Agenda - 04-15-2014 - 8a - Laserfiche WebLink

Browse Search

I commercial janitorial and disaster restoration services. The company is based in Hillsborough, with four primary employees who were Orange County residents. The company also provided part -time employment to area residents according to work load requirements. Since its infusion of cash, the company has been able to secure several large contracts and used the funds to purchase additional equipment On September 18, 2009 the Program's Board of Directors voted to award the remaining $25,000 in funds to a toy start -up company based in Hillsborough. This entrepreneurial company makes a cloth woven indoor /outdoor flying disc and was the designer, importer and marketer of the Pocket Disc. All Pocket Discs are hand -made of 100% cotton. One of the company's goals is to support third world artisans, so the Pocket Disc is imported from Guatemala, based on fair trade practices. The applicant received additional external funding to build its inventory and secure its supply chain, hire additional sales talent, and extend and focus its marketing efforts. The company has three employees at its Orange County location. With these two loan awards, the Program began to support the small, entrepreneurial start -ups of Orange County that meet the Program's loan guidelines, but which are unable to secure more traditional, lower -cost bank financing. Due to the success of the program, the two loan awards utilized all of the County's available $75,000 in available funding. At the March 13, 2007 BOCC meeting, it was requested that the County grant the remaining $75,000 to restore the full $150,000 loan loss that was originally committed by the County. However, during 2008 -2009 budget cycle, because the Program had not yet utilized its first $75,000, the remaining $75,000 was not included as a budget request. In 2010 a total of $200,000 was redirected from the Orange County /Chapel Hill Visitors Bureau's fund balance and shifted to the Small Business Loan Program. This enabled the Program to fund new loans following a long period of inactivity. At present, the Orange County Small Business Loan Program has issued eight (8) loans to eight (8) local companies, totaling $333,000. Two applications are currently under consideration. Two other applications were submitted and processed, but those applicants later withdrew their applications. All outstanding loans are current under their repayment terms, with zero collection problems. Companies that have utili; Accidental Baker Orange County Gymnastics Isis Information Technology Mystery Brewing Company The Depot Phd Productions, LLC Santosha /ServiceMaster Skram Furniture Company :ed the Loan Program: (bakery in Hillsborough) (gymnastics gym in Hillsborough) (I.T. service) (brewery in Hillsborough) (general store and music in Hillsborough) (maker of the Pocket Disc toy) (commercial janitorial service) (custom furniture; loan was repaid) Current Status: Balance in SunTrust Checking Account $160,457.69 Article 46 Quarter Cent Sales Tax Allocation $200,000.00 Total Fund Available $ 360,457.69