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Attachment 1 <br />Memorandum <br />To: Orange County Board of Commissioners <br />cc: Frank W. Clifton, Jr., County Manager <br />From: Gary Shope, Economic Development Director <br />Dottie Schmitt, Economic Development Specialist <br />Date: June 21, 2011 <br />Re: Status Update on Orange County SmaIl Business Loan Program <br />Background <br />From its creation in 1997, the Orange County Small Business Loan Program Company (Loan <br />Program) was designed "...to stimulate successful business development and expansion". The Loan <br />Program is set as a 501(c) (3) entity up managed by aneight-member Board of Directors (Board <br />of Directors) composed of two local small business owners, two local bankers, and four Orange <br />County government representatives (Finance department Director, Economic Development <br />department Director, Soard of County Commissioners representative, Economic Development <br />Commission representative)_ Since 2009, the- Program has awarded five small business loans <br />for four local small businesses, with payments on all outstanding loans being .made in a timely <br />manner. This memo provides the Orange County Board of Commissioners a status update on <br />recent activities within the Loan Program. <br />Status Update -New Loan Awards <br />Skram Furniture Company. A loan was recently approved by the Board of Directors for Skram <br />Furniture Company, a Hillsborough business that creates custom-designed furniture~or <br />residential, commercial, and hospitality clients. As provided on Skram's website <br />(www.skramfun-uture.com), "... Skram furniture is dedicated to redefining american craft in the <br />context of modern design." Skram's products reflect the company's commitment to authentic <br />materials, innovative design, and sustainable practices. Skram proposes to use the funds to <br />further develop their high volume hospitality client base. <br />West End Depot. The Board of Directors also recently approved a loan to the West End Depot, a <br />'vintage' general store located in recently revitalized West Hillsborough commercial district. <br />The Depot is a new commercial venture that offers a variety of local goods, including the <br />"Depot Dog", a locally raised beef hotdog and served from an onsite hot dog cart, hand-dipped <br />3 <br />