To be eligible to receive funds from the Corporation, a Proposer must be one of the following: 1. A Community Development Financial Institution (“CDFI”), meaning a community-based organization that provides financial services and products to communities, businesses and people underserved by traditional financial institutions. 2. A small business lending consortium; or 3. A Certified Development Company; or 4. A United States Small Business Administration loan provider; or 5. A Credit union; or 6. A non-profit organization whose purposes include serving as a lender in low to moderateincome communities and to women and minorities. All eligible Proposers and/or Proposer teams must have staff with sufficient expertise to analyze small business loan applications, evaluate the creditworthiness of small businesses, and regularly monitor small business loans. The Corporation will rely upon the selected Proposers to review every loan application in order to determine, among other things, the feasibility of the proposed use of the requested financing by the small business loan applicant, the likelihood of repayment and the potential that the loan will generate economic activity and jobs within Rhode Island. Also, Proposers must be legally able to receive and use the proceeds as herein stated; meet any other requirements herein stated for the specific purpose of the Program; and be in good standing with any other Corporation assistance.
