A program the Record once reported as underutilized has seemingly gained momentum after Raleigh City Councilors this week approved the seventh loan through the city’s Downtown Loan Program.
Trig Modern LLC will receive $50,000 to renovate its new showroom on West Jones and Harrington streets.
The Downtown Loan Program began in 2004. Trig’s loan is the last available until businesses repay their loans to refill the $300,000 pot. One Raleigh business, the Big Easy, has already repaid its loan.
The 10-year loan will have an interest rate of 3.5 percent. Trig Modern estimates the cost of the improvements to be about $142,300 and will be footing most of the bill.
Paul Reimel of the Downtown Raleigh Alliance told Councilors he received 25 inquires about the loan program in 2012.