Specifications include, but are not limited to: 1. The Provider must be a Community Development Financial Institution (CDFI). 2. The CDFI shall provide the funds to loan the MWBEs, 3. The County will guarantee a negotiated portion of the loan including any loan losses. 4. The $400,000 guarantee funds shall be held by the CDFI and only used as needed to cover a defaulted loan loss. 5. The CDFI shall classify the deposit as public funds and have adequate collateralization to cover the portion of the $400k that is not covered by FDIC in the manner prescribed by Title 20, Chapter 7 of the North Carolina Administrative Code (20 NCAC 07 .0104). 6. Any reduction of the guarantee funds shall first be approved by the County. 7. The NC HUB Certified MWBE in the Guilford County relevant market shall either be in a contract with Guilford County as a prime vendor. 8. The NC HUB Certified MWBE in the Guilford County relevant market shall be a subcontractor of a prime contractor who has a valid contract with Guilford County. 9. The loan shall be used as working capital, to include: 1. increasing personnel to meet the job requirements, 2. Purchasing equipment needed for the contracted project, or
