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21 <br /> a. Final Report of Emergency Small Business Fund Program <br /> The Board received a report from staff on the Emergency Small Business Funding <br /> Program for Orange County small businesses experiencing revenue loss due to the coronavirus <br /> pandemic. <br /> BACKGROUND: <br /> The coronavirus pandemic has impacted the global economy and disrupted business activity <br /> throughout the United States and North Carolina. The County is committed to supporting its <br /> local businesses and employment base. <br /> The Board of County Commissioners approved an Emergency Small Business Funding for <br /> Orange County small businesses experiencing revenue loss due to the coronavirus pandemic. <br /> The emergency program was funded with $300,000 from the Article 46 Sales Tax Fund. Award <br /> recipients were eligible to receive grants and/or loans. The application period was from March <br /> 25 through April 10, 2020. The BOCC approved formation of a Nine-Member Committee to <br /> review and approve the award recipients. <br /> At the direction of the County Manager, the Finance and Administrative Services and Economic <br /> Development departments formulated the policies and procedures for the emergency program. <br /> Program eligibility requirements: <br /> - Orange County based businesses <br /> - Minimum of one year of operations <br /> - For-Profit business status <br /> -All applicants are required to have been in business for a minimum of one-year, hold <br /> applicable 2019 business privilege licenses, and be registered with appropriate legal <br /> entities such as the North Carolina Secretary of State or Orange County Register of <br /> Deeds office <br /> - Companies are not eligible if they have past-due tax liabilities or tax liens, <br /> delinquencies in Orange County property taxes, or are currently in bankruptcy <br /> (Corporate or Personal) <br /> - Profit and Loss statement indicating profitability prior to coronavirus pandemic <br /> The County received 283 applications by the April 10 due date, with 39 applications initially <br /> eliminated because they were duplicates (20), or submitted by businesses located outside of <br /> Orange County NC (19). This resulted in 244 County-wide small business applications as <br /> follows: <br /> Location of Total Number of Grant Requests Loan Requests <br /> Applicants Applicants <br /> Within Orange Total Loan & <br /> County Grant Requests <br /> Carrboro 44 $226,000 $573,500 $799,500 <br /> Chapel Hill 123 $588,800 $1,516,000 $2,104,800 <br /> Hillsborough 62 $315,750 $909,910.82 $1,225,660.82 <br /> Durham 2 $10,000 $20,000 $30,000 <br /> Mebane 8 $40,000 $125,000 $165,000 <br /> Rougemont 3 $15,000 $30,000 $45,000 <br /> Cedar Grove 1 $5,000 $10,000 $15,000 <br /> Hurdle Mills 1 $10,000 $20,000 $30,000 <br />