Memorandum
Date: August 25, 2020
To: The Honorable Moke, Chair, Lake County Board of Supervisors
From: Carol J. Huchingson, County Administrative Officer
Subject: 10:00 A.M. - PUBLIC HEARING - Community Development Block Grant Cares Act Presentation and Consideration of Resolution Approving an Application and the Execution of Grant Agreement and any Amendments for Funds in the Amount of $202,859 for a Small Business Assistance Revolving Loan Fund Program
Executive Summary: (include fiscal and staffing impact narrative):
California Department of Housing and Community Development announced the availability of Community Development Block Grant Coronavirus Round 1 funding for local assistance in June 2020 and Lake County has been allocated $202,859. In order to access this allocation, the County must submit a funding request for a specific use of the funds. All applications for CDBG funds must be approved for submittal to the HCD by resolution. Projects and programs under this funding source must benefit low and moderate-income households and provide assistance to mitigate the impacts of the COVID-19 pandemic.
Due to the impacts of the COVID-19 Shelter in Place order, many local small businesses are in need of flexible low interest capital to help them recover from the loss of revenue during these business closures. The CDBG Business Loan program is designed to encourage businesses to retain existing employees and, in time, to provide capital to help create new jobs. In response to this problem, the Board approved by resolution submitting an application for CDBG funds from the annual State funding allocation in the amount of $500,000 for small business loans. This application for the $202,859 would provide additional funding for the business loan program.
The County has an existing contract for CDBG services with Community Development Services, a local consulting firm that is experienced with implementing these activities.
No additional expenses or ...
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