NYC Future Fund Loan Program Administration Procurement
The contract term is expected to be September 1, 2024 June 30, 2033. The procurement is a Negotiated Acquisition - Non Competitive via section 3-04 (b) (2)(ii) of the PPB Rules. In May 2024, Mayor Adams announced the investment of $10M into the design of a new loan fund called NYC Future Fund. The fund will serve as Ph…
Source ID: US-NYC-NYC-AWARD-20251023004
Estimated value
As published by the source; may be updated by the buyer.
Scope overview
The contract term is expected to be September 1, 2024 June 30, 2033. The procurement is a Negotiated Acquisition - Non Competitive via section 3-04 (b) (2)(ii) of the PPB Rules. In May 2024, Mayor Adams announced the investment of $10M into the design of a new loan fund called NYC Future Fund.
The fund will serve as Phase 2 of lending of the NYC Opportunity Fund, the administrator for which the Agency procured via an Emergency Declaration. The NYC Opportunity Fund provided below market low interest loans to approximately 1,000 small businesses but left over 10,000 applicants without funding due to lack of funds or poor fit with the repayment methodology.
Future Fund will allow the Agency to leverage new innovative technology for Phase 2 lending that will adapt repayment methodologies to align with small business revenue cycles, causing the program to be a better fit for some businesses that were previously left out of funding options.
It has been determined that the proposed vendor is uniquely positioned to provide these additional services as they administered the original Opportunity Fund Loan Program which was launched during COVID 19 to assist those small businesses affected by the epidemic and that they possess the experience and familiarity NYC small businesses necessary to successfully implement Phase 2 of the loan program.
Vendor: Community Reinvestment Fund Inc. (801 Nicollet Mall) Selection method: Negotiated Acquisition
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