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ORANGE COUNTY SMALL BUSINESS LOAN PROGRAM <br />PURPOSE <br />The purpose of this program is to stimulate the creation of good jobs for Orange County citizens <br />as well as to stimulate successful business development and expansion in Orange County. The <br />program will attempt to assist businesses that have limited access to financing through <br />conventional means or other government guaranteed sponsored programs. Businesses receiving <br />funding through this program are strongly encouraged to be good corporate citizens as defined in <br />Orange County's Economic Development Strategic Plan. Businesses are also encouraged to <br />employ Orange County citizens. <br />AMOUNT <br />Initial 3 -year loan capacity of up to $500,000, funded by commitments from local financial <br />institutions. <br />COMMITMENT PERIOD <br />Three years from the date of execution of the master loan agreement. After three (3) years, <br />the loan program will be reviewed by the Board of County Commissioners and <br />participating financial institutions to determine whether to continue the program. <br />ELIGIBILITY <br />1. All applicants must be residents of Orange County. Length of residence in Orange <br />County may be considered in assessing the applicant's degree of commitment to the <br />community. <br />2. Businesses must be located within Orange County in areas zoned appropriately for their <br />use. <br />3. At the discretion of the Loan Committee, applicants may be required to participate in the <br />NC Small Business & Technology Development Center (SBTDC) technical assistance <br />program. <br />4. Applicants must be a for -profit business entity whose gross revenues do not exceed $3 <br />million. <br />