City of Madison, Wisconsin | Legislative Information Center
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File #: 42089    Version: Name: Entrepreneurship & Small Business Development Resource Fund Manager Doyenne Group
Type: Resolution Status: Passed
File created: 3/9/2016 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 6/21/2016 Final action: 6/21/2016
Enactment date: 6/23/2016 Enactment #: RES-16-00445
Title: SUBSTITUTE Resolution approving the recommendation of the RFP review team in choosing the Doyenne Group to act as the fund manager for the Entrepreneurship & Small Business Development Resource Fund, and approving Office of Business Resources authorizing the Mayor and City Clerk to execute a contract for the Doyenne Group to manage this fund.
Sponsors: Mark Clear
Attachments: 1. HCCW Comments 5-18-2016.pdf, 2. HCCW letter of support--Settlers Bank.pdf, 3. ASAPk!ds Letter of support for Doyenne Collaboration.pdf, 4. Doyenne Group letter.pdf, 5. Legistar 42089 05-13-16 Memo Entrepreneurship & Sm Business Loan Fund Manager.pdf, 6. DG Additional Information.pdf, 7. 4-19-16 Starting Block Letter for Doyenne Group.pdf, 8. HCCW Additonal Information Support Letter.pdf, 9. HCCW Financials 13 April 2016.pdf, 10. HCCW Fund Narrative 13 April 2016 (2).pdf, 11. HCCW Revolving Loan Advantages EDC 3-16-16.pdf, 12. HCCW Tecnhology Business Dev EDC 3-16-16.pdf, 13. Submission 1 of 4.pdf, 14. Submission 2 of 4.pdf, 15. Submission 3 of 4.pdf, 16. Submission 4 of 4.pdf, 17. Final RFP 8452.pdf, 18. V1 FILE ID 42089 Master11-Mar-2016-09-46-11.pdf
Fiscal Note
The proposed resolution approves execution of a two-year contract with Doyenne Group to act as the fund manager for the Entrepreneurship & Small Business Development Resource Fund.

The 2016 Adopted Capital Budget includes $300,000 funded by a direct appropriation from the General Fund for the Entrepreneurship & Small Business Development Resource Fund project (no. 10785). The Adopted CIP includes an additional $300,000 GO borrowing in 2017. With this resolution, the two installments of $300,000 will be distributed to the Doyenne Group, for a total of $600,000 over the two-year period.

Title
SUBSTITUTE Resolution approving the recommendation of the RFP review team in choosing the Doyenne Group to act as the fund manager for the Entrepreneurship & Small Business Development Resource Fund, and approving Office of Business Resources authorizing the Mayor and City Clerk to execute a contract for the Doyenne Group to manage this fund.
Body
WHEREAS, the City of Madison is becoming a leader in the Midwest for technology start-ups; and

WHEREAS, there are demonstrable equity issues in regards to funding of early staged technology companies owned by women and people of color; and

WHEREAS, the City believes addressing these inequities as we continue to support our growing technology sectors will help our work towards economic equity ; and

WHEREAS, the Doyenne Group has submitted a proposal in response to RFP 8452-0-2015 that addresses creating a fund and technical assistance support with a focus on technology companies owned by women and people of color; and

WHEREAS, the RFP staff review team recommends the Doyenne Group to be the chosen fund manager and work with the Office of Business Resources to accomplish the goals of the program; and

NOW THEREFORE BE IT RESOLVED, the Economic Development staff is authorized to negotiate and execute a contract to begin working with the Doyenne Group to create a program as defined in the program language of RFP 845...

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