I. RECOMMENDATION:
There is no staff recommendation. This was requested as a Future Agenda Item by Councilman Adkisson.
II. BACKGROUND:
III. DISCUSSION:
The loan terms would be as follows:
Loan amount of up to $10,000 per small business;
0% interest;
Repayment will start 3 months after the City ends the proclaimed existence of local emergency;
One year repayment period;
Must provide proof denied SBA loan to qualify;
Cap of $150,000 available for small business loans;
Additional terms included in Loan Agreement as attached.
IV. ALTERNATIVES:
Do not approve
V. FISCAL IMPACT:
Up to $150,000 from the City's General Fund which would be repaid during FY 2020-2021 and possibly 2021-2022. |