County of Monterey - File #: 20-469

• File #: 20-469
• Name: a.Grant from the US Dept of EDA b. Amendments to the SBRLF Administrative Plan
• Type: General Agenda Item
• Status: Passed - County Administrative Office
• File created: 5/29/2020
• In control: Board of Supervisors
• On agenda: 6/9/2020
• Final action: 6/9/2020
• Title: a. Approve an application to apply for a grant from the United States Department of Commerce, Economic Development Administration (EDA) that will recapitalize the County's Small Business Revolving Loan Fund to provide more loans for small businesses impacted by the COVID-19 public health crisis; b. Approve amendments to the SBRLF Administrative Plan that make the program more responsive to the needs of the business community; and c. Authorize the Housing Program Manager or their designee to sign the application and required assurances and certifications.

Date	Action By	Action	Result
6/9/2020	Board of Supervisors

Title
a. Approve an application to apply for a grant from the United States Department of Commerce, Economic Development Administration (EDA) that will recapitalize the County's Small Business Revolving Loan Fund to provide more loans for small businesses impacted by the COVID-19 public health crisis;
b. Approve amendments to the SBRLF Administrative Plan that make the program more responsive to the needs of the business community; and
c. Authorize the Housing Program Manager or their designee to sign the application and required assurances and certifications.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve an application to apply for a grant from the United States Department of Commerce, Economic Development Administration (EDA) that will recapitalize the County's Small Business Revolving Loan Fund to provide more loans for small businesses impacted by the COVID-19 public health crisis;
b. Approve amendments to the SBRLF Administrative Plan that make the program more responsive to the needs of the business community and,
c. Authorize the Housing Program Manager or their designee to sign the application and required assurances and certifications.

SUMMARY:
The County of Monterey has managed a Small Business Revolving Loan Fund (SBRLF) since 1989. The SBRLF is available to assist businesses throughout the County. On May 8, 2020, EDA notified the County that it is invited to apply for additional federal funding to recapitalize the SBRLF and make additional amendments to its Administrative Plan that will enable the program to be more responsive to local small business financing requirements during the current public health crisis. The recommended action will allow the County to apply for additional capital that is needed to fund additional loans to businesses trying to weather the current public health crisis.

DISCUSSION:
On April 8, 2020, the Board of Supervisors, recognizing the need for additional financial assistanc...