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|October 24, 2019, City Council Regular Meeting|
51. Motion to Adopt a Resolution Transferring City of Savannah Community Development Block Grant Revolving Loan Fund Guarantee Funds to the Savannah Business Assistance Corporation
Economic Strength And Poverty Reduction
Staff is requesting approval to transfer $60,665.71 in City of Savannah Community Development Block Grant Revolving Loan Fund Guarantee (RLFG) funds to the Small Business Assistance Corporation (SBAC) to align the program’s funding with other Small Business Development Program funds currently administered by SBAC.
SBAC administers the City of Savannah’s seven Small Business Development Programs (SBDP) which includes the RLFG which is currently held by the City of Savannah. The request to transfer the management of all RLFG responsibilities to SBAC aligns the RLFG account with other SBDP funds currently held at SBAC and better ensures compliance by reducing the number of account managers.
Kerri Reid, Director of Human Services
Exhibit 1: Resolution - Transfer of RLFG Funds to SBAC.pdf