Specifications include, but are not limited to: The County of Hennepin, State of Minnesota (“County”) is soliciting submissions from experienced Community Development Financial Institutions (CDFIs), community-based lenders, or other qualified, mission-driven financial institutions to implement a sustainable capital loan fund originating loans to small businesses in Hennepin County over a period of at least ten years. This fund aims to expand access and overcome barriers to financing experienced by Hennepin County entrepreneurs, especially women, low-income, and BIPOC founders and business owners. This Request for Qualifications (“RFQ”) will be used to identify a short list of highly qualified organization(s) eligible to respond to a separate Request for Proposals (“RFP”) who have the experience and expertise to effectively develop and deploy one or more targeted loan funds serving startup, early stage, or growth stage businesses in Hennepin County. Respondents to the subsequent RFP will be asked to submit proposals outlining their proposed loan concept, the need or gap it fills in the current small business lending environment, and proposed terms and underwriting criteria. The lender or lenders selected via the subsequent RFP will work collaboratively with Hennepin County Housing and Economic Development to further develop and finalize the loan program or programs through the contract negotiation process. Interested Responders to this RFQ must minimally demonstrate experience effectively providing 1) technical assistance that improves financial readiness of aspiring entrepreneurs and small businesses, and 2) financing to startups and established businesses in Hennepin County.
