Q. I believe that the now “recently closed” crow hill restraunt, was given $25,000 from WDI in helping with their start up. Was that a gift or a loan. If it was a loan, what now happens to that loan? Also what were the criteria for them getting the money?
A. John Hinnant, president and CEO of Wilmington Downtown Inc., said Crow Hill, which opened in 2010, was awarded a loan from WDI.
Now that Crow Hill is out of business, WDI is working with the bank and the landlord to “bring that loan into performance,” Hinnant said. “There were securities and collateral in place,” he said.
In order to receive a loan from WDI, businesses must fill out an application, produce a business plan, show liquid assets and have good credit scores, Hinnant said.
In the most recent fiscal year, Hinnant said, seven businesses applied for WDI loans. One was rejected, three were asked for additional information and three were approved.
Date posted: July 24, 2012
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