Label
Small Business Development Fund Closure
Finance Department
Campbell (x1252) Buckley (x1602)
Title
Closing the Small Business Development Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the closure of the Small Business Development Fund, which was originally established to account for the assets of the Small Business Assistance Corporation, which the City of Toledo assumed in 1989. There has been no activity in this fund since FY 2023. Companion legislation has been submitted to eliminate the fund’s $115,000 deficit balance.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Small Business Development Fund 6083 is hereby abolished and closed.
SECTION 2. That this Ordinance is declared to be an emergency measure and shall be in force and effect from and after its passage. The reason for the emergency lies in the fact that it is necessary for the immediate preservation of the public peace, health, safety, and property and for the further reason that this Ordinance must be immediately effective to facilitate the closure of the Small Business Assistance Fund.
Vote on emergency clause: yeas 10 nays 0.
Passed: July 14, 2026, as an emergency measure: yeas 10, nays 0.
Attest:
Julie A. Gibbons Vanice S. Williams
Clerk of Council President of Council
Approved: July 15, 2026
Wade Kapszukiewicz
Mayor