ACTION REQUESTED:
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Communication from the City Manager and Assistant City Manager with a Request to APPROVE Expanding the SMALL BUSINESS R.I.S.E. PROGRAM Grant Allocation, for an Amount not to Exceed $1.5 Million of the American Rescue Plan Act (ARPA) Funding.
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BACKGROUND:
In March 2022, City Council approved the R.I.S.E. (Recovery, Income, Startup, and Expansion) Program to support small businesses. The Program addresses some of the financial hardships and challenges small businesses experienced due to the COVID pandemic and ongoing financial pressures due to inflation, supply chain issues, and an unstable workforce.
Initially, $350,000 was allocated for the Program using ARPA funds. $2.4 million was designated for economic development for the fiscal year 2022 for small business working capital, capital improvements, workforce development, business innovation, and digital transformation support.
Currently, 36 businesses out of 336 applications have received funding through the grant. The increase in funds would ensure qualified businesses receive a sufficient grant for expanding or starting a new business.
Thank you to our community navigator organizations and the Small Business Development Center for their assistance, supporting businesses in need of assistance completing the grant application, and providing business-specific technical support. The Program would not be successful without their efforts.
The Small Business Community Navigators Program supports underserved businesses, including minority, veteran, and women-owned businesses. Funding for this state-funded program ends this year.
Peoria's community navigators are:
* Greater Peoria Economic Development Council
* Peoria Area Chamber of Commerce
* Minority Business Development Center
* Greater Peoria Hispanic Chamber of Commerce
FINANCIAL IMPACT: Funding will continue to sustain many Peoria businesses which will, in turn, continue to generate and support the City's various reve...
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