HomeMy WebLinkAboutSummary FormJ
Date: 12/14/2006
AGENDA ITEM SUMMARY FORM
FILE ID: C) C' 6
Requesting Department: Economic Development
Commission Meeting Date: 1/11/2007 District Impacted: Citywide
Type: ® Resolution D Ordinance E Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Agreement with Accion U,S.A., Inc. - Renewal and Contract Administration Change
Purpose of Item:
To authorize the transfer of contract administration and remaining funds from the Department of
Community Development to the Department of Economic Development to fund Accion U.S.A., Inc.
for the micro -loans program associated with the Mayor's Citywide Poverty Initiative (now known as
ACCESS Miami) authorizing the City Manager to execute a new agreement in substantially the
attached form in the amount of $200,000, with said agency for said purpose, previously approved by
Resolution 05-0475. (ACCESS Miami now falls under the Department of Economic Development.)
Background Information:
Since its inception in April 2003, the partnership with Accion USA and their administrative support
via this Agreement has allowed ACCESS Miami to create new loan opportunities in the small
business community using a national pool of funds, including sources like the Knight Foundation,
Miami Dade County, and several community -based financial institutions. This micro -lending
initiative has generated over 258 loans to date, totaling more than $1.2 million dollars to City of
Miami small business entrepreneurs generating a 3.3:1 payback. In FY 05-06, Accion USA awarded
766 loans totaling $3.65 million dollars County -wide. This new Agreement will enable the ACCESS
Miami micro -lending program to produce 160 new loans totaling $800,000,
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: P ` �0`ti9c7°o
Special Revenue Account No: X EA oa
CIP Project No: h 0 lnt
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Beset`
If using or receiving capital funds
Grants
Risk Mana ' meat
Purchasing Dept. Director
Chief %`� ���«' City Manager
Page 1 of 1