REPORT TO THE CITY COUNCIL
FROM: GEORGEANNE A. WHITE, City Manager
Office of Mayor and City Manager
BY: KELLY TREVINO, Assistant Director
Economic Development Department
SUBJECT
Title
Approve the award of an agreement with Cen Cal Business Finance Group, LLC, for a period of 10 years to administer the City of Fresno Revolving Loan Fund (RLF) Program (RFP No. 12500029)
Body
RECOMMENDATION
Staff recommends Council approve the award of an agreement with Cen Cal Business Finance Group, LLC, for a period of 10 years to administer the City of Fresno Revolving Loan Fund (RLF) Program (RFP No. 12500029).
EXECUTIVE SUMMARY
The City of Fresno Economic Development Department currently has two Revolving Loan Funds (RLF's) established with funds from the Economic Development Administration of the United States Department of Commerce (EDA). The original "LEGACY" RLF, which has been in existence since 1980, has a current balance of approximately $760,000, with $80,000 available to lend. The "CARES" Act RLF, established in 2020, has a current balance of approximately $640,000, with $100,000 available to lend.
On December 11, 2024, a Request for Proposals (RFP) was released to solicit proposals to administer these funds and a total of two (2) proposals were received. These proposals were evaluated by an evaluation committee with the goal of awarding a contract to the proposal that provides the best value for the City. The proposal submitted by Cen Cal Business Finance Group, LLC (Cen Cal) was determined to provide the best value. It is therefore staff's recommendation that Council approve a new 10-year agreement with Cen Cal to administer the RLF.
BACKGROUND
In 1980, the EDA approved a $600,000 Grant to the City of Fresno to establish a RLF. In 1989, the EDA deobligated $100,750 of those grant funds resulting in an RLF balance of $499,250. Since then, the funding has grown to approximately $760,000 with around $80,000 available to lend.
In 2020, the ...
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