City of Columbus - File #: 0786-2025

• File #: 0786-2025
• Version: 1
• Type: Ordinance
• Status: Council Office for Signature
• File created: 3/17/2025
• In control: Economic Development & Small and Minority Business Committee
• On agenda: 3/31/2025
• Title: To authorize the Director of the Department of Development to accept and execute a private grant from Cities for Financial Empowerment Fund (CFE) in an amount up to $90,000.00 under their “Small Business Boost Grant” program; to authorize the appropriation and expenditure in an amount up to $90,000.00 which will be reimbursed upon receipt of the grant funds at various stages of the process; to authorize the Director of the Department of Development to execute a not-for-profit service contract with Jewish Family Services in an amount up to $30,000.00 and be effective as of January 1, 2025; to authorize the execution of the grant agreements with the Entrepreneurial Support Organizations (all not for profit agencies) listed above each in the amount of $15,000.00 effective March 1, 2025; and to receive an additional $10,000.00 as revenue for being deemed an “Expert Mentor” by the CFE which will be deposited into the departments general fund budget as miscellaneous revenue;and to declare an...

Date	Ver.	Action By	Action	Result
3/31/2025	1	Columbus City Council	Approved	Pass

Explanation

BACKGROUND: This ordinance authorizes the Director of the Department of Development to accept and execute a private grant from Cities for Financial Empowerment Fund (CFE) in an amount up to $90,000.00 under their “Small Business Boost Grant” program to develop and enhance partnerships to integrate Financial Empowerment Center (FEC) financial counseling with local and small businesses and entrepreneurial support systems. This ordinance authorizes the appropriation in an amount up to $90,000.00. This ordinance also authorizes the City to receive an additional $10,000.00 which is separate from the grant above from the Cities for Financial Empowerment Fund as a stipend for being a Financial Empowerment Center “Expert Mentor” as we will be matched with a mentee and this is compensation for being a mentee for one-and-a-half years. This revenue will be received as miscellaneous revenue within the general fund.

This ordinance also authorizes the Director of the Department of Development to enter into a not-for-profit service contract with Jewish Family Services (a not-for-profit agency) to provide one-on-one financial counseling services to clients referred by the Entrepreneurial Support organizations in an amount up to $30,000.00

This ordinance also authorizes the Director of the Department of Development to enter into grant agreements with the Entrepreneurial Support Organizations (all not-for-profit agencies) such as Zoras House Inc., Womens Small Business Accelertor Inc., Columbus Compact Corporation, and Columbus State Community College to provide operational support in order to refer clients to the Financial Empowerment Center to connect small business owners to personal and business financial counseling.

Small businesses are critical to the success of the local economy, providing employment opportunities, drawing in talent, and inspiring innovation. Small business ownership is also a valuable pathway for wealth growth. This is one not availabl...