Agenda - 09-15-1998 - 9a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT MEETING DATE: September 15, 1998 Action Agenda Item# 9 -a SUBJECT: Orange County Small Business Loan Program DEPARTMENT: EDC PUBLIC HEARING: Yes No_X_ BUDGET AMENDMENT NEEDED: Yes No X_ ATTACHMENT(S): Cover Memo from Greg Payne Revised Operating Policies Procedures Purpose: INFORMATION CONTACT: Margaret Cannell (ext.2325) and TELEPHONE NUMBERS: Hillsborough - 732 -8181 Durham - 688 -7331 Mebane - (336)227 -2031 Chapel Hill - 967 -9251/ 968 -4501 To approve suggested revisions to the Small Business Loan Program "Operating Policies and Procedures" document. Background: On May 15, 1998, a group of bank representatives (Chandler Burns of Centura, Jim Carter of CCB, and Earl Tye of BB &T) met with Commissioners Brown and Carey and County Manager John Link to examine the Operating Policies and Procedures document of the Orange County Small Business Loan Program. The bank representatives suggested revisions, as shown in the attached cover memo and revised document. The revisions were inserted into the document, produced in July 1998, marked by st-_'- __three hs for deletions and bold text for additions. At its August 27, 1998 meeting, the Economic Development Commission Board moved that the Operating Policies and Procedures document, as revised in July 1998, be recommended for review and approval by the Board of County Commissioners at its September 15, 1998 meeting. Once Operating Policies and Procedures are adopted members of the initial Board of Directors of the Orange County Small Business Loan Program Company can be determined and that corporation can be formed. Recommendation: The manager recommends that the commissioners approve the Operating Policies and Procedures document with revisions as noted.