Orange County NC Website
Browse       Search
47 <br />LOAN COMMxTTEE <br />The Board of Directors of the Oran e <br />Count Small Business Loan Pro ram Co an will serve as a <br />comm~ittee of the whole and as such will serrve as the Loan <br />Committee. The Loan Cau~ittee Chair shall generally monitor the <br />duties of the Loan Program administration; ~e make sure Joan <br />proposal packages are properly prepared prior to their <br />presentation at Loan Committee meetings; and ~e oversee the <br />preparation of commitment fetters to approved borrowers. Such <br />commitment letters will be signed by the Chairs tw _ -'••--' ; ~--~-~ <br />. The Loan Committee will have the <br />following responsibilities: <br />1. Find creative ways to utilize loanable funds to stimulate <br />successful small business development and job creation. <br />2. Meet monthly to review loan applications and determine <br />which requests will be approved and under what terms and <br />conditions. <br />3. Periodically review status of existing loans and recommend <br />appropriate corrective action or special monitoring where <br />needed. <br />4. Approve modifications to loan agreements. <br />10 <br />