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16 <br /> enhanced system controls through a better financial ledger and software infrastructure, <br /> redundancy and systems support than the current SBL financial subsidiary ledger. <br /> Key historical milestones for the SBL Program nonprofit are as follows: <br /> October 6, 1998 BOCC Meeting <br /> Operating Policies and Procedures document was approved by BOCC. <br /> September 1999 - Articles of Incorporation for the Orange County Small Business Loan <br /> Program Company were issued by the N.C. Secretary of State. <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 /> 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 /> November 5, 2007 BOCC Meeting <br /> Economic Development staff presented revised Bylaws and requested a Resolution which was <br /> approved by the BOCC. <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 /> 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 /> 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 /> 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 /> February 7, 2020 <br /> The SBL Board of Directors endorsed recommended changes by the departments of Finance <br /> and Economic Development including: <br />