Agenda - 06-03-2014 - 6a - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 27 Commissioner Dorosin referenced the balance of $360,500 and asked if money is coming in monthly as people make payments on the loans. Steve Brantley said yes. Commissioner Dorosin asked if the $360,500 is just a snapshot that will increase in two months. Steve Brantley said yes. Commissioner Dorosin noted that there were two applicants in process for minority owned business. He asked for information on whether any of the existing borrowers are minority owned businesses. Steve Brantley said none of them are currently minority owned. Commissioner Dorosin suggested a Durham organization to help with outreach for this. Commissioner Dorosin said he would urge the board to eliminate the restriction that prohibits applicants who are on probation or parole. He said this is the kind of program needed by people who are re- entering society. Chair Jacobs said Steve Brantley can come back with alternative options. Steve Brantley said this policy would have dated back to 15 years ago. Commissioner McKee said he has sat through many of these loan applications, and there is quite a bit of effort to accommodate businesses to make this process work. He said this is a good way for the County to support very small businesses. Commissioner Dorosin said many of the residents re- entering society have difficulty getting jobs, and so they turn to entrepreneurial opportunities. He said this is a niche where this type of program can be useful. Commissioner Dorosin asked if there has been any talk of identifying businesses where there is a need in the County, such as child care business. He said if sectors of need are identified, this could then be part of the outreach. Steve Brantley said a letter was created today that will go out monthly to newly formed companies in the County Commissioner Price suggested outreach to Durham Tech, as well as review of past rejected applications. Steve Brantley said he had not thought of Durham Tech. Commissioner Price said she was referring to outreach for business classes or hairdressing classes, for example, to let students know about potential funds available after graduation. Chair Jacobs asked how Steve Brantley is proposing to come back with a response. Steve Brantley said this will be discussed at their next meeting. He is not sure how to change the by -laws, but will ask for advice on this issue. Chair Jacobs said it would be useful to come back through the Board of County Commissioners at some point. He agreed with the need to reconsider the policy with regard to pending criminal charges, and he would support re- visiting that. Chair Jacobs asked what happens when one of these borrowers goes out of business. Steve Brantley said the borrower is still paying the loan. He said there have been a few borrowers with payment delays and the loan committee extended the payments or reduced payments. He said only one loan has been rejected in the past 2 years. Commissioner McKee noted that the businesses that were pulled were not pulled by the committee, but by the applicants themselves. Chair Jacobs said feedback has been given and the Board will expect further information in the future and perhaps some modifications to the by -laws. 9. County Manager's Report Michael Talbert complimented Carla Banks and staff on the County Government Expo.