Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the Microenterprise Revolving Loan Program contract with the Economic and Community Development Institute (ECDI) by extending the term of the contract to January 31, 2014, an additional year, and increasing the contract amount by $150,000. The contract is for the administration of the Microenterprise Revolving Loan Program. The City has contracted with ECDI since 2005 to provide Columbus residents with an avenue for training and working capital for start-up businesses. During this time ECDI has closed over 150 microenterprise loans to Columbus based businesses.
ECDI provides a network of comprehensive support to build the economic and social capacities of individuals, families, enterprises and communities. ECDI has become a leader in the field of micro lending, providing microenterprise training to an underserved population including minorities, immigrants, refugees, low-income recipients and the working poor.
Emergency action is requested to ensure the continuation of the Microenterprise Revolving Loan Program with the Economic and Community Development Institute without interruption.
FISCAL IMPACT: $150,000.00 is available within the 2012 CDBG Budget for this purpose.
Title
To authorize the Director of the Department of Development to amend the Microenterprise Revolving Loan Program contract with the Economic and Community Development Institute; to authorize the expenditure of $150,000.00 from the 2012 CDBG Fund; and to declare an emergency. ($150,000.00)
Body
WHEREAS, contract EL011376 with the Economic and Community Development Institute (ECDI) ends on January 31, 2013; and
WHEREAS, the contract needs to be extended until January 31, 2014; and
WHEREAS, $150,000 has been allocated to ECDI from the 2012 CDBG Budget; and
WHEREAS, the existing contract must be amended to include the 2012 CDBG allocation and extend the contract until January 3...
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