Surety Bond Provider RFI

Description

Massachusetts Development Finance Agency – Request for Expression of Interest – Surety Bond Providers Issued by Mass Development – Finance Division Respondents to this Request for Expression of Interest (RFI) are invited to respond to any or all of the questions in this document. Responses to this RFI shall serve solely to assist MassDevelopment in understanding the current state of the marketplace with regards to the solicited information or to inform the development of a possible solicitation for a Request for Responses (RFR) or Request for Quotes (RFQ) in the future. This RFI does not in any way obligate MassDevelopment to issue or amend a solicitation or to include any of the RFI provisions or responses in any solicitation. Responding to this RFI is entirely voluntary and will in no way affect MassDevelopment’s consideration of any proposal submitted in response to any subsequent solicitation, nor will it serve as an advantage or disadvantage to the respondent in the course of any RFR or RFQ that may be subsequently issued or amended. MassDevelopment reserves the right to retract the RFI at any time in its sole discretion. 1. Introduction The Commonwealth of Massachusetts, pursuant to Section 147 of the Massachusetts Leads Act, has directed the Executive Office of Economic Development (EOED) to establish a five-year pilot Surety Bond Assistance Program. This initiative aims to expand opportunities for economically and socially disadvantaged businesses to participate in, bid on, and secure contracts for capital projects across the Commonwealth. Although the program design is in development, it may include guarantees to the surety company or direct loans or grants to the borrower to support their working capital needs. This pilot program also intends to include technical assistance to the borrowers. The purpose of this RFI is to elicit the interest of a select group of qualified surety bond companies (“Bond Providers”) to participate in this pilot program. Selected Bond Providers will work will contractors who may not otherwise meet traditional underwriting requirements, helping expand access to bonding and promote inclusive economic participation. 2. Agency MassDevelopment is the development finance agency and land bank for the Commonwealth of Massachusetts. MassDevelopment partners with businesses, nonprofits, financial institutions, and communities to help Massachusetts grow and thrive.