AGENDA TITLE:
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Adopt Resolution Authorizing City Manager to Execute a Professional Services Agreement with California Capital Small Business Financial Development Corporation, a California Public Benefit Nonprofit Corporation, dba California Capital Financial Development Corporation, to Implement Underwriting and Administration of the Hometown Microloan Program, and to Further Authorize the Expenditure (Not to Exceed $450,000) (CM)
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MEETING DATE:
November 15, 2023
PREPARED BY:
Astrida Trupovnieks, Business Development Manager
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RECOMMENDED ACTION:
Adopt a resolution authorizing the City Manager to execute a Professional Services Agreement with California Capital Small Business Financial Development Corporation, a California Public Benefit Nonprofit Corporation, dba California Capital Financial Development Corporation to implement underwriting and administration of the Hometown Microloan Program, and to further authorize the expenditure in an amount not to exceed $450,000.
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BACKGROUND INFORMATION:
The Hometown Microloan Program will provide business loans not to exceed $50,000 to entrepreneurs and small businesses with ten or fewer employees who have experienced barriers to traditional sources of capital. The loans will be limited to Lodi-based applicants who will deploy the loan proceeds within the City limits. The Hometown Microloan Program reflects the City Council's strategic vision of expanding and diversifying economic opportunities specifically by creating conditions for economic growth of small businesses, as shown in strategic initiative 2B. Extensive outreach to eligible borrowers will be conducted by California Capital, City staff and community partners including the San Joaquin Small Business Development Corporation, SBA and local lending institutions who all participated in the planning and design of the Hometown Microloan Program over the past twelve months.
California Capital, a CDFI-certified non-prof...
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