Title
a. Receive a follow up analysis report in response to Board Referral No. 2022.08 seeking the opportunity for expansion of commercial financing companies in Monterey County; and
b. Provide appropriate direction to staff.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive a follow up analysis report in response to Board Referral No. 2022.08 seeking the opportunity for expansion of commercial financing companies in Monterey County; and
b. Provide appropriate direction to staff.
SUMMARY/DISCUSSION:
Board Referral
Board Referral No. 2022.08 was submitted by Supervisor Lopez and assigned to the County Administrative Office on March 1, 2022. The referral seeks to provide an opportunity for expansion of commercial financing to additional companies throughout the County and provide a list of existing commercial financing companies currently operating in the County.
A preliminary analysis report was submitted to the Board of Supervisors on March 22, 2022. The report detailed potential costs of developing a marketing plan and cost for additional Economic Development staff to make this program a priority initiative. Direction was provided by the Board of Supervisors to review additional documentation and return with a more comprehensive analysis of referral.
Currently the County of Monterey has an existing agreement with California Statewide Communities Development Authority (CSCDA), which partners with fourteen (14) commercial financing companies to assist businesses. Should any potential Commercial financing company be interested in providing their services to Monterey County businesses there is a route for new providers to enter the County marketplace.
Staff received additional documentation that would allow for the County of Monterey to enter into a similar agreement with other providers. Staff proposes the following for consideration:
a. Prepare a board report and resolution for an upcoming Board of Supervisors meet...
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