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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 <br /> guidelines 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 /> Commissioner Dorosin referenced the balance of$360,500 and asked if money is <br /> coming in monthly as people make payments on the loans. <br /> Steve Brantley said yes. <br /> Commissioner Dorosin asked if the $360,500 is just a snapshot that will increase in two <br /> months. <br /> Steve Brantley said yes. <br /> Commissioner Dorosin noted that there were two applicants in process for minority <br /> owned business. He asked for information on whether any of the existing borrowers are <br /> minority owned businesses. <br /> Steve Brantley said none of them are currently minority owned. <br /> Commissioner Dorosin suggested a Durham organization to help with outreach for this. <br /> Commissioner Dorosin said he would urge the board to eliminate the restriction that <br /> prohibits applicants who are on probation or parole. He said this is the kind of program <br /> needed by people who are re-entering society. <br /> Chair Jacobs said Steve Brantley can come back with alternative options. <br /> Steve Brantley said this policy would have dated back to 15 years ago. <br /> Commissioner McKee said he has sat through many of these loan applications, and <br /> there is quite a bit of effort to accommodate businesses to make this process work. He said <br /> this is a good way for the County to support very small businesses. <br /> Commissioner Dorosin said many of the residents re-entering society have difficulty <br /> getting jobs, and so they turn to entrepreneurial opportunities. He said this is a niche where <br /> this type of program can be useful. <br /> Commissioner Dorosin asked if there has been any talk of identifying businesses where <br /> there is a need in the County, such as child care business. He said if sectors of need are <br /> identified, this could then be part of the outreach. <br />