Title
a. Approve Amendment No. 1 to the Agreement with California Coastal Rural Development Corporation to manage the day-to-day operation of the County's Small Business Revolving Loan Fund in order to extend the term from the existing end date of December 31, 2016 to June 30, 2017; 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 Amendment Number 1 to the Agreement with California Coastal Rural Development Corporation to manage the day-to-day operation of the County's Small Business Revolving Loan Fund in order to extend the term from the existing end date of December 31, 2016 to June 30, 2017; 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 will expire on December 31, 2016. The recommended Amendment will extend the Agreement long enough for the County to engage in competitive selection of a SBRLF 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. A copy of the original Agreement and proposed amendment are on file with the Clerk of the Board.
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, the County and the cities of Greenfield and King. Since the time the County funded its first loan, the SBRLF has provided more than $9,666,000 in financing to more than 135 small businesses and supported the creation or retention of almost 1,100 jobs. As of September 30, 2016, the SBRLF had capit...
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