Updates

Small Contractor Mobilization Revolving Loan Fund RFQ

With the assistance of The San Francisco Foundation, the Implementation Committee (IC) for the Core Community Benefits Agreement (CCBA) of the Hunters Point Naval Shipyard development is issuing a Request for Qualifications (RFQ) seeking statements of qualifications from licensed businesses and organizations that are experienced in providing loans, loan guarantees, and/or financial products to small businesses, particularly small construction contractors.

From the respondents, the IC will select a qualified vendor and negotiate a grant and contract with it to administer a Small Construction Contractor Mobilization Loan Fund targeted to small construction contractors that are historically based in San Francisco’s District 10 and commit to employ 30% of District 10 residents to their workforce. Contractors that are eligible, as defined elsewhere under the eligibility criteria, will have an opportunity to apply to the vendor for loans from the Mobilization Fund.

The IC has set goal to reach $1 million and has contributed an initial capital investment of $250,000 for the Loan Fund.  It is actively seeking additional investments from its partner organizations and intends for the Mobilization Loan Fund to be designed and operated as a revolving loan fund capable of assisting many small contractors over several years.

The objective of the Small Contractor Mobilization Fund is to assist owners of licensed small construction contractors that are historically-based in D10 or owned by D10 residents to acquire short- term, low interest rate financing to support their temporary mobilization capital needs and construction management technical assistance (TA) as they participate in construction projects associated with Phase 1 and/or Phase 2 of the Hunters Point Naval Shipyard and Candlestick Park development projects.

The IC and The San Francisco Foundation anticipate making one award that will result in the preferred vendor establishing a Small Contractor Mobilization Loan Fund that will operate as a revolving loan fund; from which District 10 based small construction contractors will be awarded mobilization loans and construction TA.  The goal of the loan and TA are to provide the financial and management assistance needed to propel them to grow, establish a track record of successful projects and debt service, and become bankable through conventional bank financing as they participate in construction projects associated with Phase 1 and/or Phase 2 of the Hunters Point Naval Shipyard and Candlestick Park development projects. The successful applicant will be required to originate, close and service multiple mobilization loans. All mobilization loans will be required to carry a linkage with mandatory participation in an established construction contractor technical assistance program, which is intended to insure that the contractors master a set of contractor core competencies based on best practices in the construction contracting field. Applicants who are located in D10 or have a demonstrated at least a 3-5 year history of providing financial products to small contractor businesses in neighborhoods similar to District 10 will receive priority consideration.

For more information, please contact Zachary McRae at zmcrae@sff.org or 415.733.8544