Orange County NC Website
Browse       Search
DocuSign Envelope ID: BB107AED-6B55-4AD4-B3ED-84DF2FE4E7CC <br /> ➢ 1789 Venture Lab (by application) <br /> 173 '/2 East Franklin Street, Chapel Hill, NC 27514 <br /> htt -.//l 739venturelab.com/ <br /> 1739managementCa)gmail.com <br /> ➢ A mentor approved by the Subcommittee <br /> ELIGIBLE USES OF GRANT PROCEEDS <br /> • Startup funding. <br /> • Working capital or operational funds to be used for a specific purpose. <br /> • Purchase of equipment, or machinery. <br /> • Expansion of business services or products. <br /> • Work force expansion. <br /> • Tenant up-fit or leasehold improvements. <br /> GRANT PROCEEDS SHALL NOT BE USED FOR THE FOLLOWING <br /> • Paying off or down existing bank debt or investor loans <br /> • Purchase of equipment or improvement of real estate,which are used or to be used for personal use <br /> • Political activities <br /> • Owner salary <br /> • Speculative ventures (Examples: drilling for gas or oil, commodity futures). <br /> • Lending or investment <br /> • Real property held for sale or investment <br /> • Pyramid sales-distribution plan businesses <br /> • Foreign controlled businesses <br /> • Private membership clubs <br /> COMPLIANCE WITH APPLICABLE REGULATIONS <br /> In all cases, grants made from this program must be consistent and in accordance with the following: <br /> • All state and local regulations governing the applicant's business. <br /> • Terms and conditions established by the Subcommittee for each particular applicant. <br /> • Policies established by the Board of County Commissioners dealing with the Grant Program. <br /> • Ventures that implement planning and economic development policies which create a balanced, dynamic local <br /> economy that promotes diversity, sustainable growth, and enhanced revenue while embracing community <br /> values will also be given priority. <br /> AMOUNT OF GRANTS <br /> Small Grant - Minimum Up to $1,500.00 <br /> Grant applications for$1,500.00 or less will have a separate and simplified application. <br /> Large Grant— Maximum Up to $10,000.00 <br /> Grant applications for$1,500.01 or more will require additional financial information and documentation of how grant <br /> proceeds will be used. Should market conditions change, or in the event of an applicant with extraordinary conditions, <br /> a grant amount exceeding the maximum may be considered by the Subcommittee. All grants are subject to availability <br /> of funds. <br />