RFP VIEO Revolving Loan Fund (RLF) Interest Rate Buy Down (IRBD)

Description: The Virgin Islands Department of Property and Procurement, on behalf of the Virgin Islands Energy Office, seeks proposals from qualified banks, credit unions, and Community Development Financial Institutions to provide revolving-loan lending services. The selected lender will originate and service loans while the Energy Office makes lump-sum payments to reduce borrowers’ interest rates. The procurement allocates $373,553 for interest-rate reductions and anticipates loans of $5,000 to $50,000 per project, with maximum terms of 15 years.