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<br />to approved borrowers. Such commitment letters will be signed by the Chair. <br />The Loan Committee will have the following responsibilities: <br />1. Find creative ways to utilize loanable funds to stimulate successful small <br />business development and job creation. <br />2. Meet monthly to review loan applications and determine which requests <br />will be approved and under what terms and conditions. <br />3. Periodically review status of existing loans and recommend appropriate <br />corrective action or special monitoring where needed. <br />4. Approve modifications to lean agreements. <br />5. Evaluate underwriting requirements and make appropriate adjustments <br />as needed to accomplish the objectives of the program. <br />6. Provide direction regarding collection (e.g. legal action, foreclosure, <br />acceleration of amortization, determination of default/charge-off, etc.) <br />7. -Conduct annual review of loan documents and credit files. <br />FUNDING <br />The County has provided initial funding for the Program, with the <br />understanding that the Program will eventually develop into aself-sustaining <br />revolving loan fund. <br />COMMITMENT PERIOD <br />The County will support the Program until demand for the Program is no <br />longer present, or until it is no longer financially feasible. <br />ELIGIBILITY <br />1. Businesses must be located within Orange County in areas zoned <br />appropriately for their use. <br />2. Applicant's length of residence in Orange County may be considered <br />3 <br />