TITLE
Title
GUILFORD GAINS (GIVING ACCESS TO INFORMATION, NETWORKS, AND SCALE) CAPITAL ACCESS PROGRAM ADMINISTRATION
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SPONSOR
Sponsor
Shaunne N. Thomas
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BACKGROUND
Background
Access to capital has been identified as a barrier for economic growth for Small Business Enterprises (SBEs). Guilford GAINS is designed to improve the small business access to capital and contracting opportunities with Guilford County firms and stimulate the economy through the empowerment of entrepreneurial efforts which are expected to increase the population, taxable property, employment, or business prospects within Guilford County.
The Guilford GAINS Fund is administered by Carolina Small Business Development (CSBDF) and will operate a loan guarantee program to provide access loans to SBEs ranging from $25,000 to $75,000. CSBDF is also a certified Community Development Financial Institution with the mission of fostering economic development in underserved communities.
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BUDGET IMPACT
Budget Impact
The Fiscal Year 2023-24 budget included $400,000 to establish a Capital Access Program. At the end of Fiscal Year 2023-24, these funds fell to the County's fund balance as the program was not yet established. This action appropriates the funds from Fund Balance.
General Fund
$400,000 Increase to Minority/Women Business Enterprise
$400,000 Increase in appropriated Fund Balance
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REQUESTED ACTION
Requested Action
Approve a three (3) year contract award, in substantial form, with an administration fee of $150,000 ($50,000 annually) and a guarantee loan amount of $400,0000 for a total contract value of $550,000 to vendor Carolina Small Business Development Fund.
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