Title
Resolution to Provide Financial Assistance to the Greensboro Community Development Fund to Provide Loans to Small Businesses in Greensboro
Body
Department: Executive
Council District: All
Public Hearing: Yes
Advertising Date/By:
Contact 1 and Phone: Andrew S. Scott, Asst. City Manager, Economic Development 373- 2028
Contact 2 and Phone: Kathi Dubel, Manager, Economic Development & Business Support 373- 4579
PURPOSE:
The Greensboro Community Development Fund has requested a grant not to exceed the amount of $150,000 to fund small business loans in Greensboro.
BACKGROUND:
The Greensboro Community Development Fund is a certified Community Development Financial Institution. It provides financial services including loans for small business, affordable housing, community facilities, and healthy food initiatives in Greensboro. As part of its mission it provides high quality business planning and credit counseling to its customers. The CDFI industry has invested over 5 billion dollars, the majority of which has been invested in low and moderate income neighborhoods across the county.
The Community Development Fund is seeking a grant of $150,000 from the City to provide loan capital which will be leveraged with other donor contributions which will enable the fund to apply for a 100% matching grant from the Federal Government. This will provide for a more robust loan fund available to be deployed in Greensboro.
A presentation was made to City Council on August 26, 2014 detailing the benefits of the Greensboro Community Development Fund to the community.
BUDGET IMPACT:
The $150,000 commitment will be funded from the Capital Assistance Loan Pool of the Economic Development Fund (208-0202-01.5931).
RECOMMENDATION / ACTION REQUESTED:
City Council is requested to consider adopting the attached resolution providing financial assistance to the Greensboro Community Development Fund to provide loans to small businesses...
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