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000uSign Envelope ID:4rnoF5EE-AreD-4En1'eoaF-ErsnAunnnrEo <br /> �~ 1789 Venture Lab (by application) <br /> 173 }6East Franklin Street, Chapel Hill, NC27514 <br /> � A mentor approved by the Subcommittee <br /> ELIGIBLE USES OF GRANT PROCEEDS <br /> • Startup funding. <br /> • Working capital or operational funds tobe used for a specific purpose. <br /> • Purchase of equipment, ormachinery. <br /> • Expansion of business services orproducts. <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 ofreal eotate, which are used or to be used for <br /> personal use <br /> • Political activities <br /> • Owner salary <br /> • Speuu|aUveventunyo (Examp|eo: driUingforgaooroi|. 00mmodih/futunyo). <br /> • Lending orinvestment <br /> • Real property held for sale orinvestment <br /> • Pyramidoa|eo-diotribuUonp|anbuoineooeo <br /> • Foreign controlled businesses <br /> • Private membership clubs <br /> COMPLIANCE WITH APPLICABLE REGULATIONS <br /> In all uaoeo, 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, <br /> dynamic local economy that promotes diveroity, sustainable growth, and enhanced revenue while <br /> embracing community 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 Gmumt— Maximum Up to $10'000.00 <br /> Grant applications for$1,500.01 or more will require additional financial information and documentation <br /> of how grant proceeds will beused. Should market conditions change, orin the event ofanapplicant <br /> with extraordinary conditions, a grant amount exceeding the maximum may be considered by the <br /> Subcommittee. All grants are subject to availability offunds. <br /> ncsobiga July zo1* <br />