Agenda - 06-21-2011 - 5s - Laserfiche WebLink

Browse Search

6 ORANGE COUNTY SMALL BUSINESS LOAN .PROGRAM PURPOSE The purpose of the Orange County Small Business Loan Program (Program) is to stimulate the creation of good jobs for Orange County citizens as well as to stimulate successful business development and expansion in Orange County (County). The program will attempt to assist businesses that have limited access to financing through conventional means or other government guaranteed sponsored programs. Businesses receiving funding through this program are strongly encouraged to be good corporate citizens as defined in Orange County's Economic Development Strategic Plan. Businesses are also encouraged to employ Orange County citizens= LOAN PROGRAM ADMINISTRATION The Orange County Small Business Loan Program Company (Company) and Orange County (County) staff may be utilized to underwrite and service these loans, to include billing, generating administrative reports, and collection of delinquent accounts. PROPOSED STRUCTURE The Company is anon-profit corporation formed to make-and facilitate-loans to small businesses-under the program described here. The Program is governed by an eight member Board of Directors, acting under the Company's Bylaws. This Program is fully funded by Orange County at the discretion of the-Orange County Board of County Commissioners. This proposed structure may be modified from time to time based upon the review and advice of counsel. LOAN COMMITTEE The Board of Directors of the Company will serve as a committee of the whole and as such will serve as the Loan Committee. The Loan Committee Chair shall generally monitor the duties of the Loan Program administration; make sure loan proposal packages are properly prepared prior to their presentations at Loan Committee meetings; and oversee the preparation of commitment letters 2