Title
a. Approve the Small Business Revolving Loan Fund Administrative Manual, including a new collections policy (requires 4/5ths vote);
b. Authorize the Director of the Economic Development Department to submit the Small Business Revolving Loan Fund Administrative Manual to the U.S. Department of Commerce, Economic Development Administration for approval, including authority to make minor changes, as necessary, to implement the loan program and comply with federal requirements; and
c. Authorize the Director of Economic Development to sign a professional services agreement with Credit Consulting Services, Inc., to provide collections services in connection with defaulted small business loans.
...Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the Small Business Revolving Loan Fund Administrative Manual, including a new collections policy (requires 4/5ths vote);
b. Authorize the Director of the Economic Development Department to submit the Small
Business Revolving Loan Fund Administrative Manual to the U.S. Department of Commerce, Economic Development Administration for approval, including authority to make minor changes, as necessary, to implement the loan program and comply with federal requirements; and,
c. Authorize the Director of Economic Development to sign a professional services agreement with Credit Consulting Services, Inc., to provide collections services in connection with defaulted small business loans
SUMMARY:
The recommended actions are necessary to comply with federal grant regulations governing the County's Small Business Revolving Loan Fund (SBRLF), and to improve the operational efficiency of the SBRLF. The County is required by federal law to update its SBRLF Administrative Manual at least once every five years. The recommended SBRLF Administrative Manual will implement a new policy for collecting from borrowers who default on their obligations. It is also recommended that the Board ...
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