Agenda - 02-19-2013-11b - Laserfiche WebLink

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2 From the original documents creating the loan program, regarding its purpose: "The purpose of the Orange County Small Business Loan Program is to stimulate the creation of good jobs for Orange County citizens, as well as to stimulate successful business development and expansion. The program will attempt to assist businesses that have limited access to financing through conventional means or other government guaranteed sponsored programs. .." The Program was created as a nonprofit, but is fully funded by Orange County. The recent quarter cent sales tax provided additional support, up to $200,000 annually. To date, the Program has disbursed loans to 7 local companies totaling $300,000. The Program's Bylaws mandate that the Program is managed by a volunteer Board of Directors, consisting of eight individuals: • 1 member of BOCC, as designated by that Board from time to time (vacant); • 1 member of the Orange County Economic Development Commission, as designated by that Commission from time to time (our current representative is Tom Underwood, HR Director from PHE); • The Director or Orange County Economic Development; • The Orange County Financial Services Director; • Two Bank Directors (i.e. employees of financial institutions) — current representatives are Jim Evans from Bank of Harrington and Brad Curelop from BB&T; and • Two Small Business Directors (i.e. small business owners) — current representatives are Sherry Gray, owner or Yesterday and Today frame Shop in Hillsborough, and Tom Proctor, owner of the Vacuum Cleaner Hospital in Chapel Hill. The Board does not have a standing meeting time; the Board meets only when a thoroughly vetted application has been received. In the past, this has averaged out to approximately every couple of months. There have been circumstances that the Board has met monthly; but they have also gone several months without meeting. In general, the duties of the Board are to receive applications, review the materials in advance of the scheduled meeting, discuss the application during the Board meeting, interview the applicant during the Board meeting, and make a decision on the loan request. Additionally, the Board may also make a decision on loan modifications, and the Directors encouraged to publicize the Loan Program to potential applicants.