Item 32 — Thursday, September 24, 2026
In plain language — from agenda source text
This item sets up a contract with Kiva Microfunds to manage revolving funds that match crowdfunded loans for Austin small businesses initial term of three years, with up to four one-year extensions. Kiva's model lets neighbors and supporters chip in small amounts toward a business loan, and the city's matching dollars stretch those campaigns further for shops and startups that often struggle to qualify for traditional bank credit. The contract is capped at $432,000, which is available in Austin Economic Development's operating budget.
Current official agenda wording
Authorize a contract for managing revolving funds for matching crowdfunded small business loans for Austin Economic Development with Kiva Microfunds, for an initial term of three years with up to four one-year extension options in an amount not to exceed $432,000. Funding: $432,000 is available in the Operating Budget of Austin Economic Development.
"without objection, the consent agenda is adopted with the Mayor Watson being shown, voting no on items 48 through 59 and Council Member Alter being shown voting no on item number 49. [00:45:01]" — meeting transcript (unofficial)