Orange County NC Website
Browse       Search
DocuSign Envelope ID:444E83CA-38C0-41FA6-1391B-D74A62F54B12 <br /> evidence of compliance through NC Employment Commission reports, IRS 941 Payroll quarterly <br /> reports, Orange County Living Wage certificate or, if those are inapplicable, owner affidavit. <br /> Validation of meeting the selected requirement will be obtained six months from the award date. <br /> ELIGIBLE USES OF PROCEEDS <br /> 1. To retain work force <br /> 2. Payroll expenses <br /> 3. Purchase of equipment, commercial-use vehicles, or machinery <br /> 4. Improvement of owner-occupied commercial property; owner must occupy 50% or more <br /> of total space <br /> 5. Sustain or Expand business services or products <br /> 6. Acquisition of owner-occupied commercial real estate (minimum 5- year lease terms) <br /> 7. Tenant up-fit and lease-hold improvements <br /> INELIGIBLE USE OF PROCEEDS <br /> 1. Refinancing existing bank debt or investor loans; the Funding Committee may <br /> recommend an exception not to exceed 50% of loan value <br /> 2. Purchase of equipment or improvement of real estate to be used for <br /> personal use <br /> 3. Political activities or private membership clubs <br /> 4. Owner salary and dividend payments beyond an agreed upon amount <br /> 5. Speculative ventures such as drilling for gas, oil, and commodity futures <br /> 6. Lending or investment purchases <br /> 7. Real property held for sale or investment <br /> 8. Pyramid sales - distribution plan businesses <br /> 9. 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 /> 10. Foreign controlled businesses <br /> LOAN AMOUNTS <br /> Maximum: $20,000. Minimum: $5,000. All loans are subject to availability of loan funds. <br /> The maximum loan and grant combination available to a small business will be limited to three <br /> months of fixed operating expenses. <br /> LOAN TERM <br /> Maximum Term - 5 years <br /> INTEREST RATE <br /> All loans will be zero interest loans contingent on receipt of Automated Clearing House <br /> banking and financial institution account information. <br /> Esbfpgc 043020 v0.2 <br />