Orange County NC Website
Browse       Search
3 <br /> ORANGE COUNTY SMALL BUSINESS LOAN PROGRAM <br /> PURPOSE <br /> The purpose of this program is to stimulate successful business development and expansion as <br /> well as job creation in Orange County. The program will attempt to assist businesses that have <br /> limited access to financing through conventional means or other government guaranteed <br /> sponsored programs. <br /> AMOUNT <br /> Initial loan capacity up to $500,000, funded by commitments from local financial institutions <br /> over a three-year period. <br /> COMMITMENT PERIOD <br /> Three years from the date of execution of the loan agreement. <br /> ELIGIBILITY <br /> 1. Businesses located within Orange County. <br /> 2. Applicants may be required to participate in the NC Small Business& Technology <br /> Development Center(SBTDC)technical assistance program. <br /> 3. Applicants must be a for-profit business entity whose gross revenues do not exceed $3 <br /> million. <br /> 4. Applicants must be willing to contract for management and technical assistance if <br /> determined to be necessary by the Loan Committee and/or the Program Administrator. <br /> 5. Applicants must have an equity contribution in a start-up business of 15%. <br /> 6. Individuals with an ownership position of 20%or more of the outstanding shares of stock <br /> of the business will be required to execute an Unconditional Guaranty Agreement for the <br /> full amount of the loan. <br />