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5 <br /> 0 Isis I.T. Chapel Hill <br /> • Orange County Gymnastics Chapel Hill <br /> • Flawless Day Spa Chapel Hill <br /> To, date, a total of twelve (12) loans have been made to eleven (11) small businesses, and <br /> there are 10 current loans outstanding totaling $214,,099. The loan program has <br /> experienced no delinquent history or negative write-offs. <br /> (3) Entrepreneurl'all & Incubator su art % of funds ($1 00,OOOY <br /> The retention of promising entrepreneurial start-up talent originating here in the County, <br /> such as UNC, Chapel Hill students, has been difficult due to a lack of affordable office <br /> space in an attractive incubator environment. Article 46 allows the County to participate in <br /> a program that provides an affordable and creative work environment that can better <br /> retain innovation talent that had historically been leavingi the community. The current <br /> Interlocal Agreement between Orange County and the Town of Chapel Hill supports the <br /> monthly lease requirements for the "LaUNCh Chapel' Hill" innovation center, located on <br /> �rosemary Street. <br /> Over the initial 3 1/2 year period established in the Interlocal Agreement, the County will <br /> have provided $,140,0100 in economic development funding to support entrepreneurial <br /> growth through incubator funding. "La I" Chapel Hill" has over 20-plus full-time <br /> promising start-up firms, and receives additional financial backing and student men,toring <br /> from the University of North Carolina and from private donors. At the request of LaUNCh, <br /> the Town of Chapel Hill and URIC, Orange County staff will soon present to the BOCC a <br /> proposal for a 3-year extension of the Interlocal Agreement, at the same annual cost, to <br /> continue the County's financial commitment to LaUNCh. <br /> (4) Business Investment Grants of annual funds ($100,000Y <br /> The new small business grant program became active in early 2015 following the Board of <br /> Commissioners' approval of an application, grant scoring sheet and set of guidelines, <br /> patterned after the Small Business Loan Program, which had been drafted by the Orange <br /> County Economic Development Advisory Board in 2014., This grant program assists in <br /> the retention and expansion of' small businesses and start-ups in Orange County. A <br /> subcommittee of the advisory board is now conducting quarterly reviews of submitted <br /> applications, and recently approved 8 initial small business grants totaling $61,712. To <br /> nd <br /> date,, there are 34 new and/or deferred grant applications up for review on Oct. 22 <br /> Grant recipients represent small businesses located in all municipalities and rural areas of <br /> Orange County, and provide another example of Article 46 funding benefitting the <br /> community. <br /> (5) Agri'Culture Investment Grants 5% of funds ($60,000]) <br /> The new agriculture grant program also became active in early 2015 following the Board <br /> of Commissioners' approval of an application, grant scoring sheet and set of guidelines, <br /> patterned after the Small Business Loan Program, which had been drafted by the Orange <br /> County Economic Development Advisory Board in 20114. This grant program assists in <br /> the retention and expansion of local farming operations, food processing firms and start- <br /> ups, and related agricultural and food systems businesses here in Orange County. A <br /> subcommittee comprised of agriculture-based economic developers is also conducting <br /> quarterly reviews of submitted applications, and recently approved seven initial small <br />