Sponsor
Alderman Shakoor
Title
Community Economic Development Corporation (CEDCO)
Resolved, that authorization is granted for the Executive Director to enter into a contract for small business development services with the Community Economic Development Corporation (CEDCO) and to fund the contract with intergovernmental revenue sharing funds.
Fiscal Note: In the past, CEDCO has provided advising and training services to small start-up minority business enterprises, including operation of a micro-loan fund. CEDCO has been operating with volunteers and without paid staff. The $55,000 is funding principally for a staff person to provide counseling for minority entrepreneurs.The funding would also help with restructuring CEDCO operations regarding the loan fund. Funds are available in the Intergovernmental Revenue Sharing (919) Account.