Five Points Loan Pool Project...a strategy to encourage commercial development

Over the years, Swiss Bear initiated development of two Urban Design Plans and  many strategies to encourage the revitalization of the downtown, its waterfront and the Five Points commercial area. One of the strategies was the Five Points Loan Pool Program that was officially kicked-off June 10, 1994.

Swiss Bear, working in cooperation with eight area banks and members of SCORE established this new program designed to encourage commercial development in the Five Points area. Ricky Brown, City Executive for BB&T and Swiss Bear’s  Chairman led the effort in which eight local banks pooled collectively $1 million for loans for any worthwhile business purpose in the Five Points area, excluding refinancing of existing loans. New loans ranging from $5,000 to $100,000 were available for businesses (new or existing) within the area bounded by Cedar to Bern, Bern to Pollock, Pollock to Queen, Queen to First and First to Second to Cedar Street. The process was initiated by completing an application through the Swiss Bear office and the applicant then met with a small advisory group of volunteers from SCORE who provided assistance in developing a business plan, if needed, before meeting with a bank representative. The loan request was then reviewed by representatives from the eight banks, who made the final decision if the project met the guidelines and was eligible for the loan.

The program was in effect for two years and five loans were made, three for new businesses, one for expansion of an existing business and a fifth for the purchase of several lots and construction of a new building to relocate an existing business. SCORE Chairman, John Ronan worked closely with the woman who purchased the property which took several years to come to completion.

This project was one of many strategies in which the private sector worked together to encourage redevelopment of the greater downtown area. The commitment of so many made the difference and our city is all the better for it.

Susan Moffat Thomas

Executive Director