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Esbfpgc 043020 v0.2 <br />evidence of compliance through NC Employment Commission reports, IRS 941 Payroll quarterly <br />reports, Orange County Living Wage certificate or, if those are inapplicable, owner affidavit. <br /> <br />Validation of meeting the selected requirement will be obtained six months from the award date. <br /> <br />ELIGIBLE USES OF PROCEEDS <br /> <br />1. To retain work force <br />2. Payroll expenses <br />3. Purchase of equipment, commercial-use vehicles, or machinery <br />4. Improvement of owner-occupied commercial property; owner must occupy 50% or more <br />of total space <br />5. Sustain or Expand business services or products <br />6. Acquisition of owner-occupied commercial real estate (minimum 5- year lease terms) <br />7. Tenant up-fit and lease-hold improvements <br /> <br />INELIGIBLE USE OF PROCEEDS <br /> <br />1. Refinancing existing bank debt or investor loans; the Funding Committee may <br />recommend an exception not to exceed 50% of loan value <br />2. Purchase of equipment or improvement of real estate to be used for <br />personal use <br />3. Political activities or private membership clubs <br />4. Owner salary and dividend payments beyond an agreed upon amount <br />5. Speculative ventures such as drilling for gas, oil, and commodity futures <br />6. Lending or investment purchases <br />7. Real property held for sale or investment <br />8. Pyramid sales - distribution plan businesses <br />9. Floor plan financing which is defined as a revolving line of credit that allows the borrower <br />to obtain financing for retail goods; these loans are secured on collateral including <br />vehicles, recreational vehicles and manufactured homes <br />10. Foreign controlled businesses <br /> <br />LOAN AMOUNTS <br /> <br />Maximum: $20,000. Minimum: $5,000. All loans are subject to availability of loan funds. <br />The maximum loan and grant combination available to a small business will be limited to three <br />months of fixed operating expenses. <br />LOAN TERM <br /> <br />Maximum Term - 5 years <br /> <br />INTEREST RATE <br /> <br />All loans will be zero interest loans contingent on receipt of Automated Clearing House <br />banking and financial institution account information. <br /> <br /> <br />        <br />