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Q&A
Details on returnable grant fund applications, disbursements, and eligibility criteria
1:20:19
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156 sec
Kim Yu provides specific information about the returnable grant fund, including disbursement amounts, eligibility criteria, and recent improvements to the application process. Council Member Julie Won inquires about the total value of applications and potential expansion of the fund.
- Over $190 million was dispersed in the last two fiscal years, with $63 million already dispersed in the current fiscal year
- Eligibility criteria have been expanded to include four categories of nonprofits and for-profits delivering human services
- The application process has been streamlined, reducing administrative burden for applicants
Julie Won
1:20:19
Going back to the question, what is the total value of applications submitted by providers and how much of the 30,000,000 has been granted to date?
1:22:42
Is there a conversation to expand the 30,000,000 to a higher dollar amount?
Kim Yu
1:20:26
So I have some rolled up numbers if I may.
1:20:29
So last two fiscal years there was over a hundred and $90,000,000 dispersed.
1:20:35
In this fiscal year already there was $63,000,000 dispersed.
1:20:39
And for all those who are listening, just want to list out the criteria for eligibility and it's been expanded as I mentioned.
1:20:46
So nonprofits with registered contracts but funding release delays, that's the first one of the four.
1:20:53
The second one, non profits with future startup costs for emergency needs.
1:20:58
The second of the four.
1:21:00
The third of the fourth, non profits contracting capital discretionary if also holding an expense contract.
1:21:07
And then fourth, the last for profits delivering human services.
1:21:12
And also just wanted to highlight that there have been the changes to greatly reduce the administrative burden for obtaining these interest free loans.
1:21:24
Previously the application was seven pages, it's now three pages.
1:21:30
Previously there were over 60 fields for completion across the application.
1:21:34
Currently it's cut down to about one third.
1:21:38
Previously it was a Microsoft Word document or a PDF, but now it's been fully digitized to Adobe PDF and it's web friendly.
1:21:49
And before it was limited, there was a limited outline of eligibility parameters on the application, but now it includes a full eligibility matrix and compliance conditions.
1:22:00
And previously also it was limited eligibility to outside in progress non profit contracts.
1:22:06
Currently it's expanded eligibility for registered non profit contracts in human services for profits as I previously mentioned.
1:22:14
So this is just one tool in the toolbox, but it is a significant one.
1:22:19
It is one that's available, and as you mentioned, there's $30,000,000 in the fund right now.
1:22:25
We do take a first come first served basis, but we do also with city hall leadership review what makes sense in terms of prioritization and program priority, and so we do the city does it's available and we encourage the use of the loan.
1:22:46
The $30,000,000 right now, you know, is from our review of the performance and the utilization of it a healthy amount.