Title
RESOLUTION NO. 26R-03-59: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA, APPROVING THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) MICROENTERPRISE AND SMALL BUSINESS FORGIVABLE MICROLOAN PROGRAM; AUTHORIZING IMPLEMENTATION BY CITY ADMINISTRATION; PROVIDING FOR PROGRAM ADMINISTRATION THROUGH THE CITY’S GRANTS DIVISION AND ECONOMIC DEVELOPMENT DIVISION; PROVIDING FUNDING LIMITATIONS; AND PROVIDING FOR AN EFFECTIVE DATE. (REQUESTED BY CITY MANAGER, KENNIE HOBBS, JR.).
Body
Request Action:
Approval of a Resolution establishing the CDBG Microenterprise and Small Business Forgivable Microloan Program and authorizing City Administration to implement the program. Approval will enable the City to provide financial assistance and support to eligible small businesses using available CDBG funding.
Need Summary Explanation/ Background:
Establishment of the CDBG Microenterprise and Small Business Forgivable Microloan Program allows the City to strategically utilize available federal funding to support business development, promote entrepreneurship, and strengthen neighborhood economic activity.
Cost Summary/ Fiscal Impact:
2024 CDBG funds.
Attachments:
1. Resolution;
2. Internal Memo to City Manager (proposed programming)
3. Program guidelines
Budget Code Number(s): 62501225 506302
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ x ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required