Orange County NC Website
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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />26 <br />Accidental Baker (bakery in Hillsborough) <br />Orange County Gymnastics (gymnastics gym in Hillsborough) <br />Isis Information Technology (I.T. service) <br />Mystery Brewing Company (brewery in Hillsborough) <br />The Depot (general store and music in Hillsborough) <br />Phd Productions, LLC (maker of the Pocket Disc toy) <br />Santosha /ServiceMaster (commercial janitorial service) <br />Skram Furniture Company (custom furniture; loan was repaid) <br />New Marketing Ads & Brochures: <br />New marketing collateral pieces have been developed in -house at Orange County Economic <br />Development and will soon be placed with local media (WCHL1360, Chapel Hill News, News of <br />Orange, etc.) to promote greater awareness and demand for the loan program. <br />Steve Brantley reviewed attachments 3 and 4 and said these flyers have been <br />distributed at expos and in the Chamber of Commerce office. <br />He reviewed the list of board members as follows: <br />Board of Director & Loan Approvers: <br />Jim Evans, President Bank Director (Harrington Bank in Chapel Hill) <br />Brad Curelop, Vice President Bank Director (BB &T Bank in Chapel Hill) <br />Sherry Gray, Asst. Sec /Treasurer Small Business (Yesterday & Today Frame Shop) <br />Tom Proctor Small Business (The Vacuum Cleaner Hospital) <br />Earl McKee BOCC Representative <br />Clarence Grier Orange County Representative <br />Steve Brantley Orange County Representative <br />Tom Underwood Economic Development Advisory Board Rep. <br />Steve Brantley reviewed the manager's recommendation. <br />Commissioner Pelissier asked why the interest rate is higher, given that this is for <br />people that cannot get conventional loans. She asked if this is because the applicants are <br />higher risk. <br />Steve Brantley said he believes that when the policies were written, there was a desire <br />not to compete directly with banks, and this was also riskier credit. He said there are guidelines <br />that must be adhered to within the by -laws. <br />Chair Jacobs said the explanation the Board received subsequent to the period of little <br />loan activity, was that the loan program was too conservative. He said it sounds like this has <br />now come full circle. <br />Commissioner Dorosin said he would like to see a spreadsheet of the initial amount of <br />each loan and how far along the borrower is in paying it. <br />Steve Brantley said this information is available, but he deferred to John Roberts for <br />comment on this. He said there was a past public record request for this information and staff <br />did not reveal the debt for a specific borrower. <br />John Roberts confirmed that there have been past requests for this. He said he can <br />review the background for this, and why some of that information was not provided. <br />Commissioner Dorosin asked if the Commissioners can get this information even if it is <br />not public record. <br />John Roberts said yes, but he will look this up to see if it was public record. <br />