SUBJECT
title
Status report on the successful close-out of the City’s third Small Business Grant Program by Lift Fund, Inc. in partnership with the City of Laredo Economic Development Department.
body
PREVIOUS COUNCIL ACTION
City Council approved a service contract FY23-088 to LiftFund, Inc on November 20, 2023 in the amount of $500,000 to provide micro-lending services related to grants for qualifying small businesses.
BACKGROUND
This is the 3rd small business grant program that has been sponsored by the City of Laredo in partnership with LiftFund, Inc.
1. First small business grant program ($1.9M) 2020
2. Second small business grant program ($2M) 2022
3. Third small business grant program ($500K) - current
Programs have been funded with CARES and ARPA funding received by the City.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
N/A
end
Fiscal Impact
Fiscal Year: Click or tap here to enter text.
Budgeted Y/N?: Click or tap here to enter text.
Source of Funds: Click or tap here to enter text.
Account #: Click or tap here to enter text.
Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
None.