HomeMy WebLinkAboutSummary FormDate: 7/2/2009
AGENDA ITEM SUMMARY FORM
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FILE ID: �(��
Commission Meeting Date: 7/23/2009
Requesting Department: . C 1 iY Ma no�qozr�
District Impacted: Citywide
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution to allocate funds for the operation of the Minority Business Enterprise Center
Purpose of Item:
The City of Miami Office of Economic Initiatives wishes to present a Resolution to support the
Minority Business Enterprise Center and leverage federal funds provided by the U.S. Department of
Commerce, Minority Business Development Agency Grant. This allocation serves as the cost-sharing
requirement for the grant. The center has worked diligently to address the needs of the City's
entrepreneurs and small businesses with technical assistance to achieve business ownership, increase
the effectiveness of existing businesses, and help them navigate through this currently economic
Background Information:
See attached.
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No: Award 1255 pro?c;k a��1
CIP Project No: ! tS5,cD • 3-:)-! ono . S?,/o-oa° _ czpo- o'boo d
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:.
Total Fiscal Impact: $50,000.00
CIP
Budget f/
If using or receivingcapital funds
Grants
Risk Managen
Purchasi
Dept. Director
Chief
City Manager_
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Agenda Item Summary Form (con't)
Background Information
Our decision to be a cost-sharing partner of the US Department of Commerce grant is based upon M.
Gill and Associates successfully administered the Minority Business Enterprise center and of the 43
Minority Business Enterprise Centers in the United States, this South Florida Center is number one in
program performance categories for 2005, 2006 and 2007. On January 1, 2009, the Minority Business
Enterprise Center (MBECTM) was approved and designated as an official Technical Assistance Provider,
by the U.S. Small Business Administration. This accomplishment means that the MBECTM is an
approved Technical Assistance Provider (TAP) for the SBA's Community Express Loan Program. Only
approved TA providers can provide technical assistance to loan applicants and complete and submit loan
applications on behalf of small businesses for the SBA's Community Express Loan Program, for
financing up to $250,000. Due to the importance of this program to stimulate economic development by
assisting the small business community and alleviating conditions of unemployment and economic
disinvestment in the City of Miami, leveraging federal program funds is paramount. Our cost-sharing
investment of $50,000 per year for two years and renewal for an additional two years will effectively
leverage over $328,000 in services per year. This investment is essential towards providing the
opportunity for new and expanding businesses to receive sustainable technical assistance and encourage
the creation of new jobs in the City of Miami.
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