Economic Vitality Committee Agenda and Packet 2021 10 22

Home Browse Search

Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO • SINCE 1878 SUBJECT: DISCUSSION/DIRECTION — ENGAGING SERVICES FOR BUSINESS SUPPORT WITH THE BOULDER SMALL BUSINESS DEVELOPMENT CENTER (SBDC) DATE: OCTOBER 22, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: Since earlier this year, Economic Vitality staff has been considering how the American Rescue Plan Act (ARPA) funding for the City of Louisville may intersect with business support needs resulting from the COVID-19 pandemic. In the May 21, 2021 Economic Vitality Committee (EVC) report on the COVID-19 Business Impact Survey results report, staff identified several categories of ARPA funding that could be directed to business support, including: • Direct financial assistance, such as grants; • Funds for business investments, similar to the Recovery & Improvement Grant program from 2020; • Marketing campaign and promotional resources businesses; and • Contracts for technical assistance and programming. Staff now feels there should be less focus on ARPA funding to provide grants or direct financial assistance and that the business support dollars are better invested in services to small business and entrepreneurs operating in the Louisville business community. Since that time, City Council has also had several discussions about ARPA funding, but has not yet determined precisely how the City's ARPA allocation will be utilized. Staff initially shared some thoughts about programming in its May 21, 2021 EVC report on the COVID-19 Business Impact Follow -Up Survey results. The discussion that follows expands specifically on a concept to contract with the Boulder Small Business Development Center (SBDC) to provide satellite support focused on small business technical assistance, consulting, and training to facilitate recovery and long-term resiliency of Louisville businesses. DISCUSSION: Earlier this year, staff from Louisville and Lafayette collaborated to review business recovery efforts as well as the service gaps businesses experienced during the pandemic. Although unmet needs existed before the pandemic, especially for our small businesses and entrepreneurs, the environment raised staff's awareness of the range of resources and support that local businesses needed to recover, sustain, and grow. Businesses look to us for assistance in business planning, financial resources, marketing, and 13213 networking opportunities, and there is often not capacity to provide this individual consulting to businesses in the scope of economic vitality's work in Agenda Packet P. 17