A Mountain Climbed With a Lot Of Help From Friends
Burning Coal Theatre Company, an intimate professional theatre located in Raleigh, North Carolina and currently celebrating its 20th anniversary season in downtown Raleigh, is pleased to announce that on this date, it has paid off its "gap funding" loan with SunTrust Bank. Nine years ago, Burning Coal renovated and moved into the Murphey School auditorium at 224 Polk Street in Raleigh. The renovation cost the small theatre about $1.5 million dollars (which was 5 times our then annual budget). In order to complete the final phase of the renovation on time, Burning Coal needed to take a "gap funding" loan.
SunTrust Bank was generous enough to give this organization a loan for $225,000. That amount has now been entirely extinguished and nearly half a year in advance of the maturity date. During the nine years in which the company paid off the loan (at a rate of about $1,600 per month), it never missed a payment and was never late on a payment. We are extremely grateful to SunTrust for providing this funding and even more grateful to the community, many of whom have contributed to Burning Coal over the years, for helping us to reach this milestone.
Burning Coal Theatre Company is one of Raleigh's intimate, professional theatres. Burning Coal is an incorporated, non-profit [501 (c) (3)] organization. Burning Coal's mission is to produce literate, visceral, affecting theatre that is experienced, not simply seen. Burning Coal produces explosive reexaminations of overlooked classic and modern plays, as well as new plays, whose themes and issues are of immediate concern to our audience, using the best local, national and International Artists available. We work toward a theatre of high-energy performances and minimalist production values. The emphasis is on literate works that are felt and experienced viscerally, unlike more traditional linear plays, at which audiences are most often asked to observe without participating. Race and gender non-specific casting is an integral component of our perspective, as well as an international viewpoint.