Revolving Loan Fund Interest Rate Buy-Down Lending
United States Virgin Islands > Virgin Islands Energy Office
Original Solicitation Links
BD-26-270-2702-3392
]rfp vieo revolving loan fund (rlf) interest rate buy down (irbd)
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Submission Instructions
Description
The Virgin Islands Energy Office seeks proposals from qualified banks, credit unions, and Community Development Financial Institutions to participate in its Revolving Loan Fund Interest Rate Buy-Down program. The selected lender will originate and service loans, while the office provides a lump-sum payment to offset the cost of reducing borrowers’ interest rates. Anticipated loans are $5,000 to $50,000 per project, with a maximum loan term of 15 years under the DOE grant. The stated funding available for lump-sum interest-rate reduction payments is $373,553. Proposals will be evaluated on lending experience, proposed interest rates and loan terms, underwriting standards, ability to implement the buy-down structure, and reporting capabilities.
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