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Esbfpgc 043020 v0.2 <br />Exhibit A – Emergency Small Business Funding Program Policies and <br />Procedures <br /> <br />PURPOSE <br /> <br />The Orange County Board of County Commissioners adopted the Emergency Small Business <br />Funding program on March 24, 2020 in response to the coronavirus pandemic. The purpose <br />of the Emergency Small Business Funding Program is to provide capital to small businesses <br />that experience significant financial loss during an emergency or economic crisis. <br />PROGRAM ADMINISTRATION <br /> <br />The Economic Development management and Chief Financial Officer will provide program <br />administration. The formation of a Funding Committee will provide both loans and grants to <br />eligible small businesses. The maximum award is $5,000 for grants and $20,000 for loans. <br />The program is funded by Article 46 Sales Tax revenue. <br /> <br />COMMITTEE STRUCTURE <br /> <br />The Funding Committee composition includes: <br />1. Two members from the County’s Small Business Company non -profit <br />2. Two members from the Small Business Grant program <br />3. Two members from the Agriculture Grant program <br />4. One member each from the Towns of Carrboro, Chapel Hill and Hillsborough. <br /> <br />The Funding Committee responsibilities are: <br />1. Review and Approve Financial Scoring Criteria <br />2. Review and Approve County Ranking <br />3. Approve Grant and Loan Awards <br /> <br />REVOLVING FUND PROGRAM <br /> <br />The program is designed to be a revolving fund program as to ensure a self-sustaining County <br />financing source to support small businesses during periods of emergency, economic crisis, <br />natural disasters, pandemics, and acts of God. <br /> <br />PROCEDURES <br /> <br />1. Business applicants upload applications, financials and tax data by deadline. <br />2. County staff will inform business applicants deemed ineligible in writing. <br />3. County staff may recommend additional terms to enhance the loan security provisions. <br />4. County staff will inform awardees in writing of the Funding Committees decision. <br />5. County staff will provide a final report to the Manager and Board of County <br />Commissioners. <br /> <br />CREDIT ANALYSIS <br /> <br />The Funding Committee shall review and consider a number of items in determining whether a <br />grant or loan should be awarded, including the following: <br />    <br /><br />  <br />