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NORAD co‑owner asks Caswell commissioners to review accrued loan interest and requests closed‑session discussion
Summary
A NORAD Technology executive told commissioners the company has paid its loan principal but faces about $50,000 in accrued interest and asked to bring the matter to the board in closed session; commissioners did not take action during the meeting.
Rastarene Guidry, co‑owner and chief financial officer of NORAD Technology in the Pelham Industrial Park, used the public‑comment period Jan. 20 to urge the Caswell County Board of Commissioners to consider relief for accrued interest on a federal loan.
Guidry said NORAD has been located in Pelham since 2009, has maintained a stable workforce and timely real estate tax payments, and that the business leveraged $726,000 in grant funds to construct an elevated water storage tank that provides fire protection to the park. She said the company paid the loan principal in full but faces an outstanding balance of "approximately $50,000" that staff described as accrued interest and asked for the opportunity to address the board in closed session about the financial hardship.
"We have now paid the entire principal balance of the loan in full, leaving an outstanding amount of approximately $50,000 which I'm told representing the accrued interest," Guidry said. She asked the board to permit a closed‑session discussion to present details.
The board did not act on the request during the meeting; the public comment was recorded and staff said they would follow up.
