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The Portsmouth Small Business Loan Program
12/20/2024
$250,000 for revolving loan fund
Portsmouth, VA
City of Portsmouth
The buyer seeks to establish a Small Business Loan Program to provide capital access for small businesses in Portsmouth, VA. The buyer will allocate $250,000 for a revolving loan fund. The program will offer individual business loans up to $50,000. The selected provider will manage the loan program, provide technical assistance, and report quarterly to the buyer.
- 12/6/2024 - Questions Due
- 12/20/2024 - Proposal Due Date
- 1/6/2025 - Contract Start
Refer to RFP
- Establish and manage a revolving loan program
- Provide technical assistance to prepare small businesses for lending
- Develop program guidelines and lending criteria
- Market the program to target borrowers
- Process loan applications and conduct underwriting
- Service loan portfolio and counsel borrowers
- Provide quarterly reporting to the EDA
- Offer one-on-one assistance on financial management and business planning
- Design application intake portal with screening questions
- Close on collateral and distribute loan payments
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