Today, the GroundBreak Coalition announced its Request for Proposals (RFP) to grant long-term contracts to Low-Cost, Patient Capital Pool and Guarantee Pool Financial Managers.
The GroundBreak Coalition is working to unlock over $5.3 billion over the decade to expand economic opportunities and close racial wealth gaps, starting with Black wealth-builders in the Minneapolis-St. Paul metropolitan area.
Flexible capital pools will help unlock private-market capital and bridge one-time gaps for aspiring Black homeowners, entrepreneurs, and commercial developers. As part of a nation-leading system, the Low-Cost, Patient Capital and Guarantee Pools will enable the region to finance proven wealth-building strategies at a scale commensurate with the need.
The Low-Cost, Patient Capital Pool (or Loan Pool) will support homeowners and commercial developers. The Guarantee Pool will expand lending for more entrepreneurs and commercial developers.
RFP Submissions
Please email Theresa Wilson (theresa@communitycapitaladvisors.us) to request a copy of the RFP. Reponses are due by 5:00 p.m. CT on May 31, 2024.
About the RFP Process
Two Start Up Committees comprised of staff from philanthropy, government, and financial institutions completed a 6-month design sprint in 2023-24 to form the RFPs and draft early designs of the pools for additional stakeholder feedback this spring. GroundBreak’s Executive Council approved the RFPs. The coalition aims to have financial managers selected by July 1, 2024.
