Title
a. Consider approval of an agreement with California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County's Small Business Revolving Loan Fund (SBRLF) for three years with annual compensation not to exceed $150,000 in any one year; and
b. Authorize the Director of Economic Development to execute the agreement and any amendments that do not increase the amount payable or significantly change the scope of work.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a) Approve an agreement with California Coastal Rural Development Corporation (CCRDC) to manage the day-to-day operation of the County's Small Business Revolving Loan Fund (SBRLF) for three years with annual compensation not to exceed $150,000 in any one year; and
b) Authorize the Director of Economic Development to execute the agreement and any amendments that do not increase the amount payable or significantly change the scope of work.
SUMMARY:
The recommended action will authorize California Coastal Rural Development Corporation to continue as the Program Administrator providing day-to-day management of the County's Small Business Revolving Loan Fund (SBRLF). Because of the number and size of the exhibits contained in the proposed contract, only the proposed scope of work is attached to this Board Report. A full copy of the proposed contract is on file with the Clerk to the Board.
DISCUSSION:
The County, through various Program Administrators, has operated the SBRLF since 1990. The SBRLF is designed to bolster job creation and retention by providing capital to small and start-up businesses that either cannot get financing or financing on terms that make their project feasible. Since the time the County funded its first loan, the SBRLF has provided more than $9.1 million dollars in financing to more than 125 small businesses and supported the creation or retention of more than 1,000 jobs. County support through the SBRLF...
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