San Pablo Planet bids #142697

San Pablo Seeks CDFI to Administer Business Revolving Loan Fund for Small Businesses

The City of San Pablo, California, is seeking a Community Development Financial Institution (CDFI) to manage its Business Revolving Loan Fund (RLF): - Government Buyer: - City of San Pablo, California (local government) - Products/Services Requested: - Administration and management of the Business Revolving Loan Fund (RLF) - Fund management, loan processing, and reporting for San Pablo-based small businesses - No specific OEMs or commercial vendors are named in the solicitation - Notable Requirements: - RLF will be capitalized for at least five years - Annual funding between $50,000 and $75,000, sourced from Community Benefit contributions from retail cannabis sales - Focus on expanding access to capital for small businesses unable to qualify for traditional financing - Both electronic and paper bid responses are accepted - The selected CDFI will be responsible for sustainable management and potential expansion of the loan fund to support local economic development

Description

This solicitation is for the administration of the City of San Pablo's Business Revolving Loan Fund (RLF). The RLF will be funded annually for no less than five years through Community Benefit contributions from retail cannabis sales, estimated at $50,000 to $75,000 per year. The purpose of the fund is to provide sustainable access to capital for small businesses in San Pablo, especially those unable to secure traditional financing. The contract involves managing and expanding this loan fund to support local economic development.

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