RFP-DH-9512 - Small Business Lending Program

Summary of Specifications:
The City of Longmont is proposing the establishment of a city-funded business assistance program to provide access to capital in the form of business loans to low and moderate income entrepreneurs, small businesses and non-profit organizations who cannot obtain financing through traditional sources, but are capable of sustaining a business and repaying debt. 

The City plans on leveraging at least $100,000 from its Community Development Block Grant (CDBG) allocation through a financial lending partner that will match the CDBG funds and grow the overall available lending pool. The total value of the lending pool is subject to matching funds, but the city anticipates at least an equal match from the selected contractor. The City envisions the Small Business Lending Program offering three categories or types of loans: Micro-Enterprise Loans (The Opportunity Fund), Small Business Loans, and Owner-Occupied Building Loans.