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Council members request 60-day report on emergency fund for small businesses and nonprofits
Summary
The committee moved that the administration produce a report within 60 days on the need and feasibility of creating an emergency fund for small businesses and nonprofits to cover unexpected capital costs; sponsor said examples include fire, flooding and boiler failures.
The Cincinnati City Council Economic and Cultural Opportunity Committee approved a motion asking the city administration to report back within 60 days on "the need and possibility of establishing an emergency fund available to small businesses and nonprofits who encounter unexpected capital expenses," according to the item presented at the meeting.
Council Member Anna Albee, the motion sponsor, told the committee she had received requests from nonprofits seeking quick assistance for urgent capital repairs that fall outside insurance coverage. "Something happens'nonprofit has this urgent capital need, whether it's some of the stuff that you rattled off'or things that aren't covered by insurance," Albee said, giving as examples an air conditioner failure or a boiler break.
The motion, as read by the chair, asked the administration to provide recommendations for potential eligibility criteria and funding restrictions. The item was sponsored by Council Member Albee and co-sponsored by the chair and Council Members Nolan, James and Johnson. The committee did not record a roll-call vote in the transcript; the chair noted the 60-day timeline and said the report will return to the committee in late April for further discussion.
