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Item # 1:
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946
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60
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The RFP seeks proposals from qualified banks, credit unions, and Community Development Financial Institutions (CDFIs). Respondents will be evaluated based on their lending experience, proposed interest rates and loan terms, underwriting standards, ability to implement the IRBD structure, and reporting capabilities. The anticipated loan size is $5,000 to $50,000 per project, with a maximum loan term of 15 years under the DOE grant. VIEO will accomplish this through an Interest Rate Buy Down (IRBD) structure, whereby the participating lender originates and services the loan and VIEO provides a lump-sum payment to the lender to offset the cost of reducing the borrower's interest rate. $373,553 for lump-sum interest rate reduction payments to a lender selected through this RFP.
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NIGP Code:
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946-60
Loan Administration
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