Recommendation 20250317-009: Establishment of Entrepreneurial Zero-Interest Loans for LGBTQIA+ Businesses

LGBTQ Quality of Life Advisory Commission – March 17, 2025

Recommendation 20250317-009: Establishment of Entrepreneurial Zero-Interest Loans for LGBTQIA+ Businesses — original pdf

Recommendation

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COMMISSION RECOMMENDATION LGBTQ Quality of Life Advisory Commission Recommendation Number: (20250317-009): Establishment of Entrepreneurial Zero-Interest Loans for LGBTQIA+ Businesses Motioned by: Commissioner Fierro-Pérez Seconded by: Chair Neal WHEREAS, local LGBTQIA+ businesses contribute significantly to the cultural richness and economic vitality of Austin; and WHEREAS, similar initiatives for minority business owners have demonstrated success in fostering entrepreneurial spirit and business growth within underserved communities; and WHEREAS, no-interest loans can provide essential financial support to emerging LGBTQIA+ businesses, enabling them to thrive without the burden of debt accumulation; and WHEREAS, supporting LGBTQIA+ entrepreneurs aligns with the city's commitment to diversity and economic inclusion; and WHEREAS, establishing a dedicated zero-interest loan program for LGBTQIA+ business owners would address specific challenges faced by this group and promote a more inclusive business environment; NOW, THEREFORE, BE IT RESOLVED that the LGBTQ Quality of Life Commission recommends that the Austin City Council create and fund an entrepreneurial zero-interest loan program for local LGBTQIA+ businesses, allocating $180,000 to offer no-interest loans with priority given to business owners with intersectional LGBTQIA+ experiences, especially BIPOC owners. This funding will support the establishment and growth of these businesses, ensuring they have the resources necessary to succeed. Date of Approval: March 17, 2025 Record of the vote: Approved on a 10-0 vote. Page 1 of 2 For: Chair Neal, Commissioners Andersen, Bandit, Brown, Coyne, Davis, Fierro-Pérez, Krueger, McLeod, Treviño Against: None Abstain: None Absent: Vice Chair Benson, Commissioners Brookins and Wollerson Attest: _____________________________________________ (LGBTQ Quality of Life Advisory Commission Staff Liaison) Page 2 of 2