HomeMy WebLinkAboutResolution 2020-073 N.C.S. 05/18/2020Resolution No. 2020-073 N.C.S.
of the City of Petaluma, California
AUTHORIZING A GENERAL FUND APPROPRIATION OF $250,000
TO BEGIN A SMALL BUSINESS LOAN PROGRAM WITH EXCHANGE
BANK IN RESPONSE TO THE COVID-19 PANDEMIC
WHEREAS, the emergency caused by the COVID-19 pandemic has caused significant
stress to Petaluma's small businesses, including business closures, limited ability to operate, and
layoffs of employees; and
WHEREAS, Petaluma values its small business community and the contributions it
makes to the City's tax base, vitality, and local employment opportunities; and
WHEREAS, the Small Business Administration provides various funding programs at
the Federal level, including new programs established by the CARES Act, but those programs
have been challenging to access for some; and
WHEREAS, Petaluma has identified an opportunity to collaborate with Exchange Bank
to provide the application submittal, ongoing administrative and payment aspects of a small
business loan program; and
WHEREAS, the loan program would target businesses with under 50 employees who
have experienced impacts from COVID-19 and have not been successful in accessing Federal
assistance; and
WHEREAS, staff is proposing an initial $250,000 in General Fund funding for the loan
program;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Petaluma hereby:
Resolution No. 2020-073 N.C.S. Page 1
1. Authorizes the City Manager to execute necessary documents to initiate a small
business loan program administered by Exchange Bank, with a City funding
commitment of $250,000; and
2. Authorizes a $250,000 appropriation from the General Fund to finance the program.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approve a t
Council of the City of Petaluma at a Regular meeting on the 181h day of May 2020, fo
by the following vote:
AYES: Mayor Barrett; Vice Mayor Fischer; Healy; Kearney; King; McDonnell; Miller
NOES:
None
ABSENT:
None
ABSTAIN:
None
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ATTEST:
City Clerk
Mayor
City Attorney
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Resolution No. 2020-073 N.C.S. Page 2