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Notice Details

Title: The NYC Future Fund
Procurement
Small Business Services (DSBS)
Department of Business Services
Community Reinvestment Fund Inc.
801 Nicollet Mall Suite 1700W, Minneapolis, MN, 55402
Services (other than human services)
Negotiated Acquisition
10/29/2025
Award
$8,597,000.00

PIN#80125N0009001

It has been determined that the proposed vendor is uniquely positioned to provide these additional services as they administered the original Opportunity Fund Loan Program which was launched during COVID 19 to assist those small businesses affected by the epidemic and that they possess the experience and familiarity NYC small businesses necessary to successfully implement Phase 2 of the loan program.
Description

The contract term is expected to be September 1, 2024 – June 30, 2033. The procurement is a Negotiated Acquisition - Non Competitive via section 3-04 (b) (2)(ii) of the PPB Rules.

In May 2024, Mayor Adams announced the investment of $10M into the design of a new loan fund called NYC Future Fund.  The fund will serve as Phase 2 of lending of the NYC Opportunity Fund, the administrator for which the Agency procured via an Emergency Declaration.  The NYC Opportunity Fund provided below market low interest loans to approximately 1,000 small businesses but left over 10,000 applicants without funding due to lack of funds or poor fit with the repayment methodology. Future Fund will allow the Agency to leverage new innovative technology for Phase 2 lending that will adapt repayment methodologies to align with small business revenue cycles, causing the program to be a better fit for some businesses that were previously left out of funding options.

 

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