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Revised 1/23 <br /> <br /> <br />➢ Launch, Inc.(by application) <br />321 W Rosemary St, Chapel Hill, NC 27516 <br />(919) 240-7765 <br />http://www.launchchapelhill.com/ <br />info@launchchapelhill.com <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.*Not an eligible use for start-up grant funds <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 grant recipient <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 enha nced revenue while <br />embracing community values will also be given priority. <br /> <br />AMOUNT OF GRANTS <br />DocuSign Envelope ID: 172E0C49-1EBB-4AF9-978B-AE5351D217EC