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ECONOMIC DEVELOPMENT COMMISSION AGENDA ITEM REVIEW FORM |
3.F.
San Luis Economic Development Commission Meeting
- Meeting Date:
- 10/16/2024
- Department Head:
- Armando Esparza
- Submitted By:
- Yigal Duarte, Economic Development Assistant, Economic Development
ITEM:
Discussion and possible action on any and all matters regarding the use of the USDA Rural Business Development Grant award to contact with Local First Arizona to bring Fuerza Local to the City of San Luis (Elaman Rodriguez, Senior Manager of Spanish Rural Programs)
SUMMARY:
USDA Rural Business Development Grant Overview:
The City of San Luis was awarded $60,000 in USDA Rural Business Development Grant funding for small business development programs. The USDA (U.S. Department of Agriculture) Rural Business Development Grant (RBDG) is a competitive grant program aimed at supporting the development and expansion of small and emerging private businesses in rural areas. Eligible applicants include public bodies, government entities, Indian tribes, and nonprofit organizations serving rural communities. The program focuses on promoting economic development and job creation through two types of grants: business opportunity grants and business enterprise grants.
The Economic Development Departments intends to engage with Local First Arizona to bring Fuerza Local to the community. The Fuerza Local Business Accelerator program, run by Local First Arizona, is a six-month initiative designed to empower undeserved micro-entrepreneurs, particularly within the Latino community. The program offers weekly classes on essential business topics such as marketing, business planning, and cash flow management, all taught in Spanish. The participants are encouraged to save $1,000 during the program, which is then matched by a scholarship from the Local First Arizona Foundation. This initiative not only provides critical financial literacy but also offers access to credit at fair market rates through partnering financial institutions, helping participants build a solid financial foundation for their businesses.
The Economic Development Department seeks input from the Commission members on Fuerza Local program and benefit to the community.
The City of San Luis was awarded $60,000 in USDA Rural Business Development Grant funding for small business development programs. The USDA (U.S. Department of Agriculture) Rural Business Development Grant (RBDG) is a competitive grant program aimed at supporting the development and expansion of small and emerging private businesses in rural areas. Eligible applicants include public bodies, government entities, Indian tribes, and nonprofit organizations serving rural communities. The program focuses on promoting economic development and job creation through two types of grants: business opportunity grants and business enterprise grants.
The Economic Development Departments intends to engage with Local First Arizona to bring Fuerza Local to the community. The Fuerza Local Business Accelerator program, run by Local First Arizona, is a six-month initiative designed to empower undeserved micro-entrepreneurs, particularly within the Latino community. The program offers weekly classes on essential business topics such as marketing, business planning, and cash flow management, all taught in Spanish. The participants are encouraged to save $1,000 during the program, which is then matched by a scholarship from the Local First Arizona Foundation. This initiative not only provides critical financial literacy but also offers access to credit at fair market rates through partnering financial institutions, helping participants build a solid financial foundation for their businesses.
The Economic Development Department seeks input from the Commission members on Fuerza Local program and benefit to the community.
RECOMMENDATION / SUGGESTED MOTION:
DISCUSSION ITEM ONLY, NO ACTION.