our company is invited to submit qualifications and cost proposal to provide an end-to-end loan servicing and management platform for our community development financial institution (CDFI) lending portfolio of $5.5MM-$12MM.Background InformationPACE Finance Corporation (PFC) is a nonprofit CDFI in the Los Angeles area that supports small business owners by providing high-quality economic development services, with the goal of creating and sustaining jobs and businesses in low-to-moderate income communities.
As a designated Small Business Administration (SBA) Community Advantage and Microloan Lender, Economic Development Administration (EDA) Lender, and certified U.S.
Treasury community development financial institution (CDFI), PFC provides loans, investments, financial services, consultation services, and entrepreneurial training to individuals/businesses.PACE Finance Corporation is a subsidiary of PACE, a nonprofit community development organization founded in 1976 to address the employment and job training needs of the Pacific Asian Islander communities.
PACE has since expanded into a variety of service areas, all tailored to meet the growing and changing needs of the multi-ethnic communities in Los Angeles County.
Significant PACE programs encompass business development; early childhood education; financial education/asset building; housing and rehabilitation services; weatherization and energy-conservation programs; and affordable housing development.PFC plans to begin this project as soon as possible and must be completed by March 11, 2021 or date agreed upon by PFC.Scope of WorkThe scope of work shall include, but is not limited to, providing an end-to-end lending and management platform that can seamlessly take us through the entire loan origination process as identified below:* Lead Management* Lead generation* Customer inquiry and capture (i.e., funding source, location, demographics, funding amount, etc.)* Digital Loan Application* Intake, underwriting, closing* Client portal with customizable access and ability for digital upload of required documents* Ability to make automated pre-approval decisions* Supports digital signatures* Built-in standardized and specialized industry forms/templates (i.e., financial spreads, credit memorandums, closing checklist, business and personal information and financials, automated SBA form generation)* Compliance checks (i.e., intuitive SBA eligibility validation, address validation/look-up)* Secure encryption technology to maintain privacy of information* Multi-language capabilities* Data maintenance, backup and recovery* Loan Servicing* Integration with other software (i.e., ACH platform)* ACH integration with portfolio balances ties directly with ACH platform for automated monthly transaction processing for the portfolio* Ability to automatically generate client email/text notifications (i.e., late/past due payment, upcoming payment reminder, insufficient funds)* Customer portal where clients can view loan data and make payments** Reporting and Database Management (Dashboard)* Integration with various funding source systems (i.e., SBA: E-Tran/MPERS, CDFI: AMIS, Private: Word/Excel)* Robust report generation with ability to customize/visualize data in a variety of different ways with export, share and print functions* Portfolio/loan pipeline tracking (i.e., application received, under review, pending additional documents, underwriting, credit approved/denied, pending disbursement, funded, referral partners, funding source, year)* Financial tickler tracking (annual personal financial statement, tax return, annual review)* Automated data tracking (logs geographic, demographic, financial information provided by applicant at time of loan application and saves information in department database)* Dashboard customizationRequirements for the Qualification and Cost ProposalThe following items must be included in the proposal to be considered for the project:* Detailed price breakdown of bid amount.
This can be attached as an estimate/quote or schedule of values.
Please include any additional or out-of-pocket expenses, annual subscription costs, and non-profit discount rate (if applicable)* Software demo* Estimated/proposed timeline (including training) to complete scope of work considering work must be completed by March 11, 2021 or date agreed upon by PFC.Selection/Award of the ContractProposals will be evaluated based on the following criteria:* Ability of the company to complete the intended scope of work described in this RFP* Demo, and compatibility with our needs and growth* Description of any additional features and benefits not detailed above is optional and a plus* Ability/commitment to meet timelines* CostIt is expected that PACE will select the successful proposer no later than February 18, 2021.
Completion of the project will be discussed with the selected company.Submission of Qualification and Cost ProposalFor inquiries and to schedule a demo, please contact Bo Sivanunsakul at #06022021