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(3) Small Business Loan Program <br /> • Article 46 includes a provision to provide up to $200,000.00 annually in additional <br /> lending flexibility to Orange County's existing Small Business Loan Program. <br /> • The Program's current loan portfolio is supported by a separate source of revolving <br /> funds previously authorized by the BOCC, and no Article 46 monies have been <br /> required, to date, to supplement the Program. <br /> • There are no loan delinquencies in the Program's activity. <br /> Small Loan Business Recipients <br /> Mystery Brewing Company— Hillsborough <br /> Seal the Season — Hillsborough <br /> MasterPeace Barbershop — Hillsborough <br /> Accidental Baker— Hillsborough <br /> PHD - Hillsborough <br /> Ceremony Salon — Carrboro <br /> Tin Can Ventures — Cedar Grove <br /> Grey Matter/Isis I.T. — Chapel Hill <br /> The Depot— Hillsborough <br /> Composition of Small Business Loan Application Review Committee <br /> • 8 total members, currently comprised as follows: <br /> ➢ 2 representatives from the Orange County banking community (Jim Evans — <br /> Bank of North Carolina, Joanna Walton — BB&T) <br /> ➢ 2 representatives from small business owners in Orange County (Tom Proctor— <br /> Vacuum Cleaner Hospital; Sherry Gray—Yesterday and Today Frame Shop) <br /> ➢ 1 representative from the Orange County Board of Commissioners <br /> (Commissioner Mark Dorosin) <br /> ➢ 2 representatives from Orange County Government (Acting Chief Financial <br /> Officer Paul Laughton, and Orange County Economic Development Department <br /> Director Steve Brantley) <br /> ➢ 1 representative from the Orange County Economic Development Advisory <br /> Board (Lori Eichel — Bank of North Carolina) <br /> Small Business Loan Program <br /> • Loan committee meets the third Thursday of every month <br /> • Next meeting date is October 17, 2015 <br /> • Loan committee agreed on 9/17/15 to increase the maximum loan amount to <br /> $100,000.00 (up from $50,000.00) and double the repayment term to 10 years (up from <br /> 5 years) in consideration of future loan applicants. Purpose is to increase the loan <br /> activity. <br /> Commissioner Rich asked if Steve Brantley could define a fun farm. <br /> Chair McKee said he believes this farm is centered on children and educational <br /> activities. <br /> Commissioner Jacobs said there is an open planning meeting for the Agricultural <br /> Summit on October 15. <br /> Commissioner Jacobs asked if buildings are being built at Breeze Farm without a <br /> Memorandum of Understanding. <br />