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iVA <br />CONDITIONS OF RECEIVING A GRANT <br />• Applicant must fill out a grant application. <br />• Applicant must appear before the Subcommittee for an interview to detail how <br />grant funds will be used, and answer any questions about their business or <br />application. <br />• Each venture receiving a grant must provide an accounting of how all funds were <br />used and key milestones reached by the venture within 180 days of the receipt of <br />the grant. <br />• Asa condition of receiving grant funds, Small Grant recipients must commit to a <br />four -month mentoring period and Large Grant recipients must commit to a six - <br />month mentoring period with an experienced business coach or mentor at: <br />➢ Launch Chapel Hill <br />➢ 1789 Venture Lab <br />➢ SCORE <br />➢ SBTDC <br />➢ A mentor approved by the Subcommittee <br />ELIGIBLE USES OF GRANT PROCEEDS <br />• Startup funding. <br />• Working capital or operational funds to be used for a specific purpose. <br />• Purchase of equipment, or machinery. <br />• Expansion of business services or products. <br />• Work force expansion. <br />• Tenant up -fit or leasehold improvements. <br />GRANT PROCEEDS SHALL NOT BE USED FOR THE FOLLOWING <br />• Paying off or down existing bank debt or investor loans <br />• Purchase of equipment or improvement of real estate, which are used or to be <br />used for personal use <br />• Political activities <br />• Owner salary <br />