6.5.37.030 Findings

(a) The Pueblo de San Ildefonso ("Pueblo") received Coronavirus State and Local Fiscal Recovery Funds ("SLFRF") and determined a need to use a portion of these funds to respond to the negative economic impacts on the small businesses owned and operated by the Pueblo or its subsidiaries or operating on the Pueblo's lands.

(b) The Council evaluated the use of the SLFRF to mitigate financial hardship, and the need to provide technical assistance and other business planning help, capital expenditure and rehabilitation of commercial properties and support services to the small businesses owned and operated by the Pueblo or its subsidiaries or operating on the Pueblo's lands.

(c) In response to the disproportionate impact of the pandemic on these small businesses, Council provided loans totaling $1,200,000 to San Ildefonso Services, LLC ("SIS, LLC"), a single member limited liability company wholly owned by the Pueblo, for equipment upgrades and capital improvements necessary for continued operation and improved sales at the C-stores owned and operated by SIS LLC, and for the acquisition of an engineering firm to build SIS LLC's capacity to engage in federal contracting and other business ventures.

(d) The Council has determined it to be in the best interest of the Pueblo to convert the loans to SIS LLC to small business assistance grants to mitigate the financial hardships and disproportionate impacts of the pandemic and to build business capacity and to forgive the loan repayments retroactive to November 1, 2021 for the VEI acquisition loan and January 1, 2022 for the C-Store improvement loan.