Title
Recommended Uses for American Rescue Plan Act Funds - Additional Small Business Ecosystem Partner Support
Action
Action:
A. Approve funding in the amount of $630,000 from American Rescue Plan Act Funds to support three additional organizations that previously applied for the 2022 Small Business Ecosystem Partner Program:
* Carolinas Asian-American Chamber of Commerce: $250,000,
* Carolinas Chinese Chamber of Commerce: $130,000,
* Latin American Chamber of Commerce: $250,000, and
B. Authorize the City Manager, or his designee, to negotiate and execute any necessary contracts and agreements related to these recommendations.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Holly Eskridge, Economic Development
Christi Floyd, Economic Development
Background
* In 2022, City Council awarded $2.5 million in American Rescue Plan Act (ARPA) funding for the Small Business Ecosystem Partner program that provided up to $250,000 in grants to eligible partners supporting local small businesses. Applicants had to be nonprofit, chambers of commerce, government, or academic organizations.
* The 2022 Small Business Ecosystem Partner Program was a competitive grant process. A six-person team of city staff from various departments (excluding Economic Development) reviewed and scored the eligible applications.
* Twenty-one organizations submitted applications and 11 received funding.
* Funding was distributed based on the review process. Applicants were ranked in order and provided with funding until the full $2.5 million was distributed.
Explanation
* During the February 6, 2023 City Council Committee Discussions Meeting, Council's discussions included consideration of adding support for local ethnic minority chambers within funding for the Small Business Ecosystem Partner Program. At the meeting City Council gave consensus for the additional use of ARPA funds for additional chambers to be added for consideration at a future City Council Business Meeting ...
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