Title
a. Approve a resolution authorizing the County to contribute $25,000 as a loan loss reserve for the Fondo Empresarial Emergency Loan Program through El Pajaro Community Development Corporation (CDC) to be used to close a $50,000 loan guarantee gap for small business loans in Monterey County.
b. Approve an increase in appropriations of $25,000 for the 001-1050-CAO038-8514 FY 2019-20 Adopted Budget; financed by a release of $25,000 from the Cannabis Assignment Fund balance BSA 001-3132 (4/5ths vote required); and
c. Authorize the Auditor-Controller to amend the FY 2019-20 Adopted Budgets by increasing appropriations $25,000 in Unit 001-1050-CAO038-8514 FY 2019-20, financed by a release of $25,000 from the Cannabis Assignment Fund balance BSA 001-3132 (4/5ths vote required). (ADDED VIA ADDENDA)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve a resolution authorizing the County to contribute $25,000 as a loan loss reserve for the Fondo Empresarial Emergency Loan Program through El Pajaro Community Development Corporation (CDC) to be used to close a $50,000 loan guarantee gap for small business loans in Monterey County.
b. Approve an increase in appropriations of $25,000 for the 001-1050-CAO038-8514 FY 2019-20 Adopted Budget; financed by a release of $25,000 from the Cannabis Assignment Fund balance BSA 001-3132 (4/5ths vote required); and
c. Authorize the Auditor-Controller to amend the FY 2019-20 Adopted Budgets by increasing appropriations $25,000 in Unit 001-1050-CAO038-8514 FY 2019-20, financed by a release of $25,000 from the Cannabis Assignment Fund balance BSA 001-3132 (4/5ths vote required).
SUMMARY:
Fondo Adelante, the Community Development Financial Institution (CDFI) arm of the Mission Economic Development Agency (MEDA) in San Francisco is partnering with El P?jaro Community Development Corporation (El P?jaro CDC) to establish an emergency loan program through the state's Small Business Disaster Relief Loan Guaran...
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