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AGENDA ITEM REVIEW FORM |
6.B.
Regular City Council Meeting
- Meeting Date:
- 11/13/2024
- Department Head:
- Armando Esparza
- Submitted By:
- Humberto Arcos, Grants Coordinator, Economic Development
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding the city's acceptance of funds awarded from the United States Department of Agriculture (USDA) Rural Business Development Grant (RBDG) to empower underserved microentrepreneurs and provide training such as marketing, business planning, and cash flow management. (Armando Esparza, Director of Economic Development)
SUMMARY:
The City of San Luis has been awarded $60,000 in USDA Rural Business Development Grant funding for small business development programs. The US Department of Agriculture ("USDA") Rural Business Development Grant ("RBDG") is a competitive grant aimed at supporting the growth and expansion of small and emerging private businesses in rural areas. Eligible applicants include public bodies, government entities, Indian tribes, and nonprofit organizations serving local communities. The program focuses on promoting economic development and job creation through business opportunity grants and business enterprise grants. The City of San Luis Economic Development Department intends to engage with Local First Arizona to bring the Fuerza Local program to the community. The Fuerza Local Business Accelerator, run by Local First Arizona, is designed to empower underserved microentrepreneurs, 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. 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 provides critical financial literacy and access to credit at fair market rates through partnering with financial institutions, helping participants build a solid financial foundation for their businesses. The Local First Arizona presented the program to the San Luis Economic Development Commission on October 16th, 2024.
The City of San Luis Economic Development Department seeks input from the City Council to accept the funds awarded by the USDA Rural Business Development Grant and engage with Local First Arizona.
The City of San Luis Economic Development Department seeks input from the City Council to accept the funds awarded by the USDA Rural Business Development Grant and engage with Local First Arizona.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO ACCEPT FUNDS AWARDED FROM THE USDA RURAL BUSINESS DEVELOPMENT GRANT AND APPROVE A BUDGET TRANSFER TO PROVIDE THESE SERVICES.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- Please see the fiscal impact statement.
- CITY/STATE/FEDERAL FUNDS:
- Please see the fiscal impact statement.
- TOTAL:
- Please see the fiscal impact statement.
- BUDGETED AMOUNT:
- Please see the fiscal impact statement.
- AVAILABLE AMOUNT TO TRANSFER:
- Please see the fiscal impact statement.
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- Please see the fiscal impact statement.
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
The City is receiving $60,000 from the grant described in this item. There are no expenditures related to this item.
The General Ledger ("GL") Account originally designated for this Downtown Redevelopment Project was in Economic Development's GL Account 255-210-90010, Project ID 2025008.
The Finance Department created a GL Account named Contractual Services Special Revenue Economic Development and numbered it GL Account 255-135-80000.
With the new GL account, the Economic Development Department is asking the City Council to approve a budget transfer to move the $60,000 from the former GL Account to the newly created one.
The General Ledger ("GL") Account originally designated for this Downtown Redevelopment Project was in Economic Development's GL Account 255-210-90010, Project ID 2025008.
The Finance Department created a GL Account named Contractual Services Special Revenue Economic Development and numbered it GL Account 255-135-80000.
With the new GL account, the Economic Development Department is asking the City Council to approve a budget transfer to move the $60,000 from the former GL Account to the newly created one.