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,. - <br />~,, <br />.. <br />- ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 21, 2000 <br />Action Agenda <br />Item No. <br />SUBJECT: Approval of Resolution Concerning Revised Documents Governing Orange <br />Count Small Business Loan Pro ram <br />DEPARTMENT: Economic Development PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution Approving Revised Documents <br />Governing the Orange County Small <br />Business Loan Program (Attachment A) <br />Small Business Loan Program Support <br />Agreement (Attachment B) <br />Loan Agreement (Attachment C) <br />Revised Operating Policies and <br />Procedures (Attachment D) <br />INFORMATION CONTACT: <br />Dianne Reid, ext 2325 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To approve the legal documents and policies and procedures governing the <br />Orange County Small Business Loan Program and authorize their execution. <br />BACKGROUND: Last November, the Board of Directors of the Orange County Small Business <br />Loan Program Company held its initial organization meeting. The directors, who include three <br />county officials and six bank representatives, agreed that the legal documents governing the <br />Company should be circulated among the participating lenders for comments and revisions, <br />then brought back to the Board of County Commissioners for final approval. The legal <br />documents -drafted by the County Attorney and Robert Jessup, Esq. -govern the operation of <br />the Orange County Small Business Loan Program. The attached documents (which have been <br />revised based upon lender comments) include: <br />• the Support Agreement (Attachment B) which spells out the relationship between the non- <br />profit Orange County Small Business Loan Program Company and the County; <br />• the Loan Agreement (Attachment C) which spells out the relationship between the Orange <br />County Small Business Loan Program Company and the nine banks who have agreed to be <br />part of the loan program; and <br />• Revised Operating Policies and Procedures governing the small business loan program <br />(Attachment D). <br />All of the participating lenders, and the Board of Directors of the Loan Program Company have <br />approved the documents. <br />