Closeout of Community Development Block Grant (CDBG) Award 20-CDBG-CV2-3-00235 COVID-19 Business Assistance Loan Program
Award Details
Activity: COVID-19 Business Assistance Loan Program
Type: Economic Development Program
Timeline: Three-year period from October 13, 2021 to October 31, 2024 National Objective: Low-Moderate Income Job Creation or Retention (LMJ) Total program funds available: $237,610.65
Total program funds expended: $224,466.14
Expenditure Breakdown:
$178,208.00 for loans
$15,669.25 for contracted consultant expenses in support of the activity $6,835.23 for staff time in support of the activity
$23,753.66 for General Administration of the CDBG program $13,144.51 was unspent and will be disencumbered
Business Assistance
Businesses Assisted: 1
Jobs Created/Retained: 6 part-time (3 full-time equivalent) Loan Amount: $178,208
Program IncomeOngoing Community Benefit
Repaid loans become Program Income (PI)
PI can be used for eligible CDBG activities
PI can be used to increase an application total or applied for as a standalone three-year contract $570,000 in current and future anticipated Program Income receipts will fund a Business Assistance Loan Program (applied and awaiting contracting from HCD)