TITLE
Title
NUSSBAUM CENTER FOR ENTREPRENEURSHIP - REQUEST TO FORGIVE MARCH 22, 2001 LOAN OF $75,000.00
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SPONSOR
Sponsor
Marty Lawing
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BACKGROUND
Background
Guilford County approved a loan to the Nussbaum Center for Entrepreneurship (formerly the Greensboro Business Center, Inc.) on March 22, 2001in the amount of $75,000 to assist the Center with expansion and renovation costs associated with relocating their offices to Revolution Mill. The funds were used to renovate the facility at Revolution, however, the Nussbaum Center relocated to the former Carolina Steel Building at 1451 South Elm-Eugene Street in 2011. This location currently serves as the Nussbaum Center’s small business incubator with over 200 people using the building on a daily basis.
In 2011 the County agreed to extend the term of the loan by three years and another three-year loan extension was approved in 2014. The second extension expired on March 30, 2017 with the full principal balance of $75,000 outstanding.
The Center reports 44 Associate Businesses with 106 employees and $8,000,000 in revenue and average salary of $46,864.00. The Center also has 28 Graduates reporting 801 employees, $145,000,000 in revenue and average annual salaries of $63,721.00.
Sam Funchess, the President and CEO of the Nussbaum Center is requesting the Board of Commissioner’s consideration to forgive the $75,000 loan approved in 2001 as repayment of the loan at this time would cause financial hardship for the Center.
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BUDGET IMPACT
Budget Impact
No impact to the FY 2016-17 Annual Budget.
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REQUESTED ACTION
Requested Action
Approve the request of the Nussbaum Center for Entrepreneurship to forgive the 2001 loan of $75,000.
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