RFP for financial coach - Boston Builds Credit

Request For Proposal for Boston Builds Credit (BBC) Financial Coach

Embedding Financial Coaching in Boston’s Entrepreneurship Ecosystem

LISC Boston is seeking a consultant to provide credit building coaching for entrepreneurs in Boston. The selected consultant will be expected to devote 12-15 hours per week for a contract period of 18 months, starting in mid-October.

Boston Builds Credit Initiative:

Boston Builds Credit (BBC) is Boston’s first citywide initiative that seeks to improve residents’ financial resilience by increasing credit scores. BBC has a goal of supporting 25,000 Boston residents to attain a prime credit score -- defined as a 660 -- by the year 2025. This partnership is being led by a partnership comprised of LISC Boston, The United Way, and the City of Boston Office of Financial Empowerment. BBC seeks to use credit building as a lever to promote financial wellbeing and economic mobility. In Boston, 236,000 residents are either unscored or have poor credit scores, making it more challenging to access mainstream credit products which can help manage daily cash flow or weather a financial emergency. Research has shown that consumers with low or no credit will pay an average of $200,000 more in interest and fees during their lifetimes and that poor credit is a key contributor to the growing racial wealth divide. To learn more about the Boston Builds Credit Initiative please click here: https://www.bostonbuildscredit.org/

Background on Credit Coaching Concept:

LISC Boston focuses on supporting entrepreneurs to grow their businesses through funding accelerator/business incubator programs, sponsoring pitch contests with startup cash prizes, and financing small businesses. We now seek to support these efforts and the BBC initiative by providing technical assistance around credit building services for entrepreneurs. This role will seek to help more entrepreneurs’ access the resources needed to successfully start and grow microenterprises into thriving small businesses.

The selected financial coach will target existing and early stage entrepreneurs, with a focus on entrepreneurs of color, women, and immigrants who live in Boston. This will be accomplished through the pairing of the proven Financial Opportunity Center (FOC) model of financial coaching alongside business coaching with other wraparound resources. The coach will work with community based organizations (CBOs) to recruit participants to receive one-on-one credit building coaching to help create financially strong businesses.

Participants who work with the financial coach may also be able to access other resources to build their businesses, which may include KIVA loans (0% interest loans ), free tax preparation for qualified applicants through Boston’s Earned Income Tax Coalition, referrals to local business training programs and more.

Scope of work

• Meet one on one with early stage businesses to help improve their credit and financial knowledge and position
• Convene monthly round table of local CBO partners and key stakeholders within the micro-enterprise environment
• Begin to set up a referral infrastructure for entrepreneurs to connect with credit building and financial coaching through various pipelines (Roxbury Center for Financial Empowerment, small business lenders, accelerator program, local community based organizations etc.)
• Working with LISC and our BBC and CBO partners, develop or adopt (and then use) best practice credit coaching materials and practices
• Work with the City of Boston and Main Streets Executive Directors to offer services to businesses within their district
• Offer credit coaching for entrepreneurs that have current Kiva or other small business loans through LISC
• Create database of safe credit building products
• Finalize, track and report regularly on completion of tasks and achievement of projected outcomes.

Project Outcomes for Financial Coach

• 100 entrepreneurs receive one-to-one financial coaching around credit building
• All participants create financial goals plan
• 50 receive more than 1 coaching session
• 50 strengthen current business plan
• 50 participants take advantage of other FOC services focused on improving household net income, net worth, and credit scores
• 30 participants increase credit scores and reach at least 1 goal set forth in financial goals plan
• Refer 30 participants pre-start businesses to training programs

Qualifications and Qualities Preferred

• Financial or credit coaching experience and/or training, and/or small business lending experience
• Knowledge of Boston’s neighborhoods and experience in working with community based organizations
• Experience working within the micro-enterprise field
• Strong financial background and understanding of accounting, budgeting, financial projections, marketing, communications and business planning.
• Strong communication and interpersonal skills
• Ability to work evenings and weekends as needed
• Multi-language applicants encouraged to apply (Spanish, Vietnamese, Cape-Verdean Creole, Somali)

Organizations or individual consultants may apply. The selected applicant will be expected to take on the role of a consultant under the consulting contract (directing and assuming liability for the work, compliance with laws, etc.)

To be considered, please respond to Karleen Porcena (kporcena@lisc.org) by Monday September 10th at 4:00pm with the following items:

• Résume or organizational overview and cover letter highlighting the applicant’s qualifications, experience and interest.
• A list of at least __ professional references we can contact about the applicant
• A proposal, including proposed cost on either an hourly or lump sum basis, responding to the above projected outcomes and scope of work (1-2 pages)

We anticipate a maximum contract price of $50,000. We hope to make an award decision the week of September 24, with work commencing mid-October and running through March of 2020