Department: Purchasing
Department Head/Elected Official: Paige McInnis
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Amendment
Project ID (if applicable): 230451
Vendor/Entity Legal Name (if applicable): PeopleFund
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: 0% - Minimal MWDBE Availability
Request Summary (Agenda Caption):
title
Request by the Office of the Purchasing Agent that the County Judge execute an amendment to an agreement with PeopleFund to update terms for Revolving Loan Fund Program for the Department of Economic Equity and Opportunity for the extended period of May 7, 2029 - October 1, 2029, with no increase in the total contract amount (230451), Justification for 0% MWDBE Participation Goal: 0% - Minimal MWDBE Availability.
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Background and Discussion:
On May 7, 2024, Harris County Commissioners Court approved the selection and award of vendor PeopleFund to administer Harris County Opportunity Fund, providing loans to eligible small businesses through an equitable underwriting process. The Harris County Opportunity Fund launched on October 1, 2024.
This amendment seeks to extend the term and alter the principal repayment schedule to ensure this pilot program gets five (5) full operational years. This is a no-cost extension.
Additionally, PeopleFund agrees to return the initial principal in the amount of Eight Million Dollars and return any unspent amounts from the County’s Loan Loss Reserve and Credit Enhancement Fund. The amended agreement outlines a revised repayment schedule and deadline.
Expected Impact:
The amendment will ensure that the Harris County Opportunity Fund can use the interest and payments of the existing loans to issue new loans and provide loans with more flexible terms than traditional lenders with competitive interest rates for five (5) full operational years. It also ensures that Harris County will receive its initial investment back for Commissioners Court discretion of further programming.
Alternative Options:
Commissioners Court could forgo approval of the amendment, which would result in a shorter pilot program and less flexible repayment options for Harris County small business owners.
Alignment with Goal(s):
_ Justice and Safety
X Economic Opportunity
_ Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
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Date |
Agenda Item # |
Action Taken |
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12/5/2023 |
164 |
Advertisement |
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5/7/2024 |
213 |
Award |
Location: N/A
Address (if applicable): N/A
Precinct(s): Countywide
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Anticipated Court Date: 10/29/2024
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: COVID-19 related item
Contact(s) name, title, department: Estella Gonzalez, Executive Director, Department of Economic Equity and Opportunity; Jie Wu, Director, Department of Economic Equity Opportunity; Bryonne Cummings, Assistant Director, Department of Economic Equity Opportunity; Jeremy Woodard, Sourcing Manager, Purchasing
Attachments (if applicable): Letter