City of Columbus - File #: 0964-2007

• File #: 0964-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/8/2007
• In control: Health, Housing & Human Services Committee
• On agenda: 7/9/2007
• Final action: 7/11/2007
• Title: To authorize the Director of the Department of Development to enter into a contract with the Economic and Community Development Institute for the administration of the Microenterprise Revolving Loan Program; to authorize the expenditure of $100,000 from the CDBG Fund; and to declare an emergency. ($100,000.00)

Date	Ver.	Action By	Action	Result
7/11/2007	1	CITY CLERK	Attest
7/10/2007	1	MAYOR	Signed
7/9/2007	1	Columbus City Council	Approved
7/9/2007	1	COUNCIL PRESIDENT	Signed
6/18/2007	1	Auditor Reviewer	Reviewed and Approved
6/18/2007	1	CITY AUDITOR	Reviewed and Approved
6/18/2007	1	Dev Drafter	Sent for Approval
6/18/2007	1	CITY ATTORNEY	Reviewed and Approved
6/18/2007	1	Dev Drafter	Sent to Clerk's Office for Council
6/15/2007	1	FINANCE DIRECTOR	Reviewed and Approved
6/15/2007	1	Dev Drafter	Sent for Approval
6/14/2007	1	Dev Drafter	Sent for Approval
6/14/2007	1	Finance Reviewer	Reviewed and Approved
6/11/2007	1	Dev Drafter	Sent for Approval
6/11/2007	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND:
This legislation authorizes the Director of the Department of Development to enter into a $100,000 contract with the Economic and Community Development Institute (ECDI) for the administration of the Microenterprise Revolving Loan Program. 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 35 microenterprise loans to Columbus based businesses.

ECDI 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 so that the contract with the Economic and Community Development Institute can be executed immediately.

FISCAL IMPACT:
This legislation authorizes the expenditure of $100,000 within the CDBG Fund.


Title

To authorize the Director of the Department of Development to enter into a contract with the Economic and Community Development Institute for the administration of the Microenterprise Revolving Loan Program; to authorize the expenditure of $100,000 from the CDBG Fund; and to declare an emergency. ($100,000.00)


Body

WHEREAS; small businesses are essential to the growth of Columbus; and

WHEREAS, micro lending is an opportunity for individuals to start or expand their small businesses in the City of Columbus; and

WHEREAS, the Economic and Community Development Institute has over eight (8) years experience administering micro-loan programs in other localities; and

WHEREAS, ECDI will partner with non-profit groups to assist with the training and technical assistance portion of the Microenterprise Revolving Loan Program; and

WHEREAS, emer...