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File #: 61605    Version: 1 Name: Small Business Equity and Recovery Program (SBER)
Type: Resolution Status: Passed
File created: 7/29/2020 In control: Attorney's Office
On agenda: 9/1/2020 Final action: 9/1/2020
Enactment date: 9/8/2020 Enactment #: RES-20-00613
Title: Amending the 2020 Adopted Capital Budget of the Economic Development Division to appropriate $750,000 for a Small Business Equity and Recovery Program (SBER).
Sponsors: Donna V. Moreland, Shiva Bidar, Lindsay Lemmer, Satya V. Rhodes-Conway, Michael E. Verveer, Marsha A. Rummel, Patrick W. Heck, Rebecca Kemble, Tag Evers, Grant Foster, Sheri Carter
Attachments: 1. August 19 2020 EDC RegistrantsReport.pdf
Fiscal Note
Amending the 2020 Adopted Capital Budget of the Economic Development Division to appropriate $750,000 for a Small Business Equity and Recovery Program (SBER) by appropriating $750,000 in GO Borrowing from various capital projects. This program will be funded by transferring $750,000 of GO Borrowing from existing capital projects. Under this proposal GO Borrowing will be transferred from the following projects:
- CCB 4th Floor Remodel: $303,000
- Midtown Police Station: $250,000
- North Side Public Safety Campus Planning: $197,000
Title
Amending the 2020 Adopted Capital Budget of the Economic Development Division to appropriate $750,000 for a Small Business Equity and Recovery Program (SBER).
Body
WHEREAS, small businesses, especially those owned by people of color, have been negatively impacted by the COVID-19 pandemic; and,

WHEREAS, many small businesses face the real prospect of permanently closing as a result of the current pandemic; and,

WHEREAS, although some Federal and State programs exist to help small business owners during this time, not all small business owners have been able to take advantage of these programs and the programs have not provided enough relief to all small business owners; and,

WHEREAS, business owners of color and other entrepreneurs from historically underrepresented groups of people have had greater challenges accessing Federal and State programs because of language barriers, lack of relationships with private lenders, reduced ability to hire accountants and attorneys, and other long-term systemic differences between the resources available to business owners in the majority and those in less represented groups within the business community; and,

WHEREAS, the Common Council desires to help these businesses financially in their response to the current COVID-19 crisis; and,

WHEREAS, a Small Business Equity and Recovery Program (SBER) can provide financial support to under-resourced businesses owned by people of ...

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