Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into contract with the Increase Community Development Corporation (ICDC) for the purpose of administering a microenterprise program. This program will include educational training and a revolving loan fund program for entrepreneurs. The training will include writing a business plan, understanding profit & loss and the financial implications of cash flow and breakeven, and developing operating and marketing plans to succeed. ICDC will also provide small microloans for start-up and/or working capital to those who qualify.
ICDC is a faith-based 501c3 not-for-profit organization founded in 1999 with a mission to assist low, moderate and middle income individuals to start, manage, grow and succeed in a microenterprise that will increase household income, create jobs, and strengthen communities. ICDC will provide six 6 week training cycles per year, technical assistance as needed, seminars and workshops monthly on advanced business concepts such as Quickbooks, social media, marketing and financial management. Since its inception, ICDC has trained over 2,500 individuals and provided financing to over 500 businesses.
Emergency action is requested to allow ICDC to administer the microenterprise training program and the microenterprise revolving loan program in the City of Columbus in a timely manner.
FISCAL IMPACT: This legislation authorizes the expenditure of $100,000 from the 2014 CDBG Fund budget.
Title
To authorize the Director of the Department of Development to enter into contract with Increase Community Development Corporation for the purpose of administering a microenterprise training program and a microenterprise revolving loan program; to authorize the expenditure of $100,000.00 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 the City ...
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