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d. The CDFI should achieve, to the maximum extent practicable, a diverse <br />portfolio of loans among businesses owned by women and people of color, as <br />well as across a variety of industries. <br />e. Priority should be given to businesses that demonstrate a high loss due to the <br />COVID-19 pandemic and related mitigation policies, a plan for recovery, and <br />a commitment to retaining their employees as long as possible. <br />Notwithstanding, apart from establishing the broad criteria above, the <br />City will take no part in the selection of individual loan recipients. The CDFI will <br />be solely responsible for selecting loan and grant recipients. <br />3. CDFI will endeavor to provide loans in the amount of 1.5 times the grant received <br />from the City. Bankable will receive $390,000 from the City of South Bend and <br />endeavor to make at least $585,000 of loans to South Bend businesses. <br />4. After 180 days, any underplayed funds that are not designated for loans or loan loss <br />reserves will be returned to the City. <br />S. CDFI will determine the amounts, terms and conditions and processes to originate <br />these loans, with the understanding that speed is of the essence in this situation. We <br />understand that the terms and conditions will be similar to the ones presented in <br />your proposal shared in mid -March 2020. <br />6. CDFI will endeavor to accept applications from South Bend business owners within <br />three working days of receipt of the Grant, to approve applications within two <br />working days of receipt of a complete application, and to disburse funds to <br />borrowers within two working days of approval. <br />7. CDFI and the City will work together and on their own to market this program to <br />South Bend businesses. <br />8. CDFI will provide good customer service and offer flexible terms and schedules, to <br />the maximum extent practicable, to all loan applicants and borrowers. <br />9. CDFI will provide the following reports quarterly, 30 days after the end of the <br />quarter via email to the program admistrator: <br />a. A list of all new loan applications to the emergency revolving loan fund, <br />including the following information: <br />i. Owner name <br />ii. Business name <br />iii. Type of business <br />iv. Race/Ethnicity/Gender of Business Owner <br />v. Loan Amount requested <br />vi. Loan status (Approved/Denied/Pending) <br />vii. If Loan approved, disbursement date <br />viii. If Loan denied, reason for denial <br />