Downtown loan pool

In August 2005, the city of Rocky Mount and six banks committed $2.4 million for the loan pool. The general concept was that by pooling resources together, banks would reduce their potential risk. And the city of Rocky Mount tried to put bankers at ease by setting aside grant money that would cover 20 percent of a loan should it go into default.

The only loan under the program occurred shortly after the program’s inception, when about $300,000 was loaned to the Smith family to renovate a building at 132 Main St. Today, there is an Allstate insurance office downstairs and loft upstairs where the Smiths live in. 

Ok this guy basicaly got this loan for a place to stay and a work office that he could use on his taxes.

I'm sure there was alot of work that needed to be done, but one would have thought that he could afford a coat of paint on the outside of the building or at least it wood parts.

yes he could have painted the window cases and the wood above his doorway. then again I guess Most of the money was using in his loft...