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File #: 1277-2020    Version: 1
Type: Ordinance Status: Passed
File created: 5/26/2020 In control: Small & Minority Business Committee
On agenda: 6/1/2020 Final action: 6/5/2020
Title: To authorize the expenditure of $4,300,000.00 from the CARES Act fund; to authorize the Director of the Department of Development to enter into contract with Rev 1 Ventures in an amount up to $4,300,000.00 for the purpose of deploying grants and loans and providing technical assistance to Columbus small businesses impacted by the COVID-19 pandemic as part of the department’s COVID-19 Small Business Response and Recovery Program; and to declare an emergency. ($4,300,000.00)
Attachments: 1. ORD1277-2020 2020-05-28 ED REV 1 CARES Act Fund
Explanation
BACKGROUND: This legislation authorizes the expenditure of $4,300,000.00 from the CARES Act fund and authorizes the Director of the Department of Development to enter into contract with Rev 1 Ventures in an amount up to $4,300,000.00 for the purpose of deploying grants and loans and providing technical assistance to Columbus small businesses impacted by the COVID-19 pandemic as part of the department’s COVID-19 Small Business Response and Recovery Program.

Rev 1 Ventures, the former TechColumbus, is a seed stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products and services. It is also a partnership working to provide the catalyst for technology-based economic development in Central Ohio.

To assist Columbus small businesses in retooling from the economic impact of COVID-19, the department’s COVID-19 Small Business Response and Recovery Program offers grants, loans, and technical assistance for Columbus small businesses impacted by the COVID-19 pandemic under the following categories:

· Financial Relief - To provide financial assistance to existing small businesses, including enterprises operating in Low and Moderate Income (LMI) areas of the City of Columbus, in the form of grants and loans, with the goal of job retention.
· Personal Protective Equipment (PPE) Procurement Assistance - To provide financial support to assist existing small businesses in securing PPE and/or making necessary COVID-19 health/safety improvements required to re-open their businesses in the City of Columbus.
· Training and Technical Assistance - Provide pre- and post-application training and technical support to grant/loan applicants and recipients of existing small businesses seeking to maintain operations and retain existing and potentially add new employees in the City of Columbus.

The services included in this contract cannot be provided by existing city employees because of the deficiency ...

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