Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into contract with the Economic Community Development Institute (ECDI) for the purpose of administering the Microenterprise Revolving Loan Program. The City has been working with ECDI since 2005 to provide Columbus residents with loans to start businesses. Since that time, ECDI has closed over 175 microenterprise loans to Columbus based businesses.
ECDI is a 501(c)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, the Institute’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. The Institute is a veteran economic development organization whose core programs provide training, technical assistance, and capitalization to entrepreneurs.
FISCAL IMPACT: $355,878 is available in the 2015 CDBG budget for this purpose.
Title
To authorize the Director of the Department of Development to enter into contract with the Economic Community Development Institute to administer the Microenterprise Revolving Loan Program to assist small business in the City of Columbus; to authorize the expenditure of $355,878 from the Community Development Block Grant Fund; and to declare an emergency. ($355,878.00)
Body
WHEREAS, $355,878 has been allocated to the Economic Community Development Institute from the 2015 CDBG Budget to administer the Microenterprise Revolving Loan Program; and
WHER...
Click here for full text