Contract Opportunity

October 28, 2025
|In Uncategorized
|By nicholas.zaniboni@boston.gov

Contractor Services for the Boston Local Development Corporation (BLDC): Loan Portfolio Oversight, Compliance, and Operational Continuity Support

I. Introduction & Purpose

The Boston Local Development Corporation (“BLDC”) is seeking qualified contractors to provide interim operational and loan management support to maintain continuity of core functions within the Small Business and Corporate Financing Division during a temporary staffing transition.

BLDC intends to engage mid-level contractors for the following Scopes:

  1. Scope 1 Contractor: Loan Arrearage & Portfolio Oversight — to manage borrowers in arrears, oversee delinquent loan accounts, conduct credit analysis, and prepare financial and compliance reports.

  2. Scope 2 Contractor: Loan Processing, Compliance & Day-to-Day Operations — to support ongoing loan administration, intake, closings, data management, and Board coordination.

These roles will ensure uninterrupted delivery of BLDC’s programs, compliance with loan covenants, and timely support to small business borrowers while the Interim Executive Director assumes temporary oversight responsibilities.

II. Background on BLDC

BLDC is a 501(c)(3) nonprofit corporation that promotes economic growth and job creation through small business lending in the City of Boston. BLDC provides flexible financing to local entrepreneurs, often filling lending gaps for businesses unable to access traditional capital.

Supported by the Boston Planning & Development Agency (BPDA) and governed by an independent Board of Trustees, BLDC has provided over $20 million in loans, helping retain and create more than 3,500 jobs.

To maintain loan servicing, compliance, and reporting functions during this transition period, BLDC is contracting for short-term professional support replicating the core responsibilities previously handled by the Senior Manager for Small Business and Corporate Financing and the Community Lending Specialist.

III. Scope of Work

Scope 1 Contractor: Loan Arrearage & Portfolio Oversight

Objectives:
Provide credit analysis, borrower monitoring, and arrears management to ensure effective oversight of BLDC’s existing loan portfolio, with a focus on delinquent or at-risk borrowers.

Responsibilities include:

  • Review all current borrowers in arrears, assess repayment risk, and prepare written financial analyses including balance sheet review, cash flow, debt service coverage, and collateral position.

  • Develop and maintain arrearage tracking logs and portfolio management reports.

  • Prepare monthly and quarterly portfolio summaries for internal and Board reporting.

  • Recommend collection, restructuring, or workout actions in consultation with the Interim Executive Director.

  • Conduct communication with borrowers and, when necessary, site visits to assess business operations. Following the assessment, recommend and provide borrowers with tailored consulting services, and third party technology solutions and implementation to improve their operations. Based on the written recommendation from the contractor that outlines the scope and benefits with specific milestones, up to $50,000 will be allocated toward purchasing third party software and implementation services to benefit existing borrowers.

  • Support preparation of compliance documentation and responses for external auditors, BPDA Finance, and other agencies.

  • Serve as liaison between BLDC and internal accounting team to ensure reconciliations and loan balances are accurate and current.

  • Contribute to the development of improved systems and templates for ongoing loan servicing and performance tracking.

Deliverables:

  • Updated arrearage report and portfolio status summary each month.

  • Written financial analyses for all delinquent accounts.

  • Written recommendation for software or technology tools tailored for each borrower in arrears or at risk of arrears, based on assessed needs and impact of benefit.

  • Final report with recommendations for ongoing arrearage management and portfolio risk mitigation.

Estimated Contract Range: $70,000 – $80,000

Scope 2 Contractor: Loan Processing, Compliance & Day-to-Day Operations

Objectives:
Maintain and process loan pipeline activities, ensure compliance documentation is accurate and up to date, and support daily administrative functions of BLDC operations and Board preparation.

Responsibilities include:

  • Review borrower submissions, financial statements, and loan documents for completeness and compliance with loan terms and conditions.

  • Assist with loan intake, processing, and document tracking, including preparation of closing checklists, funding requests, and drawdown procedures.

  • Prepare and update loan portfolio databases and reconcile financial data with BPDA Finance.

  • Draft loan summaries, memos, and borrower updates for review by the Interim Executive Director.

  • Assist with the preparation of BLDC Board meeting materials, including agendas, board packages, and minutes.

  • Support ongoing compliance with loan and bond covenants by monitoring deliverables, verifying insurance and financial reporting, and maintaining document storage systems.

  • Coordinate with legal counsel and Interim Executive Director on loan closings, bond transactions, and related documentation.

  • Provide administrative and operational support for borrower communications, outreach activities, and public reporting requirements.

  • Contribute to marketing updates and outreach initiatives promoting BLDC programs.

Deliverables:

  • Current and reconciled loan pipeline and compliance database.

  • Board meeting packets and minutes prepared for scheduled meetings.

  • Monthly report summarizing loan activity, closings, and compliance updates.

  • End-of-contract summary outlining process improvements and recommendations.

Estimated Contract Range: $60,000 – $70,000

IV. Reporting & Oversight

Both Scope contractors will report directly to the Interim Executive Director overseeing BLDC and BIDFA operations.

  • Check-Ins: Biweekly progress meetings (virtual or in-person).

  • Reports: Monthly progress reports summarizing accomplishments, issues, and next steps.

  • Final Deliverable: Consolidated report documenting completed activities, portfolio improvements, and workflow recommendations.

V. Contractor Qualifications

Qualified applicants must demonstrate:

  • Minimum of 3 years of experience in small business lending, credit analysis, loan servicing, or community development finance.

  • Knowledge of GAAP, loan compliance, and financial statement analysis.

  • Experience working with municipal or nonprofit lending programs in Massachusetts.

  • Advance proficiency in Microsoft Office Word and Excel, and database systems for loan management and financial tracking.

  • Strong written and verbal communication skills. Ability to craft clear and accurate narratives around financial analysis and business viability.

  • Ability to manage multiple priorities with minimal supervision and maintain confidentiality of borrower data.

  • Bachelor’s degree in Finance, Accounting, Business Administration, or related field (Master’s preferred).

VI. Budget & Compensation

The compensation for Scope 1 will not exceed $80,000.

The compensation for Scope 2 will not exceed $70,000.

Respondents should propose an all-inclusive rate (hourly, daily, or per deliverable) and identify their preferred Scope or if they wish to be considered for both. Payment will be tied to deliverables and verified completion of milestones.

VII. Application Process

Each application  must include:

  1. Cover Letter identifying which Scope(s) the applicant is applying for.

  2. Technical Proposal describing approach, methodology, and work plan.

  3. Resume or Biography highlighting relevant experience.

  4. Work Samples (loan analyses, reports, or similar deliverables preferred).

  5. References from at least two comparable engagements.

  6. Budget Proposal with rates, anticipated hours, and total cost.

VIII. Evaluation Criteria

Applications will be evaluated based on:

  • Demonstrated experience in small business or community lending programs.

  • Depth of credit analysis, arrearage management, or compliance experience.

  • Ability to replicate or support the functions of the Senior Manager and Lending Specialist roles.

  • Quality and practicality of proposed work plan.

  • Availability and capacity to begin work promptly.

  • Cost-effectiveness and overall value to BLDC.

IX. Submission Instructions

Deadline: Monday November 24, 2025
Submission: Electronic submissions only to BLDC@boston.gov
Questions: Direct inquiries to BLDC@boston.gov

All proposals will be reviewed by City of Boston Planning Department staff. Shortlisted applicants may be invited to an interview prior to selection.