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0122-16
| A | | CDBG Loan (Res No. 0060-16) | Communication | Subject: (Direct Referral) Consideration of Community Development Block Grant (CDBG) Small Business Revolving Loan Fund Request from Petals by Felicia. (Res No. 0060-16)
Recommendation of the Redevelopment Authority on 2-11-16: Whereas the Wisconsin Women's Business Initiative Corporation (WWBIC) has reviewed the request of Petals by Felicia for a loan of $25,000.00 for working capital, inventory, and minor leasehold improvements. The Redevelopment Authority recommends that the request for a CDBG Small Business Revolving Loan Fund for $25,000.00 be approved and that the Mayor, City Clerk, and Director of City Development be authorized to execute a written agreement with Petals by Felicia consistent with federal regulations for CDBG funds with loan assistance not to exceed $25,000.00 for the purpose of expanding the business and creating at least one job.
Fiscal Note: The Community Development Committee and Common Council allocated CDBG funds for the pruposes of assisting businesses through the 2015 Annual Plan, and there are sufficient resources available to fund this project. | | |
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