Title
Consider approval of letter of support for California State University Monterey Bay (CSUMB) Monterey Bay Disaster Recovery grant submittal to Economic Development Administration (EDA).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Consider approval of letter of support for California State University Monterey Bay (CSUMB) Monterey Bay Disaster Recovery grant submittal to Economic Development Administration (EDA).
SUMMARY/DISCUSSION:
Small businesses are the backbone of the American economy, accounting for nearly 50% of private-sector employment in the United States. In the Monterey Bay region, these small businesses are often minority owned, and located in small, often isolated rural communities. These small businesses are particularly vulnerable to the effects of climate change, as they often lack the resources and infrastructure to withstand extreme weather events. The Monterey Bay Regional Business Assistance and Resilience Program was created to support small businesses that are impacted by storms and their aftermath. This program aims to help businesses prepare for and recover from disasters, as well as build resilience to future climate impacts.
The goal of the Monterey Bay Small Business Assistance and Resilience Program is to create and support successful businesses in underserved communities. This program will use a bilingual program of experiential sessions designed to enable participants to build an executable business plan and then support then through the execution of the plan to get their business launched and growing. This program will also apply to existing businesses wanting to strengthen their business fundamentals, manage risks to their businesses, and improve their business results.
Risk management is an integral part of developing a robust, successful business, and will be integrated into the business development process presented in this program.
The design elements are as followed:
• A 12-month program to be delivered in 3 locations
o South Monterey County
o Salinas
o San Benito County
• Program to consist of two phases
o Startup Factory: Idea-to-plan
o Startup Launchpad: Plan-to-launch
• Startup Factory: Idea-to-plan
o Goal of the Startup Factory is to have the participants create an executable business plan for their business
o Sessions will cover the basics of starting and growing a company
§ Defining and articulating the business idea
§ Marketing
§ Financing the business
§ Risk management
§ Legal issues: incorporation and obtaining necessary licenses
§ Operation planning
§ Hiring and managing employees
§ Financial planning
o Participants: 20
o Format: Eight weekly sessions
§ Two hours each session
§ Materials in both English and Spanish
§ Delivered in either English with Spanish interpretation or in Spanish only, depending on the area
§ Two facilitators for each session
§ Workshop format: each session will engage participants in building their plan for their company
• Startup Launchpad: Plan-to-launch
o The goal of the Startup Launchpad is for the participants to launch and establish their business
o Session content will be largely determined by the needs of the businesses
o Topics to cover will include:
§ Goal setting/action planning
§ Setting up an accounting system
§ The launch process
§ Financial management and obtaining financing
§ Marketing: building an audience
§ Customer success (customer service)
o Participants: 15
o Format: 10 monthly sessions starting one month after the final Factory session
o Two facilitators for each session
o Materials as facilitation in both English and Spanish
o Sessions will include peer coaching, coaching by facilitator(s), outside presenters
OTHER AGENCY INVOLVEMENT:
Staff has consulted with County Counsel.
FINANCING:
Adopting this resolution has no financial impact.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
The proposed recommendation supports the Board of Supervisors Strategic Initiatives.
Mark a check to the related Board of Supervisors Strategic Initiatives
_X_Economic Development
__Administration
__Health & Human Services
__Infrastructure
__Public Safety
Prepared by: Isela Sandoval, Management Analyst II, x7214; and,
Reviewed by: Richard Vaughn, Economic Development Manager, x5602
Approved by: Nick Chiulos, Assistant County Administrative Officer, x5145
Attachments:
Board Report
Letter of Support
Program Summary