Title
a. Approve Renewal and Amendment #3 to Agreement #A-11754 with California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County’s Small Business Revolving Loan Fund (SBRLF); and
b. Authorize the Director of the Economic Development Department to execute the Amendment.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Renewal and Amendment #3 to Agreement #A-11754 with California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County’s Small Business Revolving Loan Fund (SBRLF); and
b. Authorize the Director of the Economic Development Department to execute the Amendment.
SUMMARY:
The recommended action is necessary to provide uninterrupted management of the County’s Small Business Revolving Loan Fund (SBRLF). The County’s Agreement with CCRDC to provide day-to-day management of the SBRLF lapsed on December 31, 2012. The recommended Renewal and Amendment will renew the Agreement long enough for the County to competitively select a new Program Administrator. At the conclusion of the competitive selection process, the Board will be asked to approve a three year agreement with the selected Program Administrator.
DISCUSSION:
The County, through various Program Administrators, has operated the SBRLF since 1990. The SBRLF was capitalized with grants from the U.S. Department of Commerce, Economic Development Administration, California State Community Development Block Grant Program, California Trade and Commerce Agency, the County and the cities of Greenfield and King. Since the County funded its first loan, the SBRLF has provided more than $9 million dollars in financing to more than 125 small businesses and supported the creation or retention of more than 1,000 jobs. As of September 30, 2012, the SBRLF had 17 active loans with outstanding principal of $1,181,000 and $833,000 available to loan.
Since 2000, day-to-day management and operatio...
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