Explanation
Background: As part of the Small Business Roundtable initiative, Columbus City Council proposed in the 2013 capital budget the creation of a small business interior renovation grant program. Council provided funding for this initiative.
This legislation authorizes the Director of Development to enter into contract with the Finance Fund to provide administrative services to support implementation of the Council’s proposed Neighborhood Commercial Revitalization (NCR) interior improvement grant fund. Grants will be available for interior renovation for businesses located in the NCR areas. Finance Fund will work with the Neighborhood Design Center as the designated organization for intake and evaluation of interior improvements needed for businesses in the NCR areas. The services to be provided by Finance Fund, shall include program design, marketing, program infrastructure, intake process, credit underwriting, closing, compliance, reporting, accounting, fiscal support, maintenance and servicing.
Finance Fund, established in 1987 connects Ohio underserved communities with public and private sources of capital. It simplifies the complexities of the funding process and manages the flow of millions of public and private dollars to help good ideas come to life. These are ideas that change systems, create jobs, address community needs and improve the quality of life. Finance Fund funding programs include predevelopment and economic development grants, urban and rural lending and gap financing to support a wide range of projects such as small business, health care facilities and equipment, affordable housing construction or rehabilitation and community facilities. To date, Finance Fund and its affiliates have invested more than $258.8 million is housing, economic development, and community facility projects leveraging over $1 billion. The investment was accomplished through 2,847 awards to community-based organizations throughout the state. Finance Fund ...
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