The fund’s primary purpose is to increase access to capital for businesses unable to secure traditional financing
VANCOUVER – Starting Monday (Oct. 20), the city of Vancouver is seeking proposals from qualified nonprofit Community Development Financial Institutions (CDFI) to administer its new Revolving Loan Fund (RLF) to promote economic development in underserved communities.
“This fund is a critical step toward expanding economic opportunity in communities that have historically faced barriers to growth,” said Small Business and Entrepreneurship Program Manager Victor Saldanha. “By partnering with a nonprofit CDFI, we are increasing access to capital while laying the groundwork for a locally rooted financial institution that can serve Vancouver’s small businesses for years to come.”
The RLF will be initially capitalized using $1.2 million originally received from the American Rescue Plan Act (ARPA). The fund’s primary purpose is to increase access to capital for businesses unable to secure traditional financing.
The Revolving Loan Fund is part of the city’s Fourth Plain for All Investment Strategy and the recently adopted Five-Year Economic Development Strategy. The fund will initially promote economic development within the Fourth Plain Investment Area but eventually be citywide.
The city intends to contract with a nonprofit CDFI to administer the RLF, including securing additional capital to grow the lending capacity of the fund and assist the city in identifying a community-based organization and help them in build the necessary infrastructure, skills, and resources to become a certified nonprofit CDFI with the long-term goal of a local partner independently managing the RLF.
Interested parties can find Request for Proposal, application instructions and proposal packets at cityofvancouver.bonfirehub.com. Proposals must be submitted through the City’s procurement portal no later than Dec. 10 at 3 p.m. (PST).
Information provided by the city of Vancouver.
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