HomeMy WebLinkAbout2021-14 EDARCommissioner Elliott introduced the following resolution and moved its adoption:
EDA RESOLUTION NO.2021-14
RESOLUTION APPROVING ESTABLISHMENT OF THE SMALL BUSINESS
MICRO LOAN PROGRAM
WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the
"EDA") was created pursuant to Minnesota Statutes, sections 469.090 through 469.1082 to
exercise its powers to promote and protect economic development within the City of Brooklyn
Center ("City"); and
WHEREAS, the COVID-19 pandemic has dramatically impacted local businesses,
particularly small businesses, over the course of the past sixteen months; and
WHEREAS, the City has a large number of micro businesses, many owned by
immigrants and people of color, that are a critical part of the economic vitality of the City, and
such businesses have been hit particularly hard by COVID-19; and
WHEREAS, EDA staff presented a proposal from the Liberian Business Association
("LIBA"), dated , 2021, which is incorporated herein by reference, which sets
out the details of a proposed Small Business Micro Loan Program to be administered by LIBA
with EDA funds in exchange for an administrative fee ("Loan Program"); and
WHEREAS, the Loan Program is consistent with the goals of the EDA, and is within its
powers, to establish the proposed Loan Program to assist small businesses and their employees,
and to help protect the City's economy and reduce unemployment.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority of
Brooklyn Center, Minnesota Board of Commissioners as follows:
1. The EDA hereby establishes the "Small Business Micro Loan Program" as provided
in this Resolution. The EDA authorizes a total of $100,000 to be used for the Loan
Program, with individual loans of up to $5,000.
2. The Loan Program shall be generally structured in accordance with the provisions
contained in the proposal from LIBA that was presented to the EDA on the date of
this Resolution, which was created by LIBA in close consultation with EDA staff.
EDA staff shall be authorized, however, to make modifications to the Loan Program
that do not materially alter the substance of the Loan Program as presented to the
EDA on such date.
3. The Executive Director and EDA staff are hereby authorized and directed to do each
of the following regarding the Loan Program:
a. Execute and carry out an agreement with LIBA for the administration of the
Loan Program, in a form that is acceptable to the EDA attorney;
BR305-1-728813.vi
RESOLUTION NO. 2021-14
b. Prepare an application furor, loan closing documents, policy and program
guidelines, and such other documents as may be needed to carry out the Loan
Program;
c. Enter into such agreements on behalf of the EDA as may be needed; and
d. Take all other actions, and execute such other documents, as may be needed to
implement and carry out the Loan Program and the intent of this Resolution.
July 26, 2021
Date
President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Lawrence -Anderson
and upon vote being taken thereon, the following voted in favor thereof:
Butler, Elliott, Lawrence -Anderson, Ryan
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
BR305-1-728813.vi