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File #: 23-0298    Name:
Type: Written Report Status: Agenda Ready
File created: 9/16/2022 In control: City Council Legislative Meeting
On agenda: 10/25/2022 Final action:
Title: Consideration of the Release of $500,000 in FY 2023 Contingent Reserve Funding set aside for Minority Business Incubation.
Attachments: 1. 23-0298_Attachment 1. City and Partner Resources, 2. 23-0298_Attachment 2. BIPOC-Owned Business Grant Program Summary
City of Alexandria, Virginia
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MEMORANDUM



DATE: OCTOBER 18, 2022

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

THROUGH: JAMES F. PARAJON, CITY MANAGER /s/

FROM: JULIAN GONSALVES, ASSISTANT CITY MANAGER/PUBLIC-PRIVATE
PARTNERSHIPS

DOCKET TITLE:
TITLE
Consideration of the Release of $500,000 in FY 2023 Contingent Reserve Funding set aside for Minority Business Incubation.
BODY
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ISSUE: Consideration of the release of $500,000 in FY 2023 Contingent Reserve Funding set aside for Minority Business Incubation for programs that support black, indigenous and people of color ("BIPOC") owned1 small local businesses that enable the City to retain and grow existing businesses, recruit new business, and/or assist with start-up activities.

RECOMMENDATION: That City Council release $500,000 in FY 2023 Contingent Reserve Funding set aside for Minority Business Incubation for programs that support BIPOC-owned small local businesses.

BACKGROUND: BIPOC-owned businesses have been disproportionately affected by the COVID-19 pandemic and have struggled to recover and stabilize their businesses to the same extent that other businesses have. There are a multitude of different factors that have contributed to this disparity. Some issues are more innate to a business's size or industry, while other issues are more external, such as asymmetric access to capital and other resources due to structural barriers and discriminatory financial lending practices. Additionally, historically BIPOC-owned businesses are feeling increased displacement pressure as rents rise within the City of Alexandria. The clear, negative economic impact of the COVID-19 pandemic led to a nation-wide effort to assist all struggling businesses; however, some jurisdictions and their partner organizations have also been intentional in targeting assistan...

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