Orange County NC Website
Browse       Search
<br />7. Tenant upfit and lease-hold improvements. <br />8 . A small business loan request that is to be used in conjunction with other <br />financing will be considered on acase-by_--case basis. <br />9. Work force expansion. <br />LOAN PROCEEDS SHALL. NOT BE USED FOR THE FOLLOWING- <br />1. Refinancing of existing bank debtor investor loans. The Loan <br />Committee may grant an exception of up to 50% of loan value. <br />2. Purchase of equipment or improvement of real estate which are used or <br />to be used for personal use. <br />3. Political activities. <br />4. Owner salary and dividend payments beyond an agreed amount. <br />5.. Speculative ventures (Examples: drilling for gas or oil, commodity <br />futures). <br />6. Lending or investment. <br />7. Real property held for sale or investment. <br />8. Pyramid sales -distribution plan businesses. <br />~. Floor plan financing (defined as a revolving line of credit that allows the <br />borrower-to obtain financing for retail goods. These loans are made <br />against a specific piece of colrateral (i.-e. an au#o, RV, manufactured <br />home, etc.)). <br />10. Foreign controlled businesses. <br />11, Non-profit institutions. <br />12. Private membership clubs. <br />5 <br />