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is competing with other lenders and has a slightly higher cost of borrowing. He said some of <br /> the applicants need external counseling to generate documentation. Steve Brantley said <br /> another challenge has been staff turnover. He said it took several months to hire someone for <br /> the position that handles much of this program. <br /> Steve Brantley said the non-profit was created in 1999, but few loans were actually <br /> issued in the first few years. He said the Orange County Board of County Commissioners <br /> (BOCC) unanimously approved, on March 13, 2007, the transfer of$75,000 to the loan <br /> program, and the first loan was made in March of 2009. He said the Board also approved an <br /> additional $75,000 transfer to the program, though it was not made at the time. <br /> He said the second loan was made in September of 2009, and in mid 2010, $200,000 <br /> was transferred by the manager to the loan program from the Chapel Hill Orange County <br /> Visitor's Bureau fund balance. He said this is the seed money that led to many of the new <br /> loans since that time. He said there are currently 7 outstanding loans, to 7 businesses, totaling <br /> $333,000, and none are past due. He said there are also a total of 3 new loan requests in <br /> process. <br /> Steve Brantley reviewed the following information from the abstract: <br /> Current Status: <br /> Balance in SunTrust Checking Account $160,457.69 <br /> Article 46 Quarter Cent Sales Tax Allocation $200,000.00 <br /> Total Fund Available $ 360,457.69 <br /> Companies that have utilized the Loan Program: <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 <br /> 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 />