FROM:
Economic Development
SUBJECT:
Title
Resolution of the City Council of The City of Fontana, California, approving an amendment to the agreement for services between The City of Fontana and AMPAC Business Capital
End
RECOMMENDATION:
Recommendation
City Council adopt Resolution No. 2025-103, approving the Amendment to the Agreement for Services Between the City of Fontana and AmPac Tri-State CDC doing business as Ampac Business Capital
End
COUNCIL GOALS:
• Promote economic development by being business friendly at all levels and striving to constantly improve the city's competitiveness.
DISCUSSION:
On March 1, 2024, the City Council established a Revolving Loan Fund (RLF) of $500,000 to provide debt financing to entrepreneurs and small businesses in Fontana, with the goal of stimulating business growth and job creation within the community.
The City previously entered into an Agreement for Services with AmPac Business Capital (AmPac), to manage the day-to-day operations and servicing of the RLF. This included loan application processing, underwriting, disbursement, and management.
Since the program's inception, staff has identified opportunities to clarify and update certain terms and conditions within the original Agreement to enhance administrative efficiency and ensure the RLF continues to operate effectively in line with its original intent. The core intent, scope of work, and the City’s financial commitment under the original $500,000 RLF program remain unchanged.
Furthermore, the Resolution grants the City Manager the authority to execute future non-material amendments. This authority is requested to allow staff to quickly make minor, operational adjustments that may become necessary over the life of the Agreement.
FISCAL IMPACT:
No fiscal impact
MOTION:
Approve Staff recommendation