The Supplier/Firm will be asked to implement and develop a comprehensive Business program that will identify eligible businesses, offering low-interest loans, and effectively managing overall business funding. The program will be operated and administered by a single Supplier/firm: • The Small Business Low-Interest Loan Funding, the objectives include facilitating affordable capital access, reducing financial barriers hindering small business growth, promoting diverse entrepreneurship, fostering job creation, ensuring business sustainability, and cultivating a robust entrepreneurial ecosystem. • Criteria for the Loan program are as follows: o Tiered loans ranging from $1,000 to $50,000, as follows: o Tier 1 loans range from $1,000 to $5,000 o Tier 2 loans range from $5,001 to $20,000 o Tier 3 loans range from $20,001 to $50,000 €• Attend and complete mandatory small business education course • Prioritized outreach to underrepresented businesses • Residence and business located in Duval County • Business must be established for a minimum of 12 months • The loans are intended to be short-term (0-36 months) with an interest rate below prime. • Loan proceeds can be used for tangible assets, including but not limited to inventory, machinery, equipment, acquisitions, etc . • Loans shall not be used for working capital not attached to a tangible asset. • The Supplier/firm will conduct outreach and marketing efforts to attract recipients and small businesses in line with the program's strategic objectives. €• The City will provide funding for the loans up to $650,000 €• It is the intent of the Buyer to have the selected Supplier manage all fees and rates associated with each loan transaction with no direct cost to the City A more detailed Scope of Services defining the exact performance requirements and schedules will be developed during negotiations with the selected Supplier/Firm.
