Explanation
This ordinance authorizes the City Clerk to enter into a contract with Minorities Making Millions LLC (MMM) to administer grants to graduates of their education program for BIPOC entrepreneurs in Columbus.
Minorities Making Millions (MMM) is a small business in Columbus specializing in business, financial, and investment coaching. Their mission is to assist the members of the Columbus community in mastering business and financial literacy.
The education program provided by MMM provides resources for starting a business, building a brand, focusing on personal development, and how to network to make lifelong business connections. Specifically, this includes twice-weekly consultations on how to start a business, structure a business for success, education around personal investments to build generational wealth, marketing information, money management, and strategy for growing a company. Financial education is provided in partnership with First Financial Bank’s business banking opportunities and education and Chase Bank’s free business coaching program.
Columbus City Council's support will allow entrepreneurs participating in the education program to receive micro-grants supporting the successful launch of their business, upon completion of the program. MMM will serve as a grant administrator to support these early-stage entrepreneurs. These services cannot be provided by current City employees at this time.
Emergency action is necessary to ensure timely financial support ahead of the end of the City’s fiscal year and in advance of the close of the 2022 entrepreneur education program.
Fiscal Impact: Funding is available within the Job Growth subfund.
Title
To authorize the City Clerk to enter into a contract with Minorities Making Millions LLC for grant administration services related to the Minorities Making Millions Education Program; to authorize an appropriation and expenditure within the Job Growth subfund; and to declare an emergency. ($10,0...
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