Public Hearing: YES ☐ NO ☒ Department: Community Development
SUBJECT:
Title
Commission District(s): All
Amendment #2 to Access to Capital for Entrepreneurs’ (ACE) contract #1075460 to add an additional $250,000 and extend the contract term for a period of one year; ending on August 26, 2019.
Body
Information Contact: Allen S. Mitchell
Phone Number: 404.371.2438
PURPOSE:
To consider adding funds to the DeKalb Small Business Revolving Loan Fund with ACE in an amount not to exceed $250,000 in CDBG funds and extend the term of the contract for a period or one year; ending on August 26, 2019.
NEED/IMPACT:
ACE administers the DeKalb Small Business Revolving Loan Fund which serves small businesses in DeKalb County, by providing fixed asset and/or permanent working capital financing, while creating and/or retaining jobs for low-to-moderate income persons. The contract with ACE began on August 27, 2017 and has to date, made five (5) loans in the amount of $169,200. There are four (4) additional loans in the pipeline.
This item was in the 2016 Annual Action Plan Budget, with a BOC contract approval date of May 9, 2017, in the amount of $450,000. Due to receipt of additional CDBG program income, the Community Development Department is seeking to add an additional $250,000 to the loan fund. Additional funds and an extension to the contract will allow for loans to be made with no interruption of service.
FISCAL IMPACT:
There is no fiscal impact to the County.
RECOMMENDATION:
Recommended Action
To add funds to the DeKalb Small Business Revolving Loan Fund with ACE in an amount not to exceed $250,000 in CDBG funds and extend the term of the contract for a period or one year; ending on August 26, 2019.