Tag: Revolving Loan Fund

VANCOUVER, WA – Starting this week, the City of Vancouver is accepting proposals from nonprofit Community Development Financial Institutions interested in helping to administer a new Revolving Loan Fund meant to promote economic development in underserved communities by increasing access to capital for businesses unable to secure traditional financing.

“This fund is a critical step toward expanding economic opportunity in communities that have historically faced barriers to growth,” said Small Business and Entrepreneurship Program Manager Victor Saldanha. “By partnering with a nonprofit CDFI, we are increasing access to capital while laying the groundwork for a locally rooted financial institution that can serve Vancouver’s small businesses for years to come.”

The fund will be initially capitalized using $1.2 million originally received from the American Rescue Plan Act.

The Revolving Loan Fund is part of the City’s Fourth Plain for All Investment Strategy and the recently adopted Five-Year Economic Development Strategy.  It will initially promote economic development within the Fourth Plain Investment Area, but the plan is to eventually go citywide, according Saldanha.

The City wants to contract with a nonprofit CDFI to administer the fund, including securing additional capital to grow the lending capacity of the fund and assist the City.

Anyone interested will find Request for Proposal application instructions and proposal packets at cityofvancouver.bonfirehub.com. Proposals must be submitted through the City’s procurement portal no later than Dec. 10 at 3:00 p.m., PST.