County Seeks Financial Services Provider for New Worker Ownership Initiative

LOS ANGELES— The Los Angeles County Department of Economic Opportunity or DEO March 26 announced the release of the Employee and Worker Ownership Initiative Financial Services Request for Proposals or RFP, inviting qualified financial institutions to administer and manage a county-owned loan program that will support businesses transitioning to employee and worker ownership models and help existing employee- or worker-owned businesses grow within or into Los Angeles County. Up to $2,136,000 in total funding available. 

Proposals are due May 1, by 12 p.m. (PST). 

The employee and worker ownership initiative or EWOI advances economic development in LA County and was created in response to a September 2023 motion. EWOI expands access to shared ownership opportunities as a pathway to building wealth, preserving local businesses facing succession challenges, and promoting long-term job stability for workers. 

Through this RFP, DEO seeks a qualified financial institution licensed to issue loans in the State of California to lead the Financial Services component of EWOI. The selected proposer will manage the full lending lifecycle, including underwriting and structuring loans, facilitating a loan committee, coordinating county approval and funding transfers, disbursing and servicing loans, providing borrower post financial counseling, managing repayment processes, and monitoring portfolio performance. 

Key Dates for the EWOI Financial Services RFP: 

RFP Release: March 25
Written questions due: April 8
Questions and answers released via addendum: April 17
Proposals due: May 1, 2026, by 12 p.m. (PST) 

Anticipated contract term: June 2026 – June 2031 with an option to renew contingent upon funding. 

Learn more about the EWOI at: opportunity.lacounty.gov/ewoinitiative/.  

For all details on the RFP, download the EWOI Financial Services RFP (solicitation number EWOI-FIN-01) at doingbusiness.lacounty.gov/open-solicitations/