Title
A Resolution creating the LFUCG Small Business Economic Recovery Program to provide Grants of up to $2,500,000 (cumulatively) to qualifying local small businesses, with additional sums for the program requiring a separate Resolution; providing for the Program's purpose; setting a goal of 50% funds distributed to minority or women owned businesses or businesses located within lower income areas; limiting Grants to an amount not to exceed a maximum of $25,000 each with a one year compliance period; setting eligibility requirements and business impact criteria; providing for applications and authorization to execute necessary Agreements with Grantees; and authorizing and directing the Mayor, on behalf of the Urban County Government to execute an Agreement with Commerce Lexington, Inc., for a fee in an amount of 7.5% of the funds distributed (not to exceed $187,500) to administer the Program, including application review and compliance; and further authorizing the Mayor or her designee to take any other additional necessary actions; all effective upon passage of Council. [Council Office, Maynard]
Body
WHEREAS, Lexington-Fayette County has experienced an unprecedented health pandemic related to COVID-19, which has resulted in economic turmoil and significant economic losses to many local small businesses; and
WHEREAS, the Urban County Council desires to create a $2,500,000.00 Grant program to assist local small businesses in their recovery from the pandemic, to be known as the "LFUCG Small Business Economic Recovery Program" (or hereinafter the "Program"), and May increase funding for the Program at a later time based, in part, on additional need; and
WHEREAS, at least fifty percent (50%) of the Program funds are desired to be spent on minority or women owned businesses and/or on small business located in lower income areas of Lexington-Fayette County; and
WHEREAS, the Lexington-Fayette Urban County Government needs to establish the minimum criteria for qua...
Click here for full text