Explanation
BACKGROUND: This legislation seeks to authorize the Director of the Department of Development to enter into a grant agreement with the Franklinton Board of Trade in an amount up to $25,000.00 for the Small Business Capacity-Building Micro Grants Program. Funding will be advanced to the agency on a predetermined schedule.
Franklinton Board of Trade has been a long-time partner with the Department of Development in administering the city’s Franklinton NCR program. The Small Business Micro Grant Support Fund is a pilot grant program to support small businesses with interior and exterior improvements, or to purchase equipment essential to small businesses within the Franklinton boundaries. The program is designed to target businesses within the Franklinton boundaries, providing support that will further them on the path to elevating their business to the next level. The maximum grant to small businesses for this micro-grant pilot program shall be $5,000.00.
Further, this legislation seeks to declare an emergency to ensure that there are no delays to the program.
FISCAL IMPACT: The funding of $25,000.00 is available within the 2025 General Fund Budget, contingent upon the passage Ordinance 3228-2025 for the third quarter financial review transfer.
CONTRACT COMPLIANCE: Franklinton Board of Trade’s vendor number is 004773 and expires on 01/14/2027.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Franklinton Board of Trade in an amount up to $25,000.00; to authorize the transfer and expenditure of $25,000.00 from the General Fund; to allow for advancement of grant funds on a predetermined schedule; and to declare an emergency. ($25,000.00)
Body
WHEREAS, the Director of the Department of Development seeks to enter into a grant agreement with the Franklinton Board of Trade in an amount up to $25,000.00 for the Small Business Capacity-Building Micro Grants Program; and
WHEREAS, Franklinton B...
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