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Revised 4/22 <br /> <br /> 1789 Venture Lab (by application) <br />173½ East Franklin Street, Chapel Hill, NC 27514 <br />http://1789venturelab.com/ <br />1789management@gmail.com <br /> <br /> A mentor approved by the Subcommittee <br /> <br />ELIGIBLE USES OF GRANT PROCEEDS <br /> Working capital or operational funds to be used for a specific purpose; to include expenses <br />such as marketing, advertising and inventory etc. <br /> Purchase of equipment, or machinery. <br /> Expansion of business services or products. <br /> Work force expansion; to include employee salary (at or above the Orange County living wage) <br /> Tenant up-fit or leasehold improvements. <br /> <br /> <br />GRANT PROCEEDS SHALL NOT BE USED FOR THE FOLLOWING <br /> Towards the cost of any tax implications of receiving the grant funds <br /> Re-granting funds and/or utilizing funds to cover a product or service that would be donated by <br />the business <br /> Paying off or reducing existing bank debt or investor loans <br /> Purchase of equipment or improvement of real estate, which are used or to be used for <br />personal use <br /> Rent <br /> Political activities <br /> Owner salary <br /> Speculative ventures (Examples: cryptocurrency purchases, commodity futures). <br /> Lending or investment <br /> Real property held for sale or investment <br /> Pyramid sales - distribution plan businesses <br /> Foreign controlled businesses <br /> Private membership clubs <br /> <br /> <br />COMPLIANCE WITH APPLICABLE REGULATIONS <br />In all cases, grants made from this program must be consistent and in accordance with the following: <br /> All state and local regulations governing the applicant's business. <br /> Terms and conditions established by the Subcommittee for each particular applicant. <br /> Policies established by the Board of County Commissioners dealing with the Grant Program. <br /> Ventures that implement planning and economic development policies which create a balanced, <br />dynamic local economy that promotes diversity, sustainable growth, and enhanced revenue while <br />embracing community values will also be given priority. <br /> <br />AMOUNT OF GRANTS <br />Small Grant - Minimum Up to $1,500.00 <br />Grant applications for $1,500.00 or less will have a separate and simplified application. <br /> <br />Use of Funds - Priority will be given to ventures demonstrating a clear need for grant funds to grow their <br />business, hire additional staff, grow the commercial tax base, and/or create a significant social and <br />economic impact in the County. <br /> <br />Large Grant – Maximum Up to $10,000.00 <br />DocuSign Envelope ID: F5482015-D228-47F0-9AD1-AACC163A4D84