The move follows a request made by the chamber in August for additional funding because of a shortfall in the operating budget of the Loveland Center for Business Development.
The city finance staff conducted an audit of the program, determining that the LCBD was the city’s best option for small-business development.
The agreement only applies to 2013.
The LCBD will enter into a partnership with the Chamber of Commerce in order to secure the contract from the city. The agreement includes clear oversight and regular reporting by the chamber and LCBD on finances.
The Loveland chamber director and two members of the chamber board will sit on the LCBD board of directors.