Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify contract EL011376 with the Economic and Community Development Institute by increasing the contract amount by $100,000 and extending the contract termination date from January 31, 2012 to January 31, 2013.
The City has contracted with ECDI since 2005 to provide Columbus residents with an avenue for training and working capital for start-up businesses. During this time ECDI has closed over 140 microenterprise loans to Columbus based businesses. ECDI also provides a network of comprehensive support to build the economic and social capacities of individuals, families, enterprises and communities. 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.
Emergency action is requested to avoid the interruption of vital program services.
FISCAL: $100,000.00 is available from the CDBG Fund for this purpose.
Title
To authorize the Director of Development to amend the Microenterprise Revolving Loan Program agreement with the Economic and Community Development Institute; to authorize the expenditure of $100,000.00 from the Community Block Grant Fund; and to declare an emergency. ($100,000.00)
Body
WHEREAS, the Director of the Department of Development desires to modify contract EL011376 with the Economic and Community Development Institute by increasing the contract amount by $100,000 and extending the contract from January 31, 2012 to January 31, 2013; and
WHEREAS, this modification will allow ECDI to complete loans currently in process and to continue funding new microenterprise loans in the City of Columbus; and
WHEREAS, funding for this increase is from Community Development Block Grant funding; and
WHEREAS, emergency action is requested to allow ECDI to continue to administer the microenterpris...
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