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AGENDA ITEM REVIEW FORM |
2.C.
Work Session
- Meeting Date:
- 02/05/2025
- Department Head:
- Armando Esparza
- Submitted By:
- Armando Esparza, Director of Economic Development, Economic Development
Action Requested:
Discussion Item - No Action to be Taken
ITEM:
Presentation followed by discussion on any and all matters regarding the promotion and selection of the twelve (12) businesses for the inaugural Fuerza Local Business Accelerator Program. (Armando Esparza, Director of Economic Development & Government Affairs)
SUMMARY:
In September 2024, the City of San Luis was awarded $60,000.00 in USDA Rural Business Development Grant funding for small business development programs. The Economic Development Department engaged with Local First Arizona to bring their Fuerza Local Program Business Accelerator to the community. The Fuerza Local Business Accelerator, run by Local First Arizona, is designed to empower underserved microentrepreneurs, particularly within the Hispanic community. The Program was presented to the San Luis Economic Development Commission on October 16, 2024 and the San Luis City Council approved the grant and use of funds on November 13, 2024. Twelve (12) businesses were selected through an interview process with Local First Arizona, Small Business Development Center, and Economic Development staff.
RECOMMENDATION / SUGGESTED MOTION:
INFORMATIONAL ITEM ONLY, NO ACTION TO BE TAKEN BY THE CITY COUNCIL.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- Yes
- CITY/STATE/FEDERAL FUNDS:
- Federal - USDA Rural Business Development Grant
- TOTAL:
- $60,000
- BUDGETED AMOUNT:
- $60,000
- AVAILABLE AMOUNT TO TRANSFER:
- N/a
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- 255-210-90010
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
The Finance Department created a GL Account named Contractual Services Special Revenue Economic Development and numbered it GL Account 255-135-80000.