Agenda - 09-01-1998 - 8b - Laserfiche WebLink

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20 LOAN PROGRAM ADMINISTRATION Administration of this loan program shall initially be performed by the Orange County Economic Development Commission. Aa outside vendor acceptable to the financial institutions and the County will be utilized to underwrite and service these loans, to include billing and generating administrative reports. PROCEDURES 1. Applicants will be referred to the Orange County Economic Development Commission who will meet with them and process applications. This process will utilize the services of the NC Small Business & Technology Development Center. 2. Completed applications will be submitted to the Loan Committee no later than two weeks prior to its next scheduled meeting. The Loan Committee will normally meet once monthly. 3. At the monthly meeting, the Loan Committee will decide whether or not to take action on the request, based on the information provided. The applicant will be informed in writing of the Loan Committee's decision. Should the Loan Committee deny the applicant's application, the Loan Committee will not consider any applications from that applicant for at least six months. 4. At its discretion, the Loan Committee may impose any additional terms and conditions necessary to improve the loan or to secure the applicant's loan. The Loan Committee may require an itemized budget detailing the proposed use of loan funds. 5. After Loan Committee approval, applications will be presented to the Board of County Commissioners for review. a~-~app~al- 6. Should the applicant feel that his/her application has been improperly denied, then he/she should notify, in writing, the Chair of the Loan Committee of his/her position. Denial of the application shall then be reviewed by the Loan Committee for further consideration. LOAN ANALYSIS The Loan Committee shall review and consider a number of items in determining whether a loan should be made. Those items shall include at least the following: 6