CITY OF ORLANDO
COUNCIL AGENDA ITEM


Items Types:
Economic Development
For Meeting of:
October 10, 2016
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Subject:
2016-2017 Hispanic Business Initiative Fund of Florida, Inc. Funding Agreement

Summary:

The Hispanic Business Initiative Fund of Florida, Inc. (HBIF) was established in Orlando in 1995. HBIF is the leading Hispanic economic development, nonprofit organization that specializes in providing bilingual assistance to Hispanic entrepreneurs who are seeking to establish or expand their business in the state of Florida.  This initiative enhances opportunities for Hispanic entrepreneurs by providing them with the necessary tools to build successful enterprises. HBIF accomplishes this by offering workshops and seminars in Spanish, free bilingual business consulting, entrepreneurial grants and loan information and preparation assistance. Since the organization’s inception, HBIF has grown into a statewide enterprise, with offices in Orlando, Tampa and Miami and state headquarters co-located with the Orlando office.

HBIF services the needs of entrepreneurs in all stages of their growth and development. To date in FY 2015-2016, HBIF provided nearly 250 work hours to Hispanic owned businesses in the City limits, offered 33 business seminars, workshops and orientations and provided technical assistance to 48 Hispanic owned businesses in the City.   HBIF also serves on the advisory board for the Minority/Women Entrepreneur Business Assistance (MEBA) The City's contribution of $150,000 will assist the HBIF in achieving their goals as defined in Exhibit "A" of the attached agreement.

The Hispanic Business Initiative Fund of Florida, Inc. will receive additional funding ranging from $40,000 - $1.5 million from Osceola County, City of Kissimmee, Orange County, Seminole County, Miami-Dade County, Hillsborough County and the State of Florida this fiscal year.

Fiscal & Efficiency Data: Fiscal impact statement attached.

Recommended Action:

Approval of the 2016-2017 Hispanic Business Initiative Fund of Florida, Inc. Funding Agreement and authorization for the Mayor to execute the funding agreement subject to the review and approval by the City Attorney's Office.



Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Kim King
Approved By:

Department Date and Time
Budget Outside Routing Approval 9/28/2016 11:24 AM
City Clerk 9/28/2016 12:13 PM

ATTACHMENTS:
Name: Description: Type:
HBIF_FIS_(16.17).docx Fiscal Impact statement Fiscal Impact Statement
2016-17_Hispanic_Bus_Invest_funding_agreement_$150k.docx Funding Agreement Contract Docs

"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."