DEPARTMENT: Economic Development
DEPARTMENT HEAD: Alejandra Lopez
COUNCIL DISTRICT(S) IMPACTED: City-wide
SUBJECT:
Briefings on Launch SA and Loan Interest Buy Down Program Partnership with Liftfund
SUMMARY:
Briefings by Launch SA Director, Ryan Salts and Liftfund CEO Janie Barerra on partnerships with Economic Development Department, including Launch SA and the Loan Interest Buydown Program.
BACKGROUND INFORMATION:
In November 2013, City Council authorized a professional services agreement with LiftFund for the operation and management of Launch SA, which includes both a virtual and physical location where entrepreneurs gather, collaborate, and learn more about entrepreneurship and small business resources. A taskforce of business owners and advocacy organizations were convened in 2012 to brainstorm methods and strategies for promoting small and new business growth in San Antonio. The taskforce identified the need to establish a culture of entrepreneurship throughout the San Antonio community and increase coaching and mentoring opportunities for future and existing small business owners. The value of existing resources was also highlighted during the taskforce discussions as well as the need for increased marketing of these resources. The development of Caf? Commerce, rebranded in 2016 as Launch SA, was recommended as a mechanism by which to implement these types of programs. The taskforce further recommended the outsourcing of operations and management of Launch SA to promote an organic and innovation-focused approach to service delivery. Thus, the City sought a partner in a small business microlending non-profit organization Liftfund to further develop, implement and manage Launch SA.
On August 13, 2015 LiftFund Inc. submitted a proposal to the City's Economic Development Department to create a Loan Interest Loan Buy Down Program. This program was proposed to help small, minority and women business owners qualify for zero percent interest rate loans and ...
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