Explanation
Background: This legislation authorizes the Director of Development to enter into a contract with the Increase Community Development Corporation (ICDC) for the purpose of administering a microenterprise training program. This program provides educational training for entrepreneurs. The training will include writing business plans, understanding profit & loss statements and the financial implications of cash flow and breakeven analysis, and developing operating and marketing plans to succeed.
ICDC is a 501(c) 3 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 8-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 2,600 individuals and provided financing to over 550 businesses.
Emergency action is requested to allow ICDC to continue administrative services to support implementation of its Microenterprise Training Program.
Fiscal Impact: This legislation authorizes the expenditure of $60,000 within the 2017 USAL Fund budget
Title
To authorize the appropriation of $60,000.00 from the Urban Site Acquisition Loan Fund; to authorize the Director of Development to enter into a contract with the Increase Community Development Corporation for the purpose of administering a microenterprise training program; to authorize the expenditure of $60,000.00 from the Urban Site Acquisition Loan Fund; and to declare an emergency. ($60,000.00).
Body
WHEREAS, small businesses are essential to the growth of the City of Columbus; and
WHEREAS, entrepreneurial education is essential for individuals to start or expand a small business in the city of Columbus; and
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