City of Reading issued the following announcement on Apr. 16.
Notice is hereby given that on May 26, 2020 the Council of the City of Reading will further support Reading's small businesses by taking up the following amendments to the PY2020 (46th CD year - January 1, 2020 to December 31, 2020) CDBG Action Plan.
The resolution will transfer $325,000 in unprogrammed CDBG funds to initiate the PY2020 CDBG Microenterprise Assistance activity. The City will enter into an agreement with the Community First Fund a private, independent non-profit Community Development Financial Institution (CDFI) to undertake the activity. Loans will be made to microenterprises which may become forgivable if certain conditions are met. The microenterprises will use the funding for working capital and related needs. The activity's eligibility / fundability categories are set forth under section 24CFR570.201(o) Microenterprise Assistance / 24CFR570.208 (a)(2) Low Mod Limited Clientele or 24CFR570.208 (a)(1)(i) Low Mod Area or 24CFR570.208 (a)(4) Low Mod Job Creation – Retention. It is anticipated that the activity will result in assisting 65 microenterprises.
The resolution will transfer $325,000 in unprogrammed CDBG funds to initiate the PY2020 CDBG Special Economic Development Activity. The City will enter into an agreement with the Community First Fund a private, independent non-profit Community Development Financial Institution (CDFI) to undertake the activity. Loans will be made to small business which may become forgivable if certain conditions are met. The small business will use the funding for working capital and related needs. The activity's eligibility / fundability categories are 24CFR570.203 Special economic development activities / 24CFR570.208 (a)(4) Low Mod Job Creation or Retention. It is anticipated that the activity will result in assisting 21 small businesses.
Citizens wishing to comment on the proposed amendments may submit written comments within 30 days of the date of this publication to Jamal Abodalo, Community Development Director, City Hall, 815 Washington Street, Reading, PA 19601. Email Jamal.Abodalo@readingpa.gov Phone 610-655-6328 TDD (610) 655-6442.
Application will be made available starting Tuesday, April 28, 2020. Community First Fund (CFF) will contact qualified enterprises after the City Council ratification on May 26, 2020.
Mayor Eddie Moran
Attachment:
PY2020 CDBG Action Plan Amendments.pdf
Original source can be found here.
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