Explanation
This legislation authorizes the Director of the Department of Development to enter an administrative contract with the Economic and Community Development Institute (ECDI) for the purpose of providing loan monitoring services only to the City of Columbus Economic Development Loan Programs.
This legislation authorizes the reimbursement of administrative cost to ECDI for loan monitoring services from March 1, 2017 through February 28, 2018, the cost is approximately $100,995.42. The contract also includes the payment of administrative cost for the period of March 1, 2018 to February 28, 2019. The total cost for administrative services for 2017 to 2019 shall include payment for services not to exceed $180,995.42, and based on documented and justifiable cost.
The City of Columbus has partnered and contracted with ECDI since 2005 to provide Columbus residents with loans to start a small business. Since that time, ECDI has closed over 200 Economic Development loans to Columbus based businesses.
ECDI is a 501(c)(3) not for profit economic development organization located in Columbus, Ohio. Its mission is to invest in people to create measurable and enduring social and economic changes. Since its inception in 2004, the Institute’s programs and services have grown into a comprehensive suite of 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 6,550 individuals, disbursed over $25 million through 1,275 small business loans and retained over 4,600 jobs, with the comprehensive services.
Emergency action is requested to allow ECDI to extend and to continue providing loan monitoring services only to support the Economic Development Loan Program of the City of Columbus from 2017 to February 28, 2019.
Fiscal Im...
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