Minutes 04-07-2011 - Laserfiche WebLink

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Small Business Loan Pro�ram As this successful program continues to mature, we propose allocating an additional $200,000 per year until the total program funding reaches $750,000. As the Commissioners have provided$275,000 to this program to date, this would require approximately 2 �/z years of funding at $200,000 per year. Collateral Materials As the Economic Development Districts become closer to being considered 'shovel ready; and as economic development in Orange County, in general, continues to transition, the development of collateral materials to highlight our assets will be essential. These materials may consist of a new Internet interface, including polishing the website, utilization of appropriate social media tools, and development of informative brochures. The creation of a cohesive set of collateral materials may require up to $20,000 annually. Incubator Space Clear support has been identified for retaining young companies that are generated from the University of North Carolina at Chapel Hill. To successfully capture these entrepreneurs, the County must be able to provide the facilities to meet these companies'specific needs as they move out of university-owned space. This support can take a variety of forms,from development of a county-owned incubator space to providing rent subsidies on privately owned leasable space. Incubator support may require$75,000 to $125,000 annually. A�ricultural Economic Develo�ment To fully capitalize on the success of the Piedmont Food and Agricultural Processing(PFAP)Center as well as our region's ever growing culinary reputation,it will be critical to effectively support the growth and development of the food-based businesses that outgrow the PFAP. This program could incorporate a wide variety of components,from focused counseling for these unique businesses,to the creation of a'culinary kitchen'facility that could provide full'kitchen for rent'space similar to the PFAP's'equipment for rent'concept. Additional PFAP programming could include focused outreach to Orange County farmer's to provide direction in utilitizing the PFAP to increase the marketing and distribution options for their crops. An estimated range for these programs is$25,000 to$250,000 anmlally. Outreach To more broadly communicate both existing and new economic development initiatives, including incubator space, updated economic development districts, small business support programs, agricultural economic development and business investment grants,focused opportunities to share this information should be created. Potential opportunities include trade shows targeted to specific industries, Industry Appreciation events to encourage collaboration among our existing businesses, and a local "Economic Health" event to share the current projects and recent successes of the County's Economic Development program. A rough estimate of these programs is approximately $15,000 annually.