Orange County NC Website
Browse       Search
DocuSign Envelope ID:BC674FAE-E8AE-400E-BA69-74A264F89B28 <br /> • Purchase equipment, commercial-use vehicles, or machinery for the business <br /> • Improve owner-occupied commercial property; owner must occupy 50% or more of total <br /> space <br /> • Sustain or expand business services or products <br /> • Retain or expand workforce development and job creation <br /> • Fund tenant up-fit and lease-hold improvements to the business <br /> Ineligible Uses of Funds <br /> • Refinancing existing bank debt or investor loans; the Funding Committee may <br /> recommend an exception not to exceed 50% of loan value <br /> • Purchase of equipment or improvement of real estate to be used for <br /> o personal use <br /> o Political activities or private membership clubs <br /> • Owner salary and dividend payments beyond an agreed upon amount <br /> • Speculative ventures such as drilling for gas, oil, and commodity futures <br /> • Lending or investment purchases <br /> • Real property held for sale or investment <br /> • Pyramid sales - distribution plan businesses <br /> • 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 /> • Foreign controlled businesses <br /> All grant funds must be used for the intended eligible use(s) and may not be used to cover the <br /> cost of the meeting the Community Participation and Involvement condition listed under the <br /> Corporate and Social Governance section, or potential tax liability of receiving the funds. <br /> Esbfp 070120 v1 <br />