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File #: 20-157    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 3/20/2020 In control: Board of Aldermen
On agenda: 3/24/2020 Final action:
Title: Consider Small Business & Non-Profit COVID 19 Emergency Fund Proposal PURPOSE: The purpose of this item is for the Council to consider a proposal for a Small Business & Non-Profit Loan/Grant COVID 19 Emergency Fund.
Attachments: 1. Attachment A - COUNCIL RESOLUTION COVID 19 EMERGENCY LOAN FUND, 2. Attachment B - EMERGENCY COVID-19 FUND
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TITLE: Title
Consider Small Business & Non-Profit COVID 19 Emergency Fund Proposal
PURPOSE: The purpose of this item is for the Council to consider a proposal for a Small Business & Non-Profit Loan/Grant COVID 19 Emergency Fund.
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DEPARTMENT: Economic Development

CONTACT INFORMATION: Annette Stone, AICP, Economic Development Director, astone@townofcarrboro.org 919-918-7319

INFORMATION: Staff has been working with the Town Manager and the Carrboro business community to create a program to respond to the immediate needs of small businesses and non-profits, resulting from the COVID 19 outbreak. Staff has outlined a proposal for rapid in-take, evaluation of requests, and deployment of funds. Attached you will find the outline for the program (Attachment 1).

The proposed funding source for the emergency program is the Town's Revolving Loan Funds. Other possible sources include Carrboro TDA, which will hold a special called meeting on Monday March 22nd to consider a resolution to allocate TDA funds to the Town of Carrboro to assist businesses affected by the COVID 19 Emergency. Other funds that will be made available to Carrboro businesses include Orange County's Article Economic Development Fund.

The purpose of the fund is to assist Carrboro based businesses and non-profits with short-term payroll and other reoccurring expenses during the State/Town declared COVID 19 Emergency in order to maintain and sustain operations for existing viable businesses. The fund is intended to assist businesses that are in good standing with creditors, but are low on capital to maintain operations. Funding approval is at the discretion of the Town of Carrboro.

Staff is working with the Carrboro Business Alliance to provide information to all businesses about loan opportunities, including from the Small Business Administration (SBA) and other private crowd-sourced bridge loans. The SBA is beginning to launch its Economic Injury Disaster Relief Program htt...

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