Explanation
BACKGROUND: The Department of Development desires to amend the existing contract with The Central Ohio Minority Business Association (COMBA) for the purpose of providing additional funds for the administrative costs associated with programs and services for start-up and emerging businesses. Columbus City Council, on November 14, 2011, per Ordinance 1875-2011, authorized the Director of Development to enter into a contract with COMBA for a sum not to exceed $37,500. An additional $10,000 has been identified from the Jobs Growth Fund to assist COMBA in administrative cost associated with programs and services to start-up and emerging businesses.
The Central Ohio Minority Business Association (COMBA) is a non-profit organization founded in 1978. Through its programs and services, entrepreneurial development assistance and high-end business consulting, assistance is provided to start-up and emerging business owners.
During the last four years COMBA has provided one-to-one consulting services to over 3000 existing and potential business persons. From these businesses, over 265 jobs were created and 493 jobs retained. The business owners were also awarded contracts in the amount of $23,447,185; and awarded loans in the amount of $7,219,586. Over 268 conferences and workshops were facilitated with over 7,333 participants in attendance.
Emergency action is requested to allow COMBA to continue providing services to start-up and emerging businesses without interruption.
FISCAL IMPACT: $10,000 has been allocated from the 2012 Jobs Growth Fund for this initiative.
Title
To authorize the appropriation of $10,000.00 within the Jobs Growth Fund; to authorize the transfer of $10,000.00 from the Jobs Growth Fund to the General Fund; to authorize the appropriation of $10,000.00 from the General Fund to the Department of Development; to authorize the Director of the Department of Development to amend the existing contract with the Central Ohio Minority...
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