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Receive a presentation from the Solano Economic Development Corporation on the small business Revolving Loan Fund program funded with Solano County American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF)
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Published Notice Required? Yes_______ No___X___
Public Hearing Required? Yes_______ No ___X___
DEPARTMENTAL RECOMMENDATION:
The County Administrator's Office (CAO) recommends the Board of Supervisors receive a presentation from the Solano Economic Development Corporation on the small business Revolving Loan Fund program funded with Solano County American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF).
SUMMARY:
Solano County received a direct federal funding allocation under the ARPA SLFRF program of $86,949,405. These funds are intended to provide support to the County in responding to the economic and public health impacts of COVID-19 and impacts on our communities, residents, and businesses.
Beginning in spring 2022, the Board of Supervisors heard several presentations from Subject Matter Workgroups regarding recommendations for projects funded by ARPA, including a workgroup on small businesses. Ultimately, based on the workgroup recommendation, the Board allocated $4,000,000 toward a Revolving Loan Fund (RLF) implemented by the Solano Economic Development Corporation (EDC).
The RLF was a new program in Solano County and must follow the significant administrative requirements of ARPA. As such, the program took time to implement correctly, including communication with the US Treasury to ensure the program was meeting all of the terms of ARPA funding, transitioning the program from the ARPA category of Negative Economic Impacts to Revenue Recovery, researching other RLF programs in California, identifying the areas of the County and businesses most impacted by COVID, hiring of staff, drafting policies and procedures, conducting a required Request for Proposals process to...
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