Orange County Small Business Loan Fund
With final approval of the county’s 2010-2011 budget, the Orange County Commissioners made a decisive effort to support local businesses during these difficult economic times by committing an additional $200,000 to the county’s existing Small Business Loan Program. The Commissioners’ timely approval of the additional funding will provide much needed capital for small businesses, which are widely thought to be a critical component of economic recovery.
Small businesses are commonly considered to be the main jobs creation force in the economy – according to the SBA office of advocacy, small businesses have generated between 60 and 80% of net new jobs annually over the past 10 years, therefore one of the most effective means of creating jobs is to provide these small businesses with much needed capital. Small businesses in particular, continue to find the credit market very challenging – a recent Wells Fargo/Gallup survey found that 42% of small businesses expect it to be ‘somewhat’ or ‘very difficult’ to obtain credit in the next twelve months.
Orange County is fortunate to be home to a great number of entrepreneurs, and the County Commissioners have taken decisive action to support the growth of this very important component of our economy.
The Small Business Loan Fund was established several years ago by the county’s Economic Development department to support the growth of local businesses and is available to Orange county residents with an equity contribution of at least 15% in the business. The loan fund is managed by a Board of Directors comprised of small business owners, bank representatives, and representatives from several County departments. See below for additional information on eligibility requirements and application procedures
For additional information contact Dottie Schmitt at 919-245-2327.