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5 <br /> Business Investment Grant Application Review Committee: <br /> • 5 — 7 total subcommittee members from the Orange County Economic Development <br /> Department's Advisory Board. <br /> • Meets quarterly; next meeting date is October 22. <br /> (3) ORANGE COUNTY SMALL BUSINESS LOAN PROGRAM <br /> Small Business Loan Program: (summary dated 9/21/15) <br /> • Funded by up to $200,000.00 annually from Article 46 proceeds (one-quarter cent sales tax <br /> for economic development), & from the loan program's repayment balances. <br /> • Loan program was created by the BOCC in 1999, received initial funds to lend in 2007, and <br /> became active after receiving $200,000 in additional funds in 2011. <br /> • $507,000.00 total of all approved loans in program's history. <br /> • $214,099.00 current balance for 10 outstanding loans; no delinquencies. <br /> • Remaining Loan Funds Available to Lend: <br /> ➢ From Article 46 Quarter Cent Sales Tax $6007000.00 <br /> ➢ From program's loan repayments (cash in bank) $133,682.00 <br /> $7337682.00 <br /> • Loan History: Original Loan Current Loan <br /> ➢ Carrboro <br /> Ceremony Salon $30,000 $26,151.00 <br /> ➢ Cedar Grove <br /> Tin Can Ventures $47,000 $42,059.00 <br /> ➢ Chapel Hill <br /> Santosha $50,000 $0.00 <br /> Isis LT. $20,000 $8,117.00 <br /> Orange County Gymnastics $45,000 $0.00 <br /> Flawless Day Spa $10,000 $6,808.00 <br /> ➢ Hillsborough <br /> Phd $68,000 $7,260.00 <br /> Skram Furniture $40,000 $0.00 <br /> The Depot $30,000 $4,206.00 <br /> Mystery Brewing $40,000 $10,884.00 <br /> Accidental Baker $44,000 $44,000.00 <br /> MasterPeace Barber $15,000 $14,749.00 <br /> Seal the Seasons $50,000 $50,000.00 <br /> Total $507,000 $214,099.00 <br />