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3' <br /> ORANGE COUNTY SMALL BUSINESS LOAN PROGRAM <br /> (Revised August 25, 1997) <br /> (All additions and changes are shown in bold and deletions are shown as str-ikeeuts) <br /> PURPOSE <br /> The purpose of this program is to stimulate successful business development and expansion as <br /> well as job creation in Orange County. The program will attempt to assist businesses that have <br /> limited access to financing through conventional means or other government guaranteed <br /> sponsored programs. <br /> AMOUNT <br /> Initial 3-year loan capacity of up to $500,000, funded by commitments from local financial <br /> institutions. <br /> COMMITMENT PERIOD <br /> Three years from the date of execution of the master loan agreement. <br /> ELIGIBILITY <br /> 1. Applicants must be a resident of Orange County for at least the previous two years <br /> prior to the date of application. <br /> 2. Businesses must be located within Orange County. <br /> 3. At the discretion of the Loan Committee,applicants may be required to participate in <br /> the NC Small Business& Technology Development Center(SBTDC) technical assistance <br /> program. <br /> 4. Applicants must be a for-profit business entity whose gross revenues do not exceed $3 <br /> million. <br /> 5. Applicants must be willing to contract for management and technical assistance if <br /> determined to be necessary by the Loan Committee. <br /> 6. Applicants must have an equity contribution in a start-up business of at least 15%. <br /> 1 <br />