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ECONOMIC DEVELOPMENT COMMISSIONCLERK, PLEASE CALL THE ROLE COMMISSIONER MATOYER HERE.
UM, COMMISSIONER SANDOVAL IS RUNNING A LITTLE BIT LATE, SO HE SHOULD BE, UH, HERE SHORTLY.
UH, ITEM ONE, RECOMMENDATION TO APPROVE THE MINUTES FOR THE ECONOMIC DEVELOPMENT COMMISSION REVOLVING LOAN SUBCOMMITTEE MEETING OF WEDNESDAY, FEBRUARY 4TH, 2026.
MAY I HAVE A MOTION TO HEAR THIS ITEM? SO MOVED.
UH, IT HAS BEEN MOVED AND SECONDED BY THE COMMISSIONER, NATO AND, UH, COMMISSIONER RUSH.
ARE THERE ANY QUESTIONS ABOUT OR CORRECTIONS TO THE MINUTES? NO.
WE'LL NOW TAKE PUBLIC COMMENT.
ANYONE WHO WOULD LIKE TO SPEAK ON THE MINUTES, PLEASE STAND.
THERE ARE NO MEMBERS OF THE PUBLIC FOR PUBLIC CLERK.
TOYER? YEAH, I GOT PLEASE READ THE NEXT ITEM.
RECOMMENDATION TO APPROVE THE REVOLVING LOAN APPLICATION AND THE AMOUNT OF $35,000 FOR A BN MONKEY, L-L-C-D-B-A BUSY LOCATED AT 2 6 5 0 EAST BROADWAY, LONG BEACH, CALIFORNIA 9 0 8 0 3.
MAY I HAVE A MOTION TO HEAR THIS ITEM? SECOND.
AND SECONDED BY COMMISSIONER NATO AND
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MAD[00:24:53]
CLERK,[00:24:54]
PLEASE[00:24:54]
CALL FOR THE VOTE.[00:25:01]
WATCH.ITEM THREE, RECOMMENDATION TO APPROVE THE REVOLVING LOAN APPLICATION AND THE AMOUNT OF $99,000 FOR MACKAY FITNESS CORPORATION.
LOCATED AT 2 4 0 LONG BEACH BOULEVARD, SUITE 1 0 6, LONG BEACH, CALIFORNIA 9 0 8 0 2 I I HAVE A MOTION TO HEAR THIS ITEM.
IT HAS BEEN MOVED AND SECONDED BY COMMISSIONER SANDOVAL AND WITH NO WATCH.
WE PLEASE, UH, PRESENT THE PHONE, UH, INFORMATION.
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MADAM[00:40:05]
CLERK,[00:40:05]
PLEASE CALL FOR THE VOTE.COMMISSIONER WA
UH, SO AT THIS TIME WE ARE GONNA TAKE, UH, NON AGENDA, PUBLIC COMMENT AND THERE ARE NO MEMBERS OF THE PUBLIC FOR PUBLIC COMMENT.
THAT DOES CONCLUDE PUBLIC COMMENT.
UM, ARE THERE ANY ANNOUNCEMENTS FROM COMMISSIONERS? NOT AN ANNOUNCEMENT, BUT I GUESS IT'S A, A REQUEST THAT GOES BACK TO THE EARLIER COMMENT ON THE DATA, ON THE PRESENTATION FOR, UM, FOR THE RESTAURANT PIECE.
BUT IT WOULD BE GOOD IF WE COULD JUST DO LIKE AN OVERALL PRESENTATION ON LOANS THAT WE'VE DONE AND DEFAULT AND THEN BY CATEGORY.
UH, JUST SO THAT WE CAN, SO NOT JUST RESTAURANTS JUST OVER, YEAH.
ORIGINALLY WHEN WE DID THAT FIRST LOAN, I WAS LIKE, IT WOULD BE NICE TO KNOW, YOU KNOW, HOW
AND IF WE CAN DO BY LIKE MAJOR CATEGORIES, INDUSTRY TYPE, THAT WOULD BE, THAT WOULD BE GOOD.
I DO HAVE ONE ANNOUNCEMENT, SO, OKAY.
MY APOLOGIES FOR MY TARDINESS.
I WAS IN ANOTHER MEETING, BUT I DID WANT TO INFORM THE, UM, THE SUBCOMMITTEE THAT WE DID.
UH, WE WERE AWARDED THE $750,000 THAT WE HAD WRITTEN FOR A GRANT BACK IN SEPTEMBER OF 2023.
AND WE RECEIVED THE AWARD ON, ON MARCH 5TH, AND WE ACCEPTED THE AWARD LAST WEEK.
SO WE ARE JUST GOING THROUGH THE PROCESS OF SUBMITTING ALL THE PAPERWORK THAT WE NEED.
WE HAD TO UPDATE OUR PLAN, SO WE WE'RE, WE ARE IN THE PROCESS OF WE UPDATED THE PLAN AND WE HAVE TO TAKE IT IN FRONT OF THE COMMISSION SO THAT THE WHOLE COMMISSION CAN APPROVE IT.
THAT IS PART OF THE WHOLE APPLICATION PROCESS.
UM, I DO HAVE A, A, A COMMENT AND A QUESTION AROUND, UM, STARTUP CAPITAL.
SO WE'RE, YOU KNOW, THIS RESTAURANT STARTUP, UM, REALLY GREAT STRONG SPONSOR BACKGROUND, RIGHT? CREDITS AND, AND COLLATERAL AND UH, AND AND NET NET WORTH IF THERE'S AN OPPORTUNITY TO MARKET IN THROUGH OUR MARKETING EFFORTS AS WE'RE GETTING THE WORD OUT WITH THE NEW NEWS OF THE, THE EXPANSION OF, OF THE, OF THE PROGRAM OR THE FUNDING.
BUT COULD WE POTENTIALLY, UH, PRESENT THIS OPPORTUNITY TO STARTUPS THAT HAVE ALL THOSE THINGS POTENTIALLY THAT ARE ALSO JUST STARTUPS, UM, BUT ARE LOOKING FOR STARTUP CAPITAL FOR THOSE CONCEPTS, WHICH IS PROBABLY THE HARDEST THING FOR THEM TO ACHIEVE OR GET IF THEY'RE LOOKING FOR SEED FUNDING OR, OR DEBT.
UM, THIS IS COULD BE AN OPPORTUNITY TO WORK WITH THE, THE DOA, THE DOWNTOWN BUSINESS ALLIANCE.
UM, THE LBA IS ANOTHER EXAMPLE OF HOW WE COULD POSITION THE REVOLVING LOAN FUND FOR AN OPPORTUNITY FOR COMPANIES THAT ARE NEW OR YOUNG, THAT HAVE STRONG SPONSORED BACKGROUND, BUT BUT DON'T HAVE SEED, THE SEED MONEY.
AND SO, YOU KNOW, IF WE'RE A CITY OF, OF INNOVATION AND GROWTH AND ACCESS TO CAPITAL AND, AND ALL THOSE THINGS, UM, WE HAVE SOME REALLY GOOD OPPORTUNITIES AHEAD.
HAVE YOU DONE VERY MANY TECH COMPANIES OR ANY TECH COMPANIES REALLY? WE'VE MET WITH TECH COMPANIES.
I DON'T THINK THAT WE FUNDED OFF THE TOP OF MY HEAD.
I CANNOT THINK OF A TECH COMPANY THAT WE FUNDED.
WAS YOU WHAT WE DID? WE, UH, IF I MAY, THIS IS NOT SOMETHING THAT'S ON THE AGENDA, SO LET'S KEEP IN MIND THAT.
SO WE'LL, WE'LL TALK ABOUT THAT APP.
SO IF WE ARE HEADING BACK OVER TO YOU? YEAH.
UM, IS THERE, IF THERE IS NO OBJECTION, I DECLARE THE MEETING AD DRINK.