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6 <br /> 1 • The Program's current loan portfolio is supported by a separate source of revolving <br /> 2 funds previously authorized by the BOCC, and no Article 46 monies have been required, <br /> 3 to date, to supplement the Program. <br /> 4 • There are no loan delinquencies in the Program's activity. <br /> 5 <br /> 6 Entrepreneurial & Incubator Support <br /> 7 Article 46 funding: $100,000 or 8% of total <br /> 8 <br /> 9 Examples of Use: <br /> 10 • "LaUNCh Chapel Hill" innovation center is funded 50/50 through an Interlocal <br /> 11 Agreement between Orange County & Town of Chapel Hill. The Interlocal Agreement <br /> 12 expires on 12/31/15. <br /> 13 • Orange County will contribute $140,000.00 for 3 '/2 year through the initial Interlocal <br /> 14 Agreement. UNC & private sponsors also contribute. <br /> 15 • At the request of LaUNCh, the Town of Chapel Hill and UNC, staff will soon present to <br /> 16 the BOCC a recommended proposal for a 3-year extension of the Interlocal Agreement, <br /> 17 at the same annual cost, to continue the County's financial commitment to LaUNCh. <br /> 18 <br /> 19 Small Business Investment Grant <br /> 20 Article 46 annual funding: $100,000 or 8% of total <br /> 21 <br /> 22 Summary of Grant Awards to date: <br /> 23 • Grant program was approved by the BOCC in March 2015. <br /> 24 • Subcommittee comprised of Orange County Economic Development advisory board <br /> 25 members meet quarterly to review grant applications. <br /> 26 • 8 initial grants totaling $61,712.00 were recently awarded in the program's first round of <br /> nd <br /> 27 application reviews during the 2 Q 2015. <br /> 28 • 5 applications were deferred until the second review period <br /> 29 • 34 new and/or deferred grant applications requesting a total of$243,541.67 in grant <br /> 30 awards have been submitted for the second subcommittee review meeting on Oct. 20, <br /> 31 2015. <br /> 32 <br /> 33 Small Business Investment Grant <br /> 34 Article 46 annual funding: $100,000 or 8% of total <br /> 35 <br /> 36 Approved Grants: <br /> 37 Carrboro Community Acupuncture (Kim Calandra— business expansion) <br /> 38 Tempeh Girl (Beth May—sales expansion) <br /> 39 Woman Craft (Katherine Palomba — promotional <br /> 40 activities) <br /> 41 Trill Financial (Simon Jung —computer testing equipment) <br /> 42 MasterPeace Barber (Mark Holt— repairs to business location) <br /> 43 Regulator Brewing (Anna McDonald Dobbs — marketing) <br /> 44 Seal The Seasons (Patrick Mateer & Will Collins — machinery) <br /> 45 The Accidental Baker (Kevin Mason — new bakery equipment) <br /> 46 <br /> 47 Agricultural Investment Grant <br /> 48 Article 46 annual funding: $60,000 or 5% of total <br />