Legal Services – Loan Collection and Collateral Recovery

The Lake Champlain – Lake George Regional Planning Board (LCLGRPB) administers a publicly funded Revolving Loan Fund (RLF) designed to support economic development within Clinton, Essex, Franklin, Hamilton, Jefferson, Lewis, St. Lawrence, Warren, and Washington Counties of New York State. The RLF provides low-cost, short-term financing to eligible small businesses for the purpose of fostering business growth, job creation, and regional economic stability.Loan products offered through the RLF include, but are not limited to:•Fixed-asset financing for the acquisition, construction, or improvement of land, buildings, and equipment;•Financing for the purchase of existing businesses;•Working capital loans to support start-up ventures and expansion of existing enterprises. As security for these loans, borrowers are required to provide appropriate collateral, which may include personal guarantees, liens on real property, business assets, equipment, accounts receivable, and other forms of security as deemed necessary.LCLGRPB actively manages a portfolio of approximately 40 to 60 open loans at any given time.From time to time, loans within the portfolio become delinquent or enter default status, requiring legal intervention to protect the interests of the RLF and ensure recovery of public funds. Accordingly, LCLGRPB is seeking proposals from qualified attorneys or law firms licensed to practice in the State of New York to provide legal services related to debt collection, collateral recovery, and enforcement of loan agreements. Selected counsel will be expected to provide legal services on an as-needed basis, which may include, but are not limited to:•Initiation and prosecution of legal actions to collect outstanding debts, including filing and litigating civil lawsuits;•Enforcement of loan agreements, guarantees, and security instruments;•Foreclosure proceedings on real property collateral;•Repossession and disposition of secured assets, including equipment and business property;•Assistance with negotiation of settlements, restructurings, or workout agreements where appropriate;•Filing and enforcement of judgments;•Coordination with law enforcement or third-party repossession agents as necessary; •Providing legal advice and strategy related to risk mitigation and recovery efforts;•Ensuring compliance with all applicable federal, state, and local laws and regulations. Business enterprises awarded an identical or substantially similar procurement contract within the past five years: None