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<br />March 21, 2000 BOCC Meeting <br />The BOCC approved a Loan Program resolution which included a nine-member Board of <br />Directors comprised of three county officials (County Finance Director, County Manager, and <br />Economic Development Director) and six bank representatives. <br /> <br />March 13, 2007 BOCC Meeting <br />Economic Development staff presented recommendations to reorganize and provide capital to <br />the Loan Program. The Economic Development Commission Advisory Board and SBL Board <br />endorsed the recommended changes including $150,000 to the SBL to establish a revolving <br />loan fund which was approved the BOCC. <br /> <br />November 5, 2007 BOCC Meeting <br />Economic Development staff presented revised Bylaws and requested a Resolution which was <br />approved by the BOCC. <br /> <br />January 15, 2008 BOCC Meeting <br />The Board approved changes to the SBL Bylaws to modify the Board of Directors to the current <br />composition: <br />• 1 BOCC Member <br />• 2 Small Business Owners <br />• 2 Local Commercial Bankers <br />• 1 Economic Development Commission <br />• Orange County Economic Development Director <br />• Orange County Finance Director <br /> <br />2010 – Former County Manager Frank Clifton directed $200,000 from the Orange <br />County/Chapel Hill Visitors Bureau’s Fund Balance to the SBL program. <br /> <br />November 2011 – The one quarter cent sales tax referendum (Article 46) was approved by <br />Orange County voters in November 2011, providing the SBL Loan program $200,000 annually <br />in additional lending capital. <br /> <br />January 2016 – The Department of Economic Development’s active marketing of the SBL <br />program resulted in the use of assigned Article 46 fund balance to supplement the original <br />seeded funds to issue Small Business loans. <br /> <br />February 7, 2020 <br />The SBL Board of Directors endorsed recommended changes by the departments of Finance <br />and Economic Development including: <br />1) Making all Small Business Loans zero interest <br />2) Enhancing Collections mechanisms to include electronic funds transfer and use of <br />Collection Agencies <br />3) Revised Small Business practices to conform with the Department of Finance Policies <br />and Procedures Manual <br /> <br />FINANCIAL IMPACT: This item proposes to establish the Small Business Loan Fund on the <br />County’s Books and Chart of Accounts, and transfer $510,000 from the SBL bank account, of <br />which $410,000 will be used to provide Emergency Small Business grants to businesses <br />impacted by the pandemic. Budget amendments are forthcoming to effectuate these actions. <br /> <br />2