Description
The County of Los Angeles is seeking a qualified Proposer to provide comprehensive Financial Services in support of the County's Employee and Worker Ownership Initiative (EWOI). The Proposer will be responsible for managing a loan program, providing financial counseling, and offering referrals to external financing options. The EWOI aims to expand access to wealth-building opportunities, preserve local businesses, and promote long-term job stability for workers. Key responsibilities include:
* Managing a loan program and associated financing resources
* Providing financial counseling and referrals to external financing options
* Coordinating with the TA Service Provider to ensure applicants are prepared for the financing process
* Underwriting and loan structuring to assess financial viability and transition feasibility
* Facilitating the Loan Committee and preparing materials for deliberations
* Servicing loans, processing repayments, and managing the portfolio
* Reporting and maintaining compliant data systems
The Proposer must have at least 5 years of experience in issuing and servicing loans, be a registered financial institution, and have a financial management system in place.
Some key points to consider:
• The contract term is anticipated to be 5 years with the option to extend annually up to 5 additional years
• The County will award one contract not to exceed $2,136,000
• The Proposer must comply with the County's terms and conditions, including indemnification and insurance requirements
• The Proposer must also comply with the County's Lobbyist Ordinance and certify compliance with the ordinance
• The Proposer must demonstrate a proven record of hiring participants in the County's GAIN/START programs or attest to a willingness to consider them for future employment openings