The Finance Authority of Maine is seeking proposals for a digital lending portal for the State of Maine that will help bring together program information, loan content management and support for secondary funding allocation for American Rescue Plan Act financing. The patchwork of organizations challenged to meet the financing needs of Maine’s business community have numerous business assistance programs. The plethora of programs also represent a point of frustration for business customers looking for the capital they need to grow or preserve businesses. Customers have repeatedly spoken about the difficulty of finding the best program/partner and the excessive time to funding and lack of collaboration in sharing of information among these alternative lenders. The purpose of this project is to provide a digital lending portal for the State of Maine (MeLendPort) that will help improve these disparate systems.
We envision a new system that performs the following tasks:
- Creates a public facing web portal that provides education on alternative financing opportunities in a concise and simple manner.
- This web portal will also allow users to register and authenticate for submission of common business documentation to aid with financing options (tax returns, promissory notes, insurance information, environmental studies etc.)
- Users will be able to manage their applications in the web portal.
- Organizations that identify collaborative funding opportunities will share application information to finalize funding in a single location for businesses.
- The cloud-based data warehouse of business digital content will bi-directionally share data with the participating lending organizations.
- The public website will also need to support a program of secondary funding of businesses to partner organizations that have directly made loans. E.g. if a CDFI provides a loan to a business that has been negatively impacted by the COVID-19 pandemic the web-portal must allow for the CDFI to request reimbursement of the disbursed capital for eligible lending.
- Overarching functionality of the system will include a secure cloud-based architecture with robust document/workflow management, role-based 2 factor authentication and mobile device support.
Deadline for submission of questions via email is November 5, 2021. Deadline for submission is of final proposal is December 1, 2021. Anyone interested in submitting a proposal or related questions to this proposal should contact:
Jonathan Harvell, Chief Information Officer
Finance Authority of Maine
5 Community Drive
Augusta, ME 04332