The City Council of Renton has approved the spending of $3.6m to help residents with housing, support human services programs and economic recovery, and prevent homelessness in the area.
These funds are part of the amount of $18.1m allocated by the federal government as part of the American Rescue Plan Act. Residents are often made aware of such funding through poster printing in key locations across a city.
The Washington Flex Fund will receive $1 million to help with loans for small businesses. A two for one match will be made by the Washington State Department of Commerce for all funds committed by today (October 1). An amount of up to $150,000 will be made available to businesses and can be used for general expenses. There will be no fees and low interest rates charged on these loans. Payments for the first year will be interest only.
A sum of $600,000 is being committed to retail businesses in the downtown, which have been severely impacted in the past year. An amount of $1.5m will be given to human services, homeless, and housing programs. Residents can use these funds to help pay rent, utility bills, and other expenses identified by the city.
Also, $500,000 was also allocated for software and hardware to support the online services the city provides to its residents.
