Closeout of Community Development Block Grant (CDBG) Award 20-CDBG-12079 Microenterprise Financial Assistance Program
Award Details
Activity: Microenterprise Financial Assistance Program
Type: Economic Development Program
Timeline: Three-year period from November 9, 2021 to November 8, 2024 National Objective: Low-Moderate Income Limited Clientele, Microenterprises (LMCMC) Total program funds available: $117,000.00
Total program funds expended: $117,000.00
Expenditure Breakdown:
$100,000.00 for loans
$15,000.00 for contracted consultant expenses in support of the activity $2,000.00 for General Administration of the CDBG program
Microenterprise Assistance
Microenterprise Businesses Assisted: 2
Jobs Created/Retained: 3
Loan Amounts:
Total: $100,000
Business A: $35,000
Business B: $65,000 ($30,000+$35,000)
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)