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 190 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, 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. ECDI has benefited local communities throughout the State of Ohio, assisted over 6,500 individuals, disbursed over $25 million through 1,250 small business loans and retained over 4,600 jobs, with the comprehensive services, throughout the State of Ohio.
Emergency action is requested to allow ECDI to continue the Microenterprise Revolving Loan Program in the City of Columbus without interruption.
FISCAL IMPACT: This legislation authorizes the expenditure of $242,493.00 within the 2016 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 $242,493.00 from the 2016 CDBG Fund; and to declare an emergency. ($242,493.00)
Body
WHEREAS, $242,493.00 has been allocated to the Economic and Community Development...
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