Title
NXTCLT Minority Business Development Program
Action
Action:
A. Approve a contract with Orbital Socket for the implementation of NXTCLT, a minority business development program, for an initial term of one year, and
B. Authorize the City Manager to renew the contract for up to three, one-year terms with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Holly Eskridge, Economic Development
Explanation
* The city provided $250,000 in the Fiscal Year (FY) 2020 budget to Orbital Socket to develop NXTCLT, a minority-owned business capacity building program. Initial funding was used to:
* Develop program infrastructure, build curriculum, convene coaches and facilitators, create a website and marketing materials; and
* Support the first cohort of eight businesses that graduated in December 2020.
* The program targets businesses that have moved beyond the start-up phase and need additional support to access capital, expand to new markets, become more efficient, and continue to grow and develop in Charlotte.
* The city included $250,000 in the FY 2022 budget to continue the program, which is estimated to support up to 24 businesses this fiscal year.
* The city's initial investment has leveraged an estimated $1 million per year from the private sector, including investments from Truist and Atrium Health.
* Waiver of a competitive solicitation process for services may be granted on a limited basis when deemed appropriate and in the city's best interest. A waiver has been approved for these services based on continuity of service and existing programmatic infrastructure.
* Annual expenditures are estimated to be $250,000.
Charlotte Business INClusion
Per Charlotte Business INClusion Policy: Part C: Section 2.1(a) The city shall not establish Subcontracting Goals for where (a) there are no subcontracting opportunities identified for th...
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