Process
There is a simple 5 step process for applying agencies:
1. Read the Request for Proposal (RFP): This will outline in very specific terms the proposal requirements and the primary criteria for funding. Request for Proposal (RFP)
2. Submit a Proposal: Public or private entities partnering with state agencies (respondents) submit proposals to the Productivity Investment Fund that meet the requirements and address the primary criteria for funding.
3. Schedule a Preliminary Review: Respondents can request a preliminary review of the proposal with the Executive Director of the Productivity Investment Fund to answer any questions about the process, to seek guidance on the specific proposal requirements or to address the primary criteria for funding.
4. Oversight Board Review and Approval: The Oversight Board will convene, consider and allocate funding based on availability of funds and the quality of the proposal. Typically, the Board convenes in the Spring and Fall, but may convene to address proposals on an as needed basis.
5. Receive Award: Awards are issued in the form of loans, grants or gain share. A letter and Memorandum of Understanding (MOU) between the Productivity Investment Fund and the respondent formalize the award.
1111 E. Broad Street | Richmond, VA 23219
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