HomeMy WebLinkAboutResolutions - 2010.10.21 - 10280MISCELLANEOUS RESOEUTION#10268
BY: Commissioners Michael J. Gingen, District #3; Dave Woodward,
District #185hekt02)..3 770,10 tb Szioe &Jrf I 4X/111JdA ib-00-1141.4)Cilj '11°17
IN RE: BOARD OF COMMISSIONERS - OAKLAND COUNTY MICROLOAN PROGRAM '7/A1 64/4 '1'594/f
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS the continuing credit crisis facing our nation has adversely
affected the ability of small businesses start-ups and existing small
businesses to acquire capital and loans to establish and grow their
businesses; and
WHEREAS in 1953 the U.S. Small Business Administration (SBA) was
created as an independent agency of the federal government to aid,
counsel, assist and protect the interests of small business concerns,
to preserve free competitive enterprise and to maintain and strengthen
the overall economy of our nation; and
WHEREAS the SBA provides support for numerous programs to help grow
small businesses; and
WHEREAS the SBA Microloan Program provides very small loans to start-
up, newly established, or growing small businesses; and
WHEREAS the SPA makes funds available to nonprofit community based
leaders (intermediaries) which, in turn, make loans available to
eligible borrowers in amounts up to a maximum of $35,000, with loan
repayment periods of up to five (5) years; and
WHEREAS eligible intermediaries may be a quasi-governmental economic
development corporation; and
WHEREAS the Center for Empowerment & Economic Development (CEED) is a
nonprofit organization with 25 years of experience in microlending and
business development; and
WHEREAS the CEED Microloan Program services Wayne, Oakland, Macomb,
Washtenaw, Livingston, Monroe, Lenawee, Hillsdale and Jackson Counties;
and
WHEREAS the CEED Microloan Program is the only approved SBA authorized
microlending intermediary servicing Oakland County; and
WHEREAS the CEED Microloan Program already provides loans to Oakland
County businesses; and
WHEREAS the CEED has the ability to borrow microloan funds from the
U.S. Small Business Administration; however, a 15% reserve and matching
operating funds are required; and
WHEREAS the Oakland County recognizes the continuing need to support
small businesses that help stabilize the economic base of our
communities in these challenging economic times.
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Chairperson, we move the adoption of the ing Resol
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NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners amends the adopted FY 2012 and FY2013 Budget Plans to
include a designation in equity in the amount of $100,000 in the FY
2012 Plan for the Oakland County Microloan Program and $100,000 in FY
2013 Plan for the Oakland County Microloan Program.
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Resolution #10268 October 6, 2010
The Chairperson referred the resolution to the Finance Committee. There were no objections.
FISCAL NOTE (M.R. #10268) October 21, 2010
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: BOARD OF COMMISSIONERS — OAKLAND COUNTY MICROLOAN PROGRAM
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies, and Gentlemen:
Pursuant to Rule XII-C of this Board, the Finance Committee has reviewed the above
reference resolution and finds:
1. The Center for Empowerment & Economic Development (CEED) is a non-profit
organization experienced in providing microlending services to help assist small
businesses with start-up cost and acquire capital and loans to establish and grow
their businesses.
2. The CEED Microloan Program currently provides loans to Oakland County
businesses.
3. The CEED has the ability to borrow microloan funds from the U.S. Small
Business Administration. However, a 15% reserve and matching operating funds
are required.
4, MR #10248 authorized a designation of $100,000 in Fund Balance for FY 2011
with the FY 2010 Year End closing.
5. The 2010 designations of Fund Equity will also include designation of $100,000
each for FY 2012 and FY 2013, to be appropriated when needed.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote.
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Resolution #10268 October 21, 2010
Moved by Runestad supported by Coleman the resolutions (with fiscal notes attached) on the amended
Consent Agenda be adopted (with accompanying reports being accepted).
AYES: Bullard, Burns, Capello, Coleman, Douglas, Gershenson, Gosselin, Greimel, Hatchett,
Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potts, Runestad, Scott, Taub,
Woodward, Zack. (21)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the amended
Consent Agenda were adopted (with accompanying reports being accepted).
I HEREBY APPROVEffiE FOREGO% RESOLUTION
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STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Ruth Johnson, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on October
21, 2010, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 21 st day of October, 2010.
eat
Ruth Johnson, County Clerk