Stanley Furniture, Inc. of Robbinsville will receive $1 million to lessen the impact of the loss of tobacco jobs in NC. That is, if enough dots are connected, a Golden LEAF Foundation loan of $1 million will go toward upgrading the company’s production line. The loan is to be repaid within seven years at 3-4% interest. During that time, Stanley Furniture must keep its number of employees greater than or equal to 468. The loan will be disbursed by the new Graham Economic Development Commission. Once the loan is repaid, the commission will be able to apply the funds toward another economic development purpose in Graham County.
It is strange how the state can consider jobs to be fungible, but not money. That is, excessive profligacy in one department is not considered relevant to shortages in another – like teacher pay.
