Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a not-for-profit service contract with the Tony R. Wells Foundation to provide fiscal agent and other services as a partner in the City of Columbus Small Business Capacity-Building Micro Grants Program.
The City of Columbus seeks to create the Small Business Capacity-Building Micro Grants Program, a pilot grant program to support small businesses at a stage of growth. The program is designed to target businesses who need cash assistance to support the purchase of one or more tangible, durable assets that will further them on the path to elevating their business to the next level. To be eligible, businesses must:
· Be in good standing with the City of Columbus;
· Have a physical presence (business address) in the City of Columbus;
· Have no more than five (5) employees, including the business owner(s);
· Be positioned for or in a stage of growth;
· Not have received any financial assistance from the City of Columbus at any time on or after January 1, 2022; and
· Be actively counseled by a pre-approved entrepreneurial service provider.
The Department of Development may add eligibility requirements to this list as appropriate given the scope and goals of the grant program. The Department of Development shall select and pre-approve entrepreneurial service providers to qualify businesses as eligible based on the scope and goals of this program. The maximum grant for this micro-grant program shall be $5,000.00.
The not-for-profit service contract will include a fee to the Tony R. Wells Foundation for administration expenses. To ensure that grants are disbursed in an expedient manner, the Department of Development shall issue all funds associated to the Wells Foundation in advance of program administration and grant disbursement.
The mission of the Tony R. Wells Foundation is to “Create value for the community by developing stronger nonprofit leaders and in...
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