Opportunity
Guilford County NC MUNIS #20188
MWBE Capital Access Program Administration for Guilford County
Posted
March 29, 2024
Respond By
March 29, 2024
Identifier
20188
NAICS
522298
Guilford County is seeking a qualified Community Development Financial Institution (CDFI) to administer its MWBE Capital Access Program: - The program provides guaranteed working capital loans to North Carolina HUB-certified Minority and Women Business Enterprises (MWBEs) operating in Guilford County - The selected CDFI will: - Receive and review loan applications from eligible MWBEs - Disburse loan funds and collect repayments - Provide education and technical assistance to MWBEs - Regularly report key performance indicators to the County's MWBE Department - The County will guarantee a portion of the loans with a $400,000 reserve fund, which must be held and collateralized as public funds in accordance with North Carolina regulations - The program specifically targets MWBEs with contracts or subcontracts with Guilford County - Notable requirements include MWBE participation goals, detailed reporting, and compliance with insurance and legal standards - No specific OEMs or commercial product vendors are named, as this is a service-based solicitation for qualified CDFIs
Description
Guilford County Purchasing Department is soliciting proposals from qualified Community Development Financial Institutions (CDFIs) to provide a guaranteed loan program including working capital loans to North Carolina HUB certified Minority and Women Business Enterprises (MWBEs) located in the Guilford County relevant market. The selected CDFI will be responsible for receiving and reviewing applications, providing loan funds, collecting loan payments, providing education, and reporting key performance indicators regularly to the MWBE Department. The contract will be for an initial three years with options to renew for two additional one-year periods, totaling up to five years. The program includes a $400,000 loan guarantee fund held by the CDFI to cover defaulted loans, with specific requirements for collateralization and loan usage.