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 provision 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 65 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 to avoid interruptions to program services.
FISCAL IMPACT: Funds for this contract are allocated from the Community Development Block Grant 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 provision of the Microenterprise Revolving Loan Program; to authorize the expenditure of $100,000 from the Community Development Block Grant 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 nine (9) 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, an emergency exists in the usual daily o...
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