Explanation
BACKGROUND: This legislation authorizes the transfer of $100,000 within the CDBG Fund, the appropriation and expenditure of $33,333 to the Development Department within the Jobs Growth Fund and the authorization of the Director of the Department of Development to enter into contract with the Economic and Community Development Institute (ECDI) for administration of the Microenterprise Revolving Loan Program.
ECDI provides a network of comprehensive support services to build the economic and social capacities of individuals, families, enterprises and communities. One of the services provided by ECDI is micro-loans for small businesses. ECDI has become a leader in the field of micro lending, providing microenterprise training to an underserved population including minorities, immigrants, refugees, asylees, low-income recipients and the working poor. ECDI provides microenterprise training, technical assistance and loan funds to assist the applicants with successfully starting or expanding their small business.
$100,000 of CDBG funds will be used for the revolving loan fund while $33,333 from the Jobs Growth fund will be used for administrative costs.
Emergency action is requested so that the contract with the Economic and Community Development Institute can be executed immediately.
FISCAL IMPACT: This legislation authorizes the transfer of $100,000 within the CDBG Fund and the appropriation of $33,333 to the Development Department within the Jobs Growth Fund.
Title
To authorize the transfer of $100,000 within the CDBG Fund; to authorize the appropriation of $33,333 to the Development Department within the Jobs Growth Fund; to authorize the Director of the Department of Development to enter into a contract with the Economic and Community Development Institute; to authorize the expenditure of $100,000 from the CDBG Fund; to authorize the expenditure of $33,333 from the Jobs Growth Fund; and to declare an emergency. ($133,333...
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