SUBJECT:
Title
Request Approval of the COVID Healthcare Incentive Program Grant Award to Ocala Metro Catalyst Fund, Inc. (Budget Impact - Neutral; not to exceed $75,000)
Body
INITIATOR: DEPARTMENT:
Angel Roussel, P.E., Assistant County County Administration
Administrator
DESCRIPTION/BACKGROUND:
Marion County has received funds allocated by Section 9901 of the American Rescue Plan Act (ARPA) from the Coronavirus Local Fiscal Recovery Fund. It is the intent of the Board of County Commissioners to promote value-added economic development activities by providing financial incentives to new and expanding target industries which create new jobs and capital improvements within Marion County. To facilitate the COVID response and ongoing issues due to COVID, the County has created the COVID Healthcare Incentive Program (CHIP) grant to assist businesses who are facilitating resolutions to some of these issues.
Ocala Metro Catalyst Fund, Inc. (Fund), is a 501(c)3 non-profit created to serve as a Community Development Financial Institution (CDFI) that provides loans to disadvantaged entrepreneurs. This Fund’s programming assists underserved communities in Marion County through microlending and technical support. The CHIP grant will be used to expand the capacity of the Fund’s CDFI program and respond to the public health emergency with respect to the continuing negative economic impacts of COVID-19.
Attached is the CHIP Grant Agreement for consideration.
BUDGET/IMPACT:
Neutral; not to exceed $75,000
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chair and Clerk to execute the CHIP Grant Award to Ocala Metro Catalyst Funding, Inc.
end