Label
National League of Cities Institute City Inclusive Entrepreneurship Grant
Department of Economic Development
Sandy Spang (x1614)
Title
Authorizing the Mayor to enter into a Grant Agreement with the National League of Cities Institute (NLCI) for purposes of accepting an Inclusive Entrepreneurship Grant of $15,000; authorizing the deposit, appropriation and expenditure of $15,000, entering into a contract with the Junction Coalition to implement, through the Junction Economic Transformation Center, a customized plan for conducting an outreach and registration program for informal entrepreneurs; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The National League of Cities Institute (NLCI) City Inclusive Entrepreneurship (CIE) Program is providing a grant of $15,000 to the City of Toledo to support the city's commitment to bringing informal entrepreneurs into the formal economy and providing them with the resources they need to grow their businesses. Informal businesses lack the appropriate licenses, permits and registrations needed for their specific business type. These businesses are therefore limited in their ability to access capital, compete for contracts and scale their operations. Through participation in a cohort of NLCI member cities, the Department of Economic Development has been selected to receive a $15,000 grant to work with the local entrepreneurial support network to create a program to bring five or more informal businesses into the formal economy. The CIE program strongly encourages bringing resources to individuals at the neighborhood level, thus the Junction Economic Transformation Center will be an effective partner for coordinating and implementing this program, which will include both a cohort experience and individual business counseling, as well as funding for necessary registrations, licenses and permits. Businesses will also be provided with a digital device, bookkeeping software and business record-keeping training.
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