Specifications include, but are not limited to: Task 1: Complete a landscape analysis of access to capital in Rhode Island • Use information from Ocean State Accelerates (the State’s economic development plan), as well as other existing reports, plans, program descriptions, and research materials to create a comprehensive access to capital landscape across Rhode Island. This landscape analysis shall include, but not be limited to: o Current CDFIs operating in and based in Rhode Island, their portfolio, track record, size, and current lending capacity. o Current landscape and capital access needs of VSBs and SEDI-owned businesses in the State. o Recent internal assessments of Rhode Island’s capital access landscape, to be provided by the Corporation. Task 2: Undertake stakeholder engagement and qualitative data review • Create set of targeted survey questions to further understand the need for CDFI capacity in Rhode Island. Questions will support a comprehensive understanding of: o Utilization of existing development finance tools and gaps in Rhode Island’s development finance toolbox; o Risk tolerance philosophy and policies; o Priority development areas and investment opportunities; o Organizational elements; o Leadership structures; o Budget trends and forecasts; o Legislative opportunities and constraints; o Local and regional economic goals; o Existing and potential partnerships; and o Stakeholder support. • Conduct at least 10 interviews and 3 focus groups with key stakeholders jointly selected by the Proposer and the Corporation to better understand and identify challenges and opportunities related to a) access to capital in Rhode Island generally, b) the creation and/or expansion of CDFI capacity in Rhode Island, and c) the creation and/or expansion of CDFI capacity to focus on VSB and SEDI-owned business support. This work can be done either virtually or in person.
