Title
Resolution authorizing the Chief Financial Officer to enter into certain economic development micro-loan agreements.
Body
Recommended Action: Approve the resolution.
Sedgwick County has received grant funding under the Kansas Small Cities CDBG program through the Kansas Department of Commerce and Housing, for the administration of the Sedgwick County CDBG Micro-loan Program. The purpose of the program is to enhance the economic base in the community by assisting entrepreneurs who create micro-enterprise businesses having five or fewer employees. Qualified businesses may receive loans of up to $15,000 if approved following a thorough review or all relevant loan application documents and an assessment of the repayment risk posed by the company by an established Micro-loan committee.
The program operates through the South Central Kansas Economic Development District. SCKEDD advises eligible businesses regarding the program, processes and submits to a loan committee all loan applications, and services outstanding loans. Because the loans formally are awarded by Sedgwick County, the loan agreements and related documents must be executed by a county official. To provide a timely response to prospective borrowers and minimize the number of minor, routine actions requiring a vote of the governing body, the BOCC previously designated the Community Development Director as the official authorized to take action on its behalf. In December that person retired, and her responsibilities pertaining to this program have been transferred to the CFO.
The proposed resolution designates the CFO to take required actions pertaining to the Micro-loan program which previously were taken by the Community Development Director.
Alternatives: The BOCC could designate a different person to act, or could decline to designate a representative to act on its behalf. In that event, each individual loan agreement and supporting documentation would require approval by the Commission.
Financial Considerations: The recommended action has no impact on county finances.
Legal Considerations:
Policy Considerations: