The City of Vancouver is actively seeking a nonprofit partner to join forces in the launch and administration of a new Revolving Loan Fund (RLF) aimed at endorsing economic growth in areas with long-standing hurdles to accessing capital. According to information published by the City of Vancouver, "This fund is a critical step toward expanding economic opportunity in communities that have historically faced barriers to growth," Victor Saldanha, Small Business and Entrepreneurship Program Manager, told the city's newsroom.
With a seed capital of $1.2 million from the American Rescue Plan Act (ARPA), the RLF is positioned to initially support businesses within Vancouver's Fourth Plain Investment Area that have been thoroughly assessed for traditional financing methods. This initiative is an integral part of the city's Fourth Plain for All Investment Strategy and is aligned with its Five-Year Economic Development Strategy. The fund's sphere of influence is projected to grow, eventually encompassing the entire city.
The City has its sights set on contracting a nonprofit Community Development Financial Institution (CDFI) to manage the nuts and bolts of the RLF. Responsibilities include boosting the fund’s financial base and guiding a local organization towards maturity - helping it to gain the structure, expertise, and resources necessary to become an independently certified nonprofit CDFI. This collaboration aims to empower the community with long-term stewardship of the fund.
Organizations interested in this partnership opportunity are encouraged to review the Request for Proposal and proposal instructions available online. The submission process is to be completed exclusively via the city's procurement portal, with an application deadline firmly set for 3 p.m. (PST) on December 10. As detailed on the city's official procurement website, proposal packets and additional materials can be accessed for those aiming to contribute to this economic revitalization effort.
