Essay on The Contributions Of Stephen Alexander Laroque
960 Words 4 Pages
After earning an MBA from East Carolina University in 1993, he founded two nonprofits, the East Carolina Development Company in 1997 and the Piedmont Development Company in 2004.
The nonprofits acted as a transit point for loans from a U.S. Department of Agriculture lending program aimed at alleviating poverty and spurring economic growth in low-income, rural areas nationwide. Known as the Intermediary Relending Program, it allowed groups like LaRoque’s to borrow the money at a one-percent interest rate and then relend it at a higher rate to struggling rural businesses, with the idea that the groups would use the profits to pay operational costs and relend principal that borrowers had paid back.
He was a business owner from Kinston, North Carolina. He won his seat in the General Assembly in 2002, representing the state 's 10th House district, including constituents in Greene County, Lenoir and Wayne counties.
When LaRoque won his seat in the General Assembly in 2002, a local reporter with the Morning Star of Wilmington, N.C. accompanied him on a drive to see some of the homes that had gone up thanks to ECDC loans to a local developer. Hurricanes had recently caused flooding in the area, and 13 displaced families had taken up residence inside the brick-and-vinyl homes.
“A flooded-out family moved into that one,” LaRoque said, slowly driving by the buildings, “and a group of about six older people on…