HomeMy WebLinkAboutResolutions - 2009.09.24 - 9980MISCELLANEOUS RESOLUTION 109220
BY: Finance Committee, Tom Middleton, chairperson
IN RE: BOARD OF COMMISSIONERS — OAKLAND MICROLOAN PROGRAM
To the Oakland County Board of Commissioners
Chairperson. Ladies and Gentlemen:
WHEREAS the credit crisis facing our nation has put increasing pressure on the ability of start-up small
businesses to gain access to capital, as well as impairing the ability of existing small businesses to
acquire loans to grow their businesses; and
WHEREAS the U.S. Small Business Administration (SBA) was created in 1953 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 SBA 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 Oakland County Board of Commissioners recognizes that in these challenging economic
times it is critical to support small businesses, whicn are the economic base of our communities.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners creates the
Oakland Micro-Loan Program in Oakland County.
BE IT FURTHER RESOLVED that the Oakland County Executive through the Department of Economic
Development and Community Affairs shall develop a Micro-Loan Program for Oakland County; and
BE IT FURTHER RESOLVED that before executing any agreements with any nonprofit community based
lender (intermediary) the Department of Community and Economic Development shall bring the proposed
program and any contract for services back to the Board of Commissioners for approval; and
BE IT FURTHER RESOLVED that a program shall be returned to the Board of Commissioners not later
than 60 days after the adoption of this resolution; and
BE IT FURTHER RESOLVED that any contract with an existing nonprofit community based lender
(intermediary) shall include a non-supplanting provision mandate to insure that Oakland County's new
investment does not diminish the amount of loan awards currently being conferred in Oakland County,
and
BE IT FURTHER RESOLVED that the Oakland County Executive Administration is requested to draft and
attach a Fiscal Note and establish accounts that reflect the creation of the Microloan Program for Oakland
County.. as an allocation under the), the Board of Commissioners designated fund reserve for the Fiscal
Year 2010 budget in the amount of $100,000.
BE IT FURTHER RESOLVED that the above mentioned funding will be transferred from the Designated
Fund Balance for Board of Commissioners' Projects. The following amendment is made to the FY 2010
Budget:
Revenue
10100-9010101-196030-665882 Planned Use of Balance $100.000
Expenditures
10100-1090101-171000-731458 Professional Services
10100-1090101-171000-731969 Transfer to Reserve
$ 25,000
75.000
$100,000
$ 0
BE IT FURTHER RESOLVED that the budget Plans for Fiscal Year 2011 and 2012 each include a
designation of 575,000 for the Microloan Program Loan Loss Reserves.
BE IT FURTHER RESOLVED that amendments for the FY 2011 and FY 2012 will be included with the FY
2010 and FY 2011 Year-End Financial Report resolution, once the designation is re-established.
BE IT FURTHER RESOLVED that the Oakland County clerk is requested to forward copies of this
adopted resolution to the Oakland County Executive.
Chairperson, on behalf of the Finance Committee, I move the adoption of the foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE: Motion carried unanimously on a roll call vote.
Resolution Y409220 September 24, 2009
Moved by Woodward supported by Middleton the resolution be adopted.
AYES: Capello. Coleman, Coulter, Douglas, Gershenson, Gingen, Gosselin, Greimel. Hatchett,
Jackson, Jacobsen, Long. McGillivray. Middleton, Nash, Potter, Potts, Runestaci, Schwartz, Scott,
Taub. Woodward, Zack, Bullard, Burns. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolution was adopted.
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
September 24, 2009, 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 24th day of September, 2009,
Gat
Ruth Johnson County Clerk