Explanation
This legislation authorizes the Director of the Department of Development to enter into a not-for-profit service contract, in amount up to $1,000.000.00, with Economic & Community Development Institute (ECDI) for the purpose of launching the Columbus Small Business Response and Recovery (CSBR) Program 2.0 - Revolving Loan Fund and Grant Fund.
ECDI, through CSBR, will provide immediate access to capital to small businesses in Columbus, Ohio including within underserved communities and servicing under resourced small businesses. The program is an important step in rebuilding and reestablishing the local economy inclusive of and in direct support of small businesses ensuring that support is provided to the entrepreneur.
Since 2005, the department has contracted with ECDI to manage other loan programs. Since that time, ECDI has closed over 200 Economic Development loans to Columbus based businesses.
ECDI is a 501(c)(3) not for profit economic development organization located in Columbus, Ohio. Its mission is to invest in people to create measurable and enduring social and economic changes. Since its inception in 2004, ECDI’s programs and services have grown into a comprehensive suite of training and assistance needed to start a business. ECDI also provides foundational financial literacy training, innovative microenterprise development training and capitalization programs, and business incubation services. ECDI has benefited local communities throughout the State of Ohio, assisted over 6,550 individuals, disbursed over $25 million through 1,275 small business loans and retained over 4,600 jobs, with the comprehensive services, throughout the State of Ohio.
The services included in this non-for-profit service contract cannot be provided by existing city employees because these services are beyond the City’s current staffing capacity to provide.
Emergency action is requested to allow ECDI to begin to immediately provide access to capital to small...
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