CITY COUNCIL AGENDA ITEM
Memo Date: December 4, 2019
Agenda Date: January 8, 2020
Prepared By: Charlene Neuterman, Deputy Community Services Director
Through: Nancy A. Bunt, Community Services Director
Requested Action:
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Council approval of a Strategic Alliance Memorandum (SAM) between the U.S. Small Business Administration (SBA) and the City of Cocoa; Authorize the Mayor to sign the Memorandum on behalf of the City; Present a Proclamation acknowledging the Strategic Alliance Memorandum between the SBA and the City of CocoaEnd
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BACKGROUND:
The City of Cocoa and the U.S. Small Business Administration (SBA) executed the first Strategic Alliance Memorandum (SAM) in May 2012 for a period of two years and subsequently renewed the Memorandum in March 2014 and June 2016. The City of Cocoa and the SBA desire to renew this Memorandum to continue coordination and cooperation of mutually beneficial activities in the interest of small businesses within the City of Cocoa. Since the execution of the Memorandum, the City and the SBA has jointly hosted, directly and indirectly, 13 workshops and partnered on more than 21 projects concerning small business finance, HUBZone certification, government contracting, and other SBA-related activities.
The United States Small Business Administration (SBA) mission is "...to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation..." In the course of carrying out that mission, SBA district offices deliver programs and services to the public, and assists local governments as they assist the small business community.
According to the SBA, 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. Furthermore, only 25% make it to 15 years or more. However, not all of these businesses need to fail. With the right planning,...
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