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Inc. Agreement <br /> <br />Revised 11/24 <br /> <br />are received. <br /> <br /> <br />GRANT PROCEEDS SHALL NOT BE USED FOR THE FOLLOWING <br />• Towards the cost of any tax implications, including any as a result 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 enhanced revenue while <br />embracing community values will also be given priority. <br /> <br />AMOUNT OF GRANTS <br />Use of funds for all grant programs - Priority will be given to applicants demonstrating a clear need for <br />grant funds to grow their business, hire additional staff, grow the commercial tax base, and/or create a <br />significant social and economic impact in the County. <br /> <br />Startup Grant - Minimum Up to $1,500.00 <br />Intended for applicants that have been in operation for 6-months or less and have a connection with <br />business counseling services through organizations such as Launch, Piedmont Food Processing Center, <br />Midway Business Center, Small Business and Technology Development Center (SBTDC), Service Corps <br />of Retired Executives (SCORE), Durham Tech Small Business Center etc. <br /> <br />Small Grant - $1,500.01 to $5,000.00 <br />Grant applications for $1,500.01 to $5,000.00 are intended for applicants that have been operational for at <br />least 6-months. <br /> <br />Large Grant – $5,000,01 - $10,000.00 <br />Grant applications for $5,000.01 or more are intended for applicants that have been operational for at <br />least 1-year and will require additional financial information and a formal business plan. Should market <br />conditions change, or in the event of an applicant with extraordinary conditions, a grant amount <br />exceeding the maximum may be considered by the Subcommittee. All grants are subject to availability of <br />funds. <br />High Potential Founders - Although all applicants will be considered, business owners who exhibit the <br />Docusign Envelope ID: 21259ED6-5497-4585-9819-02654A79CD12