REPORT TO THE CITY COUNCIL
September 24, 2020
THROUGH: WILMA QUAN, City Manager
Office of the Mayor and City Manager
FROM: LUPE PEREZ, Director
Economic Development Department
BY: KELLY TREVINO, Economic Development Analyst
Economic Development Department
SUBJECT
Title
Actions pertaining to the 5-year agreement with Cen Cal Business Finance Group, Inc. regarding the administration of the City of Fresno Revolving Loan Fund:
1. ***RESOLUTION - 27th Amendment to the Annual Appropriation Resolution (AAR) No. 2020-159 appropriating $595,000 for the Economic Development Administration (EDA) CARES Act RLF Program (Requires 5 affirmative votes) (Subject to Mayor's veto)
2. Approve an amendment to include administration of the City of Fresno's $913,000 CARES Act Revolving Loan Fund Award
Body
RECOMMENDATIONS
Staff recommends Council adopt the 27th AAR to appropriate $595,000 for the EDA CARES Act Revolving Loan Fund Program and approve an amendment to the 5-year agreement with Cen Cal to include administration of the City of Fresno's $913,000 CARES Act RLF Award
EXECUTIVE SUMMARY
The City of Fresno (City) currently has a 5-year agreement with Cen Cal to administer the City's RLF program. This Agreement went into effect on November 22, 2019, and will expire in November 2024.
The City recently applied for and received a non-competitive CARES Act RLF Grant Award (CARES RLF Award) of $913,000, which includes $830,000 for the RLF and an additional 10% ($83,000) to administer the program. The CARES RLF Award requires all $830,000 in funding must be lent within 24 months to COVID-19 impacted businesses. Due to the unusual and compelling urgency of the CARES RLF Award, it is in the City's best interest to amend Cen Cal's current agreement to include these funds so that businesses may receive assistance as quickly as possible.
This funding was provided as part of the Economic Development Administration (EDA) CARES Act Recovery Assistance to h...
Click here for full text