title
A resolution approving nonprofit partners for technical assistance, marketing and outreach to assist underserved small businesses through the Nashville Small Business Recovery Fund.
body
WHEREAS, on June 15, 2021, the Metropolitan Council passed Resolution RS2021-966, a resolution which accepted grant funds for local government support from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act of 2021 (“ARP Funds”) from the U.S. Department of the Treasury to The Metropolitan Government of Nashville and Davidson County, which was subsequently signed into law by Mayor John Cooper on June 16, 2021; and,
WHEREAS, Resolution RS2021-966 established a COVID-19 Financial Oversight Committee ("the Committee") whose role is to collect, consider, and recommend appropriate uses of the ARP Funds as designated by the Metropolitan Council disbursement plan. The Committee will submit its reports and recommendations to the Mayor, the Director of Finance, and the Metropolitan Council not later than June 30, 2025; and,
WHEREAS, there are federal requirements for use of ARP Funds that require that these funds be expended or obligated on or before December 31, 2024; and,
WHEREAS, Metro Council approved Resolution RS2022-1356, which appropriated $20,000,000.00 in ARP Funds to create the Fund, including a $2,000,000.00 allocation for technical assistance and marketing and outreach grants to nonprofit partners with the intention to increase minority applications of business in the North Nashville and Southeast Nashville for the grants and capital loans available, (“the Support Program”); and,
WHEREAS, ECD has reviewed and scored applications for the Support Program and recommended ten nonprofit partners to receive various allocations totaling $1,674,960.00, which is further described in the attached exhibit; and,
WHEREAS, ECD recommends that the remaining $325,040.00 be retained by ECD as additional funds available to support the technical assistance efforts of the nonprofit partners identified in the attached exhibit, and that any funds not spent on or before December 1, 2024, be returned to Fund #30216; and,
WHEREAS, the Committee accepts the recommendations of ECD and supports use of the funds as outlined in the attached exhibit; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that this resolution be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Metropolitan Council accepts this resolution as a recommendation of the COVID-19 Financial Oversight Committee.
Section 2. That the $2,000,000.00 allocation from RS2022-1356 for technical assistance and marketing and outreach be appropriated as described in this resolution and the attached exhibit.
Section 3. This resolution shall take effect from and after its final passage, the welfare of the public requiring it.
Agenda Analysis
Analysis
On February 1, 2022, the Metro Council approved Resolution No. RS2022-1356, which appropriated $20,000,000 in American Rescue Plan Act (ARP) funds to create a Nashville Small Business Recovery Fund (Fund). This included $2,000,000 for technical assistance and marketing and outreach to grants to nonprofit partners with the intention to increase minority applications of businesses in North Nashville and Southeast Nashville for the grants and capital loans available.
The Mayor’s Office of Economic and Community Development (ECD) has reviewed and scored applications for funding for technical assistance and marketing and outreach. ECD recommended ten nonprofit partners to receive various allocations totaling $1,674,960. ECD recommended the remaining $325,040 be retained by ECD as additional funds available to support the technical assistance efforts of these nonprofit partners. Any funds not spent on or before December 1, 2024 would be returned to Fund #30216.
The applicants selected for funding, and the amounts, are as follows:
• Nashville LGBT Chamber of Commerce - TBD
• Nashville Area Hispanic Chamber of Commerce - TBD
• Tennessee Latin American Chamber of Commerce (TLACC) -- $210,000
• Conexión Américas -- $289,960
• Corner to Corner -- $475,000
• Equity Alliance -- $150,000
• Bordeaux Business Coalition - TBD
• Jefferson St. United Merchants Partnership (JUMP) -- $50,000
• Nashville Business Incubation Center (NBIC) -- $500,000
• Southeast Center for Cooperative Development - TBD
The remaining $325,040 would be reserved as follows:
• $200,000 held for future nonprofit organization (NPO) business support organizations (BSOs)
• $125,040 held for allocation for additional support for NPO BSOs based on performance
Fiscal Note: This resolution recommends ten non-profit partners to receive a total of $1,674,960 to increase minority applications of business in the North and Southeast Nashville for the grants and capital loans available. The remaining $325,040 will be retained by ECD as additional funds available to support the technical assistance efforts of the non-profit partners.