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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 6, 2015 <br /> Action Agenda <br /> Item No. 8-a <br /> SUBJECT: Report on Small Business Investment Grants, Agriculture Economic <br /> Development Grants, & Small Business Loan Program <br /> DEPARTMENT: Economic Development PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Application & Guidelines for the Small Steve Brantley, Director, Economic <br /> Business Investment Grant, Agriculture Development, (919) 245-2326 <br /> Economic Development Grant, & Small <br /> Business Loan Program <br /> PURPOSE: To receive a report on the current status of three (3) grant and loan programs <br /> ("Small Business Investment Grant", the "Agriculture Economic Development Grant", and the <br /> "Small Business Loan Program") that are funded by the County's one-quarter cent sales tax for <br /> economic development (Article 46 funds) and administered by the Orange County Economic <br /> Development Department to support the retention and growth of small businesses, agriculture <br /> and food systems-related agriculture ventures throughout Orange County. <br /> BACKGROUND: Two of the intended uses of Article 46 funds for economic development <br /> include the Small Business Investment Grant, and the Agriculture Economic Development <br /> Grant, which support the recruitment, retention and growth of small business development, plus <br /> farming & food systems related enterprises throughout Orange County. Although grant funds <br /> began to accrue in 2012 following the passage of the one-quarter cent sales tax in November, <br /> 2011, no grant activity immediately followed due to a delay in setting guidelines and application <br /> procedures. The two grant programs went "live" in 2015 after the Orange County Economic <br /> Development Department's Advisory Board in 2014 drafted recommended guidelines and <br /> applications, and following the BOCC's review, suggested amendments and approval of the two <br /> new grant programs in early 2015. <br /> The Small Business Loan Program is similar in to the new grant programs in the sense that <br /> the loan program also has an application review committee, guidelines and by-laws, is <br /> supported by Article 46 funding, and is also intended to support the recruitment, retention and <br /> expansion of small businesses in Orange County. The loan program seeks to assist small firms <br /> that may have difficulty accessing traditional banking financing due to small and start-up firms <br /> often having insufficient operating history, poorer credit history, etc. The County's loan program <br /> was created by the BOCC in 1999, received initial funds to lend in 2007, and became very <br />