Title
Approve and authorize the Contracts/Purchasing Officer, or designee, to sign Amendment No. 1 to the County Standard Services Agreement with the California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County's Small Business Revolving Loan Fund (SBRLF) for a total amount not to exceed $2,510,000 for the period of July 1, 2017, through June 30, 2022.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve and authorize the Contracts/Purchasing Officer, or designee, to sign Amendment No. 1 to the County Standard Services Agreement with the California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County's Small Business Revolving Loan Fund (SBRLF) for a total amount not to exceed $2,510,000 for the period of July 1, 2017, through June 30, 2022.
SUMMARY/DISCUSSION:
The County of Monterey has managed a Small Business Revolving Loan Fund (SBRLF) since 1989. The SBRLF is available to assist businesses throughout the County. On May 8, 2020, U.S. Economic Development Administration invited the County of Monterey to apply for additional federal funding to recapitalize the SBRLF and make additional amendments to its Administrative Plan that will enable the program to be more responsive to local small business financing requirements during the current public health crisis.
The County funded the first Small Business Revolving Loan Fund in October 1990 capitalizing the loan pool with an investment by the County of $383,301 and U.S. Economic Development Administration grants totaling $1,533,205. The original capital pool has revolved 5.5 times since 1990 and resulted in loans totaling nearly $10.6 million. The County's investment has leveraged public (Small Business Administration) and private investment of more than $19 million in these businesses and to the creation or retention of almost 1,200 full-time equivalent jobs in the Count of Monterey.
On April 8, ...
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