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6 <br /> Loan Application Review Committee: <br /> • 8 total members, currently comprised as follows: <br /> ➢ 2 representatives from the Orange County banking community (Jim Evans — Bank of <br /> North Carolina; Jonna Walton— BB&T). <br /> ➢ 2 representatives from small business owners in Orange County (Tom Proctor— Vacuum <br /> Cleaner Hospital; Sherry Gray— Yesterday & Today Frame Shop). <br /> ➢ 1 representative from the Orange County Board of Commissioners (Commissioner Mark <br /> Dorosin). <br /> ➢ 2 representatives from Orange County government (Activing Chief Financial Officer Paul <br /> Laughton, & Orange County Economic Development Department Director Steve <br /> Brantley). <br /> ➢ 1 representative from the Orange County Economic Development Advisory Board (Lori <br /> Eichel — Bank of North Carolina). <br /> • Meets the third Thursday of every month; next meeting date is October 17. <br /> • Loan committee agreed on 9/17/15 to increase the maximum loan amount to $100,000.00 <br /> (up from $50,000.00) and double the repayment term to 10 years (up from 5 years) in <br /> consideration of future loan applicants. Purpose is to increase the loan activity. <br /> FINANCIAL IMPACT: There is no direct financial impact associated with discussion of Article <br /> 46's two grant programs & loan program. Funding is provided by Article 46 proceeds, and not <br /> from the General Fund. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this agenda item: <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive the report for <br /> review and comments. <br />