Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into contract with the Economic and Community Development Institute (ECDI) for the purpose of administering the Microenterprise Revolving Loan Program. The City has contracted with ECDI since 2005 to provide Columbus residents with loans to start a business. Since that time, ECDI has closed over 175 microenterprise loans to Columbus based businesses.
ECDI is a 501©3 non-profit economic development organization located in Columbus, Ohio. Its mission is to invest in people to create measurable and enduring social and economic change. Since its inception in 2004, ECDI’s programs and services have grown into a comprehensive suite of programming designed to lead low-income Ohioans out of poverty. Program participants are given the training and assistance needed to start a business. ECDI also provides foundational financial literacy training, innovative microenterprise development training and capitalization programs, and business incubation services. To date, ECDI’s programs have been supported by over $25 million in federal, state, local and private funds. ECDI is a veteran economic development organization whose core programs provide training, technical assistance, and capitalization to entrepreneurs.
Emergency action is requested to allow ECDI to continue providing the Microenterprise Revolving Loan Program in the City of Columbus without interruption.
FISCAL IMPACT: Funding for this contract is allocated from the 2014 CDBG Budget.
Title
To authorize the Director of the Department of Development to enter into contract with the Economic and Community Development Institute to administer the Microenterprise Revolving Loan Program; to authorize the expenditure of $150,000.00 from the Community Development Block Grant Fund; and to declare an emergency. ($150,000.00)
Body
WHEREAS, $150,000.00 has been allocated to ECDI from the 2014 CDBG Budget; and...
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