ASHEVILLE, N.C. (AP) - An economic development organization in western North Carolina is disbanding because of a lack of revenue.
The Asheville Citizen-Times reported (https://avlne.ws/1PJFda6) the Smoky Mountain Development Corporation has served 10 western North Carolina counties since 1984.
The corporation provided affordable space to small businesses in Waynesville. The corporation had facilitated loans through the U.S. Small Business Administration.
The Waynesville location will continue to operate with about eight businesses. The corporation is giving the facility to Haywood Community College.
The corporation is closing because of a slowdown in lending. Executive Director Alan Steinberg says the corporation has always been dependent on the small business loan program.
Steinberg says there’s been a drop in the number of western North Carolina loan applications. He says there will be other options for those seeking loans.
___
Information from: The Asheville Citizen-Times, https://www.citizen-times.com
Please read our comment policy before commenting.