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4 <br /> Orange County Small Business Loan Program Company (2 members) <br /> • Regional Commercial Lending Manager - Jonna Hunt <br /> • Chapel Hill Retailer - Tom Proctor <br /> The Funding Committee approved 27 grants in the amount of $5,000 each, 19 loans in the <br /> amount of $7,973.68, one loan for $7,500, one loan for $5,000 and one loan for $1,000. The <br /> smaller loan amounts represent the requested loan amount from those particular businesses. <br /> All loans are no interest amortized over five years, with no payment required the first six months <br /> from loan execution. <br /> Breakdown of Awards by Town: <br /> Grant Loan Amount Total Awarded <br /> Town Applications Amount Awarded <br /> Awarded <br /> Carrboro 9 $45,000 $56,342.10 $101,342.10 <br /> Chapel Hill 13 $65,000 $84,736.85 $149,736.85 <br /> Hillsborough 5 $25,000 $23,921.05 $48,921.05 <br /> Total Awards 27 $135,000 $165,000 $300,000 <br /> The funds were disbursed via Electronic Funds Transfer beginning the week of May 11, 2020 to <br /> all award recipients that have completed and returned all required County documents. <br /> FINANCIAL IMPACT: The Emergency Small Business Funding Program has awarded grants <br /> and loans in the amount of $300,000 from the Article 46 Sales Tax Fund. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this item. <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs, and funding <br /> necessary for residents to provide shelter, food, clothing and medical care for themselves <br /> and their dependents. <br /> ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal <br /> impact associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive this final report. <br />