Explanation
BACKGROUND: This legislation authorizes the expenditure of $3,300,000.00 from the CARES Act fund and authorizes the Director of the Department of Development to modify a contract with Rev 1 Ventures in an amount up to $3,300,000.00 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.
To assist Columbus small businesses in retooling from the economic impact of COVID-19, the department’s COVID-19 Small Business and Recovery Program offers grants, loans, and technical assistance for Columbus' small business 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 PPEs 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.
Rev 1 Ventures will deploy grant and loan dollars, and provide technical assistance, to Columbus small business enterprises selected by a review committee consisting of members of the Columbus Small Business Agenda-Working Committee #3.
City Council passed ordinance 1277-2020 on June 1, 2020, to provide $4.3 million for this program. Since the program began, it was determined that the need is greater than originally anticipated. The ...
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