro and the CBA Leadership Council are hosting an “All Carrboro Business Briefing” this Thursday, March 26, 2020 from 8:30am-10am. No registration required, but please patch-in 15 minutes ahead of time to ensure the technology works smoothly for you.
     
  3. Answers to Questions: Answers to the most common questions we are hearing, as well as information on the new U.S. Small Business Administration emergency loan program: www.carolinachamber.org/covid19
     
  4. Balloons: A big primary-colored balloon means the business is open. Thank you, Pat at Balloons & Tunes – a 40-year member of the Carrboro community – and Tom Raynor, for your help! This great innovation is brightening our community, giving a shimmer of hope, and connecting our local businesses and customers.   

A Note from our Chair David Jessee


“Dear Business Partners,

As we all take measures to prevent the spread of COVID-19, we must also adapt to the effects the pandemic is having on our economy. We at the Carrboro Business Alliance are working diligently with the Town of Carrboro to free up funding currently held in town loan funds which can help sustain our local living economy through this crisis. The town council has called an emergency meeting for Tuesday to consider ways to free up these funds so that they may be made available for independent business loans. It is imperative that government funding sources such as the Revolving Loan Fund, the Tourism Development Authority fund, and the Emergency Efficiency Loan Fund, be made available as soon as possible so that local business owners can begin their respective application processes. We will keep you posted on the outcome of this meeting.

On a parallel track, a local philanthropist has decided to pledge a portion of his personal assets to create a relief fund for the specific benefit of small local business owners, their employees, and their suppliers. Tom Raynor, the former owner of Fleet Feet, has created the CarrboroUnited Emergency Impact Relief Fund. His aim is to get much needed capital into the hands of independent businesses that have experienced a sharp decline in economic activity since the onset of this pandemic. You should email Tom directly at raynorco@gmail.com.

Let’s keep working together. We are CarrboroUnited!

David Jessee
Chair, Carrboro Business Alliance”
 

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