450 Capitol Avenue Page 1 of 28 Hartford, CT 06106

Request for Proposals (RFP)

RFP Name: Connecticut Career Accelerator Program: Fund Manager

RFP #: 27ECD2530

OWS is soliciting a Fund Manager to implement the Connecticut Career Accelerator Program: a program designed to support individual learners pursuing training to obtain credentials and workforce training of value through Outcomes-Based Loans.

Please see the attached materials for additional proposal information.

Proposals Deadline: Monday, September 7, 2026, 5pm EST

Special Submission Instructions: All proposals must be submitted to the Agency Official Contact. No proposals submitted via CTSource will be considered.

The Agency is an Equal Opportunity/Affirmative Action Employer.

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TABLE OF CONTENTS

1) Overview of OWS ...................................................................................................................................................................... Page 3

2) Overview of the Request for Proposal ..................................................................................................................... Page 3

3) Service Provider and Scope of Work ........................................................................................................................ Page 4

4) Funding Source & Timeline ............................................................................................................................................. Page 8

5) Eligibility & Expectations of Entities ............................................................................................................................ Page 9

6) Number of Awards ................................................................................................................................................................ Page 9

7) Contact & Submission Information ........................................................................................................................... Page 9

8) Proposal Information ........................................................................................................................................................... Page 11

9) Budget Proposal ...................................................................................................................................................................... Page 15

10) Other Documents ................................................................................................................................................................. Page 15

11) Evaluation, Contract Selection, and Execution ................................................................................................. Page 16

12) Rights Reserved by the State of Connecticut................................................................................................... Page 18

13) Statutory and Regulatory Compliance ............................................................................................................... Page 19

EXHIBIT A: Acronyms & Definitions..................................................................................................................................... Page 23

EXHIBIT B: Documents Required of Proposer ............................................................................................................. Page 26

EXHIBIT C: Cover Page & Acknowledgement ............................................................................................................ Page 27

EXHIBIT D: Statement of Assurances ............................................................................................................................... Page 28

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PROPOSAL INFORMATION

1) OVERVIEW OF OWS

The Office of Workforce Strategy (OWS), created under Governor Lamont’s leadership, provides strategic direction and coordinates workforce development policy and programming among state agencies, education institutions and industry throughout the state. Its primary goal is to ensure that all state residents have equitable access to quality jobs, and all Connecticut businesses have the talent they need to innovate and grow. OWS is an executive branch agency that provides staff to the Governor’s Workforce Council (GWC).

OWS is responsible for developing the Connecticut Career Accelerator Program (CT CAP), pursuant to Conn. Gen. Stat. § 4-124mm (as amended by Public Act 23-75 and Public Act 26- 85). Under these legislative mandates, OWS has designed CT CAP to focus on training individuals for high-need, living wage jobs in Connecticut with the advice of a competitively procured consultant. OWS now seeks a Fund Manager who will begin implementation of CT CAP by January 1, 2027.

2) OVERVIEW OF THE REQUEST FOR PROPOSAL

Through this Request for Proposal (RFP), OWS is sourcing a Fund Manager to lead the implementation of CT CAP, which will provide Outcomes-Based Loans (OBLs) to individual learners pursuing training and thereby enable them to obtain credentials and workforce training of value.

An OBL is a specialized type of loan designed to protect borrowers. Such loans tie repayment obligations to the achievement of predefined, measurable outcomes such as program completion or post-program earnings. OBLs also generally include low or no interest, no up-front fees, no collections, no cosigners, and no required minimum credit score. Details on the OBLs for CT CAP are provided below in Section 3.

Through legislative requirements and landscaping and research, OWS has identified the following priority career pathways: commercial truck driving (CDL), licensed practical nursing (LPN) training, and paramedic training. OWS has also identified eligible training providers and will have provided a preliminary term sheet to Selected Training Providers before the start of the Fund Manager’s contract period. Such term sheets will describe the terms under which learners enrolled with the Selected Training Providers can apply for and receive an OBL to cover costs related to training.

Upon onboarding, OWS will require the Fund Manager to draft and execute legal agreements with the Selected Training Providers. The Fund Manager will be responsible for establishing project planning and developing operational processes and core documentation for the CT CAP

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Fund Vehicle (the Fund). The Fund Manager will also be responsible for origination and servicing activities (directly or through third-party contractors) for the outcomes-based loans as well as OBL monitoring and periodic reporting to OWS.

3) SERVICE PROVIDER AND SCOPE OF WORK

OWS seeks a Fund Manager with an extensive track record in managing and deploying capital for an OBL program and who has experience managing student borrower and training provider relationships. Prior experience with managing public funding is also required.

Creating and Administering the Fund Vehicle The Fund Manager shall establish and administer the Fund, which shall be a standalone legal entity segregated from the Fund Manager’s other assets and financed by deposits from the State of Connecticut. Starting in 2027 and continuing for the next 5 years, the State will grant the Fund up to $4,840,000, which must be used to implement CT CAP and cover all Fund expenses.

The Fund Manager shall ensure the Fund can receive such deposits within thirty (30) calendar days of executing the contract with OWS.

The Fund Manager shall prepare an investment policy for the Fund, subject to the approval of OWS. The Fund Manager shall also serve as a fiduciary to the Fund. The Fund Manager’s ongoing management of the Fund shall be subject to the oversight of OWS and shall include but not be limited to: managing and tracking deposits to the Fund; making disbursements of OBLs;

servicing the OBLs and tracking repayments from borrowers; and ensuring accurate reporting and accounting of all capital. The Fund shall redeploy repaid OBL amounts to finance future OBLs for future cohorts of learners.

Engagement with Selected Training Providers Pending approval by OWS, the Fund Manager will enter into contracts with the Selected Training Providers setting forth the goals and expectations they must meet to remain a Selected Training Provider. The Fund Manager shall be responsible for ongoing oversight over the Selected Training Providers to ensure that they continue to meet the requirements of CT CAP. The Fund Manager’s oversight of the Selected Training Providers shall include setting up and implementing a system for tracking the Selected Training Providers’ outcomes, including but not limited to: the number of borrowers enrolled in their Selected Training Programs; demographic information about the borrowers; the number of borrowers successfully completing training; information on borrowers who did not complete the training; and borrower’s job placements and starting salaries.

Engagement with Employers In collaboration with OWS and Selected Training Providers, the Fund Manager may provide support in formalizing partnerships with employers to establish job placement pathways for program completers across the priority sectors. Where possible, this may also include

450 Capitol Avenue Page 5 of 28 identifying employer partners willing to support a reduction in, or assistance with, a learner’s OBL repayment obligation.

Recruiting Borrowers The Fund Manager shall provide guidance to Selected Training Providers for identifying learners who may be eligible to participate in CT CAP. In consultation with OWS, the Fund Manager shall finalize the OBL eligibility criteria that learners must meet to qualify for an outcomes-based loan.

The Fund Manager shall also provide standardized guidance to Selected Training Providers regarding how to responsibly inform learners interested in CT CAP OBLs about the lending terms, including consumer protections and borrowers’ rights and responsibilities. The Fund Manager may be asked by OWS to engage in marketing CT CAP, in partnership with and led by Selected Training Providers, Career ConneCT, workforce development boards, and other state entities.

Parameters of the anticipated outcomes-based loans OBLs for CT CAP are designed to offer learner-friendly terms for learners enrolled in eligible short-term training programs. OBLs will cover tuition and fees for training programs and/or living expenses for enrolled learners. OBLs will carry 0% interest and no up-front fees, and because they are not credit‐based, they will not require cosigners or co‐borrowers.

The Fund Manager will develop an OBL repayment schedule based on their income following the completion of a Selected Training Program, with the goal of full repayment within five (5) years.

Borrowers who earn less than a defined minimum income threshold will be eligible to apply for income-based deferment, ensuring repayment obligations remain contingent on workforce outcomes and financial capacity.

In addition to OBLs, borrowers may also receive wraparound services not covered by tuition, such as career counseling, access to mental health support and/or living stipends. However, borrowers will only be required to repay their OBLs.

The parameters of the CT CAP program are subject to change at the discretion of OWS.

Administering the outcomes-based loans The Fund Manager shall be responsible for the origination, holding, and servicing of the OBLs, subject to all applicable federal and State student lending laws, regulations, and policies. The Fund Manager may perform these functions directly or through a subcontractor, in accordance with the Use of Subcontractors for Loan Origination and Servicing provisions below.

In its capacity as originator, the Fund Manager shall draft the application, promissory note, and all required disclosures, the form of which documents shall be subject to approval by OWS. The Fund Manager shall offer and approve the OBLs and shall disburse payments for the OBLs.

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In its capacity as holder/servicer, the Fund Manager shall perform all repayment activities on the OBLs, including default aversion activities, incentives to improve repayment compliance, and administering annual certification of income to determine each borrower’s income‐based repayment amount for the subsequent year. OWS intends that the Fund Manager will engage in little to no formal collections activities, nor shall engage third party entities to collect overdue balances or litigate with borrowers.

The Fund Manager, and any subcontractor engaged pursuant to the Use of Subcontractors for Loan Origination and Servicing provisions below, shall each be licensed by the Connecticut Department of Banking as a student loan servicer pursuant to Connecticut General Statutes §§ 36a-846 to 36a-856 and shall be subject to periodic management reviews and reporting requirements by OWS to ensure compliance with all applicable federal and State lending laws, regulations, and policies, as well as with best practices for borrower protection standards in servicing student loans. Failure to comply with these laws, regulations, policies, and best practices shall subject the Fund Manager to penalties up to and including termination of the contract.

The Fund Manager shall maintain adequate, industry standard insurance coverage and shall implement, or demonstrate existing, data security policies and practices commensurate with the sensitivity of the personally identifiable information (PII) handled in the origination, holding and servicing of the OBLs.

Use of Subcontractors for OBL Origination and Servicing The Fund Manager may, at its discretion, either (a) directly perform all origination and servicing functions described above, or (b) engage and oversee one or more subcontractors to perform these functions on the Fund Manager's behalf.

The Fund Manager shall select any such subcontractor in consultation with, and subject to the approval of, OWS. The Fund Manager shall remain fully and solely responsible to OWS for the performance of any subcontractor, including compliance with all applicable federal and State lending laws, regulations, and policies, and for any deliverables, reporting, and outcomes described in this RFP or the resulting contract. The use of a subcontractor shall not relieve the Fund Manager of any obligation, liability, or fiduciary duty under the contract between OWS and the Fund Manager.

Managing the Fund The Fund Manager shall manage the Fund on an ongoing basis, including measurement and reporting of CT CAP performance, management and redeployment of Fund capital, management of Fund residuals, and planning for the eventual sunset of the Fund, as follows:

• Management of Fund Capital. The Fund Manager shall manage the deployment of Fund capital across cohorts of borrowers.

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• Governance. The Fund Manager shall establish and maintain a governance structure for CT CAP, including a recurrent meeting to review Fund performance, capital deployment, and any material risks or compliance issues. OWS shall have final approval over all activities of CT CAP and will exercise this oversight through the governance structure put in place.

• Relationship Management with Selected Training Providers. The Fund Manager shall maintain an ongoing working relationship with each Selected Training Provider. This shall include coordinating the execution and maintenance of legal agreements; serving as the primary point of contact; and monitoring each Selected Provider's compliance with any agreements. The Fund Manager shall coordinate with OWS on the onboarding of any additional training providers.

• Relationship Management with Relevant Employers. Where appropriate, the Fund Manager will work with Selected Training Providers to engage relevant, local employers for the purpose of securing commitments to hire OBL borrowers, create efficient repayment approaches, and provide support or assistance with reducing a learner’s OBL repayment obligation.

• Performance Measurement and Reporting. The Fund Manager shall track and report to OWS on Fund and CT CAP performance on an ongoing basis, including at a minimum: OBL origination volume; repayment, default, and forbearance rates; and completion and employment placement outcomes for borrowers.

• Management of Fund Residuals. The Fund Manager shall develop, in consultation with OWS, a policy for managing OBL repayments that can be recycled and redeployed to new borrowers.

• Fund Sunset and Wind-Down. The Fund Manager shall develop, in consultation with OWS, a wind-down plan addressing the orderly conclusion of the Fund and the steps required for Fund dissolution. This shall include disposition of repaid residuals that can no longer be recycled nor redeployed to new borrowers.

• Independent Audit. The Fund Manager may be required to engage an independent auditor to audit the Fund on an annual basis. The Fund Manager should reference the State Single Audit Act to determine if they are subject to an audit: Chapter 55b - Single Audits and Program-Specific Audits for Recipients of State Financial Assistance. Completed audits shall be submitted to the Connecticut Office of Policy and Management - Electronic Audit Reporting System no later than six months after the end of the audit period.

Deliverables:

1. Fund Formation: Executed fund formation documents and documented governance and investment policy statements — completed prior to first OBL disbursement, by January 1, 2027.

2. Selected Training Provider Agreements: Fully executed legal agreements with each Selected Training Provider – beginning after fund formation.

3. OBL Origination and Disbursements: Borrower application form and promissory note template – beginning after fund formation.

https://www.cga.ct.gov/current/pub/chap_055b.htm https://www.cga.ct.gov/current/pub/chap_055b.htm https://ears.opm.ct.gov/ https://ears.opm.ct.gov/

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4. OBL Servicing and Borrower Support: Borrower communication templates and correspondence records – beginning after OBL origination and disbursement.

5. Outcomes tracking and KPI monitoring: Monthly status reports and KPI dashboard, covering, at a minimum, enrollment, completion, placement with salary, repayment, compliance and deferment rates – beginning after OBL origination and disbursement.

6. Financial and outcomes reporting: Quarterly financial reports (balance sheet, income statement, fund activity summary) and monthly outcomes reports submitted to OWS, with audit-ready supporting documentation maintained throughout – beginning after OBL origination and disbursement.

7. Fund recyclability and wind-down: Written capital recycling policy and, at fund close, a wind-down plan documenting final OBL disposition and fund dissolution steps – beginning after fund disbursements have occurred for 3 years.

4) FUNDING SOURCE & TIMELINE

a) Source. The funding source for this program is public capital directed to OWS by the State of Connecticut’s Bond Commission.

b) Use of Funds. Funding provided through this contract are to be used for (1) OBLs to cover related tuition, fees or living expenses for allowable training programs as approved by OWS and (2) all costs related to Fund management, including Fund Manager’s fees, costs related to any subcontractors, and any other administrative costs that may be incurred in executing

CT CAP.

c) Disbursement Timeline. Funding shall be deployed to the Fund Manager on a drawdown schedule to be agreed upon during the contracting stage.

d) Total Amount Available. The total amount of funding available for distribution to one successful proposer is $4,840,000. This amount covers both administrative (Fund Management) and programmatic (OBLs and wraparound non-repayable services) costs. Of this total, OWS expects Fund Management costs over the five-year base term not to exceed $750,000. This figure is a maximum, not a target or required expected bid; proposers are encouraged to explain the cost of their services in a manner consistent with delivering the scope of work. Costs will then be evaluated competitively. As directional guidance only, OWS anticipates that management costs will peak in the first three (3) years, then decline in subsequent years as operations shift from fund formation and origination to servicing and repayment. Proposers are not required to structure their proposed budget in this manner but must provide a rationale for the breakdown of costs across the contract period.

e) Contract Term: OWS intends to award a contract for a base term of five (5) years, corresponding to the anticipated OBL deployment and initial servicing period for CT CAP. CT CAP is designed as a longer-horizon program: the OBL deployment period is expected to last three (3) years, followed by a two (2) year period focused on initial servicing, repayments management, and outcomes reporting; and up to five (5) years of ongoing servicing, repayments and data reporting, resulting in a total anticipated program horizon of approximately ten (10) years. While the contract covers the expected five-year base term, 450 Capitol Avenue Page 9 of 28

OWS anticipates that management of CT CAP will continue through the repayment period.

OWS may, at its sole discretion and subject to the availability of funds, satisfactory performance, and applicable procurement requirements, extend or renew this contract or separately procure management services for the remainder of the full program period for CT CAP. Nothing in this RFP shall be construed as a commitment to extend, renew, or award any contract beyond the initial base term (five years), or to guarantee any funding beyond amounts already appropriated.

5) ELIGIBILITY & EXPECTATIONS OF ENTITIES

a) Eligibility. Non-governmental firms, including non-profit and for-profit entities, possessing appropriate licensure to undertake the proposed activities in the State of Connecticut.

b) Fund Manager Expectations.

i) Experience managing outcomes-based loans and/or student loans

ii) Experience in supporting workforce development and education career pathways

iii) Experience managing and reporting on the use of public funds

c) Data Collection Requirements. OWS shall provide a template for collecting and guidance for uploading information on the borrowers receiving OBLs and on Selected Training Providers.

6) NUMBER OF AWARDS

a) Awards. This contract shall be awarded to one provider. The awardee will be selected based on the score of the proposal and consideration for how the proposal best meets the needs of OWS as outlined in this Request for Proposal.

7) CONTACT & SUBMISSION INFORMATION

a) Contacts. All questions and proposal submissions shall be made to

Name Grace Suh Address 450 Capitol Avenue, Hartford, CT 06106 Phone 917-226-1854 Email grace.suh@ct.gov

OWS has designated the individual above as the Official Contact for purposes of this RFP. The Official Contact is the only authorized contact for this procurement and, as such, handles all related communications on behalf of OWS. Proposers, prospective proposers, and other interested parties are advised that any communication with any other OWS employee(s) (including appointed officials) or personnel under contract to OWS about this RFP is strictly prohibited. Proposers or prospective proposers who violate this instruction may risk disqualification from further consideration.

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Please ensure that e-mail screening software (if used) recognizes and accepts e-mails from the Official Contact.

b) Deadlines (Procurement Schedule).

i) RFP Released: Tuesday, August 18, 2026

ii) Questions Deadline: Monday, August 24, 2026, 5pm EST

iii) Answers Deadline: Friday, August 28, 2026, 5pm EST

(1) Questions will be reviewed by the OWS team, answered, and provided back to the proposers in the form of an appendix that must be signed by the proposer. The appendix will also be posted online.

iv) Proposals Deadline: Monday, September 7, 2026, 5pm EST The Official Contact is the only authorized recipient of proposals submitted in response to this RFP. Proposals must be received by the Official Contact on or before the due date and time established in the Procurement Schedule.

Proposals received after the due date and time will be ineligible and will not be evaluated.

OWS will send an official letter alerting late respondents of ineligibility.

An acceptable submission must include the following:

• One (1) conforming electronic copy of the original proposal.

The proposal must be complete, properly formatted and outlined, and ready for evaluation by the Evaluation Review Committee.

c) Registering with State Contracting Portal. Respondents must register with the State of CT contracting portal at https://portal.ct.gov/DAS/CTSource/Registration if not already registered. Respondents shall submit the following information pertaining to this application to this portal (on their supplier profile), which will be checked by OWS.

i) Secretary of State recognition – Click on appropriate response

ii) Non-profit status, if applicable

iii) Notification to Bidders, Parts I-V

iv) Campaign Contribution Certification (OPM Ethics Form 1): https://portal.ct.gov/OPM/Fin-

PSA/Forms/Ethics-Forms

d) RFP Information. The RFP, amendments to the RFP, and other information associated with this procurement are available in electronic format from the Official Contact or from the Internet at the following locations:

• State Contracting Portal (go to CTsource bid board, filter by Office of Workforce Strategy):

https://portal.ct.gov/DAS/CTSource/BidBoard https://portal.ct.gov/DAS/CTSource/Registration https://portal.ct.gov/OPM/Fin-PSA/Forms/Ethics-Forms https://portal.ct.gov/OPM/Fin-PSA/Forms/Ethics-Forms https://portal.ct.gov/DAS/CTSource/BidBoard

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It is strongly recommended that any proposer or prospective proposer interested in this procurement check the Bid Board for any solicitation changes. Interested proposers may receive additional e-mails from CTsource announcing addendums that are posted on the portal. This service is provided as a courtesy to assist in monitoring activities associated with State procurements, including this RFP.

e) Inquiry Procedures. All questions regarding this RFP or OWS’s procurement process must be directed, in writing, electronically (e-mail), to the Official Contact before the deadline specified in the Procurement Schedule. The early submission of questions is encouraged.

Questions will not be accepted or answered verbally – neither in person nor over the telephone. All questions received before the deadline(s) will be answered. However, OWS will not answer questions when the source is unknown (i.e., nuisance or anonymous questions).

Questions deemed unrelated to the RFP or the procurement process will not be answered. At its discretion, OWS may or may not respond to questions received after the deadline. OWS may combine similar questions and give only one answer. All questions and answers will be compiled into a written amendment to this RFP. If any answer to any question constitutes a material change to the RFP, the question and answer will be placed at the beginning of the amendment and duly noted as such.

OWS will release the answers to questions on the date(s) established in the Procurement Schedule. OWS will publish any and all addendums and amendments to this RFP on the State Contracting Portal and, if available, on OWS’s RFP Web Page. At its discretion, OWS may distribute any addendums and amendments to this RFP to prospective proposers who submitted a Letter of Intent or attended the RFP Conference (if applicable).

f) RFP Conference. An RFP conference will not be held to answer questions from prospective proposers.

g) Multiple Proposals. The submission of multiple proposals is not an option for this procurement.

8) PROPOSAL INFORMATION

a) The following provides an outline of the proposal requirements including a description, the maximum length of the section, and the weight of the section. All pages must be no less than .5” margins and a reasonable readable font size (11-12 pt Times New Roman or Calibri recommended).

Section Item Description Length (pages)

I Cover Page / Signed Proposal (see Exhibit C) 1 II Table of Contents 1

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III Executive Summary 1 IV Organization Profile and Demonstrated Experience

• Describe the organization (nonprofit or for-profit), organizational mission and values, years of operation, the type of services the proposer provides and the organization’s main area of expertise.

• Describe any experience managing or deploying capital through OBLs, income-contingent financing, or workforce training finance programs, including, if applicable, experience originating, underwriting, or servicing OBLs, income-contingent loans, or comparable workforce training finance instruments.

• Describe the organization’s experience managing and reporting on the use of public funds, including, prior experience receiving, deploying, and accounting for public or philanthropic capital in support of workforce training finance or income-contingent lending programs.

• Describe the organization’s experience supporting workforce development and education career pathways, including prior work with underemployed, low-income, or other populations with barriers to employment seeking credentials or skills training, and understanding of OWS’ equity goals.

• Describe at least two past clients, projects or funds wherein the organization has performed similar fund management services as is requested in this RFP. Describe the scope of work and results.

Attachments (samples of prior OBL, income-contingent, or workforce training finance program documentation, agreements, or reporting templates) are accepted in an appendix and do not count toward the page limitation.

Scope of Services Describe the organization’s implementation approach to services requested. The response should address fund formation, outcomes-based loan origination and servicing, management of Selected Training Providers, and reporting, and should explain how the services detailed in the scope of work will be implemented and the timeframes involved. Specifically, this section should address the following questions:

• How the proposer would approach fund formation, governance structure, and legal documentation for CAP.

• How the proposer would approach relationship management of borrowers, training providers and employers.

• How the proposer will originate and underwrite new OBLs and manage the capital deployment processes.

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• How the proposer will service the OBLs and administer repayment and the types of guidelines and operational processes the proposer will implement to ensure income verification and equitable deferment and forbearance.

• How the proposer will manage residual funds at the end of fund life that can no longer be recycled and deployed to new borrowers.

• The proposed collaboration or subcontracting, if any, with other entities to fulfil the requirements of the contract resulting from this

RFP.

• The type of data collection and management approach for program outcomes. KPIs will include but not limited to number of individuals who seek, enroll, and complete training, and attain gainful employment.

• Any anticipated program implementation risks and how the proposer would foresee mitigating and managing such risks.

Staffing Plan Provide an overview of the staffing plan, identifying each role within the scope of this project and the percentage of time each staff member will dedicate to the project on an annual basis. Identify all Key Personnel, describe their roles within the scope of the project, and provide their resumes. If subcontractors will be used, please provide:

(1) the name of key contacts of the subcontractor, (2) any details about the existing relationship with the subcontractor, and (3) a brief overview of their past work and credentials. Resumes are accepted in an appendix and do not count toward the page limitation.

Data and Technology If applicable, please describe any platforms or systems the organization will use to manage deal flow, KPIs and/or reporting.

Work Plan Please provide a workplan setting out the proposed tasks, milestones, and schedule of deliverables for the full contract period. For Years 1- 2, the timeline should be presented on a monthly basis; Years 3-5 may be presented on an annual basis.

The work plan must address each deliverable listed in the Deliverables section above (Section 3) and must clearly identify the point in the timeline at which each deliverable will be completed.

At a minimum, the work plan should incorporate the following baseline milestones:

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• Establishment of all legal and logistical frameworks required to onboard and engage with Selected Training Providers and participating employers by January 1, 2027, designed to be applied consistently across all three priority career pathways;

and

• Launch of commercial driver’s license (CDL) career pathway by the end of Year 1.

• Launch of licensed practical nursing (LPN) and paramedic training career pathways in Year 1, to the extent enrollment dates for these programs allow. To support rapid onboarding of Selected Training Providers and launch of all three career pathways, indicative term sheets will have been provided to Selected Training Providers prior to the start of the contract period. Where a career pathway cannot be launched in Year 1, due to enrollment timing or other constraints outside of the Fund Manager’s control, the Fund Manager should provide an approach and indicative sequencing for its launch in Year 2.

Budget Narrative The Budget Narrative should detail estimated administrative costs of managing CT CAP on an annual basis. The Narrative should include staffing and all other costs associated with executing activities described in the Scope of Work and any anticipated third-party costs.

The Budget Narrative should also discuss how the proposer would fund its services during the repayment period (up to five years during the final half of the full CT CAP program), including whether fund management costs could be covered by OBL repayments recycled into CT CAP or by other sources. Provide an indicative, non-binding estimate of annual repayment-period management costs. OWS is not committing to fund these amounts through this contract; this information is requested for planning purposes.

V Financial Standing and Compliance To demonstrate that the proposer is in Good Standing, please provide information related to the proposer’s fiscal stability, including its three most recent annual audits or financial statements. See Exhibit A, Key Definitions, for description of Good Standing.

VI Other Documents The following documents will be considered as Attachments and will not count toward the page limit of the Main Proposal section.

• Resumes of Key Personnel

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• Up to two (2) examples of previous relevant work to support “Organizational Profile and Demonstrated Experience” section.

• Three (3) references from clients reflecting previous work.

• Declaration of Confidential Information

• Conflict of Interest – Disclosure Statement

• Statement of Assurances (Exhibit D)

9) BUDGET PROPOSAL

a) Proposals must include a budget as a separate attached excel file in line with the Budget Narrative. The budget must present costs on an annual basis for each of the five (5) base-term years and must separately itemize direct and indirect costs. Proposers should use the attached budget template provided (See Exhibit E).

b) Proposers should note that their estimate of costs for the 5-year repayment period should not be included in the budget proposal.

10) OTHER DOCUMENTS

a) Declaration of Confidential Information. Proposers are advised that all materials associated with this procurement are subject to the terms of the Freedom of Information Act (FOIA), the Privacy Act, and all rules, regulations and interpretations resulting from them. If a proposer deems that certain information required by this RFP is confidential, the proposer must label such information as CONFIDENTIAL prior to submission. The proposer must reference where the information labeled CONFIDENTIAL is located in the proposal. EXAMPLE: Section G.1.a. For each subsection so referenced, the proposer must provide a convincing explanation and rationale sufficient to justify an exemption of the information from release under the FOIA.

The explanation and rationale must be stated in terms of (a) the prospective harm to the competitive position of the proposer that would result if the identified information were to be released and (b) the reasons why the information is legally exempt from release pursuant to C.G.S. § 1-210(b). If the proposer has no information it deems confidential, the proposer must affirm such and acknowledge their understanding of applicable rules in the disclosure statement. Example: “[name of proposer] understands that all materials associated with this procurement are subject to the terms of the Freedom of Information Act, the Privacy Act, and all rules, regulations, and interpretations resulting from them. No information provided in this proposal is confidential.”

b) Conflict of Interest - Disclosure Statement. Proposers must include a disclosure statement concerning any current business relationships (within the last three (3) years) that pose a conflict of interest, as defined by C.G.S. § 1-85. A conflict of interest exists when a relationship exists between the proposer and a public official (including an elected official) or State employee that may interfere with fair competition or may be adverse to the interests of the State. The existence of a conflict of interest is not, in and of itself, evidence of wrongdoing. A conflict of interest may, however, become a legal matter if a proposer tries to influence, or succeeds in influencing, the outcome of an official decision for their personal or corporate

450 Capitol Avenue Page 16 of 28 benefit. OWS will determine whether any disclosed conflict of interest poses a substantial advantage to the proposer over the competition, decreases the overall competitiveness of this procurement, or is not in the best interests of the State. In the absence of any conflict of interest, a proposer must affirm such in the disclosure statement. Example: “[name of proposer] has no current business relationship (within the last three (3) years) that poses a conflict of interest, as defined by C.G.S. § 1-85.”

c) Statement of Assurances (Exhibit D). Place after Conflict of Interest Disclosure Statement.

Sign and return.

11) EVALUATION, CONTRACT SELECTION, AND EXECUTION

a) Evaluation Process. It is the intent of OWS to conduct a comprehensive, fair, and impartial evaluation of proposals received in response to this RFP. When evaluating proposals, negotiating with successful proposers, and awarding contracts, OWS will conform with its written procedures for POS and PSA procurements (pursuant to C.G.S. § 4-217) and the State’s Code of Ethics (pursuant to C.G.S. §§ 1-84 and 1-85). Final funding allocation decisions will be determined during contract negotiation.

b) Evaluation Review Committee. OWS will designate a Review Committee to evaluate proposals submitted in response to this RFP. The Review Committee will be composed of individuals, OWS staff or other designees as deemed appropriate. The contents of all submitted proposals, including any confidential information, will be shared with the Review Committee. Only proposals found to be responsive (that is, complying with all instructions and requirements described herein) will be reviewed, rated, and scored. Proposals that fail to comply with all instructions will be rejected without further consideration. The Review Committee shall evaluate all proposals that meet the Minimum Submission Requirements by score and rank ordered and make recommendations for awards. The Chief Workforce Officer will make the final selection. Attempts by any proposer (or representative of any proposer) to contact or influence any member of the Review Committee may result in disqualification of the proposer.

c) Evaluation Criteria (and Weights). Proposals meeting the Minimum Submission Requirements will be evaluated according to the established criteria. The criteria are the objective standards that the Review Committee will use to evaluate the technical merits of the proposals. Only the criteria listed below will be used to evaluate proposals.

Evaluation Category

Key Evaluation Factors Weight

Organization Profile and

Demonstrated Experience

• Organization’s mission and value are aligned with CT CAP and its aim to support low-income, underemployed or disadvantaged individuals to access career training and credentials.

20%

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• Demonstrated track record originating, underwriting, or servicing outcome based-loans, income-contingent financing or similar workforce training financing programs.

Scope of Services

• Clarity and feasibility of proposed approach to fund formation and OBL administration.

30%

Staffing Plan • Staffing structure clearly aligns with scope of work, with named key personnel, defined roles, and specified time commitments for each position

10%

Data and Technology

• Adequacy of platforms and management information system for KPI tracking and reporting to OWS.

• Adequacy of OBL origination and servicing system, if applicable, to support borrower applications, promissory note management, repayment tracking and audit-ready documentation.

10%

Work Plan • Tasks and deliverables are clearly and realistically sequenced and demonstrate an understanding of the project objectives required in the scope of work.

10%

Budget and Budget

Narrative

• Budget is reasonable and sufficient to carry out program activities, with staffing and third-party costs clearly itemized.

• Demonstrates strong fiscal stewardship of program resources.

20%

d) Proposer Selection. Upon completing its evaluation of proposals, the Review Committee will submit the rankings of all reviewed proposals to the Chief Workforce Officer. The final selection of a successful proposer is at the discretion of the Chief Workforce Officer. Any proposer selected will be so notified and awarded an opportunity to negotiate a contract with OWS. Such negotiations may, but will not automatically, result in a contract. Any resulting contract will be posted on the State Contracting Portal. All unsuccessful proposers will be notified by e-mail or U.S. mail, at OWS’ discretion, about the outcome of the evaluation and proposer selection process. OWS reserves the right to decline to award contracts for activities in which the Chief Workforce Officer considers there are not adequate respondents.

e) Debriefing. Within ten (10) days of receiving notification from OWS, unsuccessful proposers may contact the Official Contact and request information about the evaluation and proposer selection process. The e-mail sent date or the postmark date on the notification envelope will be considered “day one” of the ten (10) days. If unsuccessful proposers still have questions after receiving this information, they may contact the Official Contact and request a meeting with OWS to discuss the evaluation process and their proposals. If held, the

450 Capitol Avenue Page 18 of 28 debriefing meeting will not include any comparisons of unsuccessful proposals with other proposals. OWS may schedule and hold the debriefing meeting within fifteen (15) days of the request. OWS will not change, alter, or modify the outcome of the evaluation or selection process as a result of any debriefing meeting.

f) Appeal Process. Proposers may appeal any aspect of OWS’ competitive procurement, including the evaluation and proposer selection process. Any such appeal must be submitted to the Chief Workforce Officer. A proposer may file an appeal at any time after the proposal due date, but not later than thirty (30) days after OWS notifies unsuccessful proposers about the outcome of the evaluation and proposer selection process. The e-mail sent date or the postmark date on the notification envelope will be considered “day one” of the thirty (30) days. The filing of an appeal shall not be deemed sufficient reason for OWS to delay, suspend, cancel, or terminate the procurement process or execution of a contract.

More detailed information about filing an appeal may be obtained from the Official Contact.

g) RFP Is Not an Offer. Neither this RFP nor any subsequent discussions shall give rise to any commitment on the part of the State or OWS or confer any rights on any proposer unless and until a contract is fully executed by the necessary parties. The contract document will represent the entire agreement between the proposer and OWS and will supersede all prior negotiations, representations or agreements, alleged or made, between the parties. The State shall assume no liability for costs incurred by the proposer or for payment of services under the terms of the contract until the successful proposer is notified that the contract has been accepted and approved by OWS and, if required, by the Attorney General’s Office.

h) Contract Execution. Any contract developed and executed as a result of this RFP is subject to OWS’ contracting procedures, which may include approval by the Office of the Attorney General.

12) RIGHTS RESERVED BY THE STATE OF CONNECTICUT

a) By submitting a proposal in response to this RFP, a proposer implicitly accepts that the following rights are reserved to the State:

i) Timing Sequence. The timing and sequence of events associated with this RFP shall ultimately be determined by OWS.

ii) Amending or Canceling RFP. OWS reserves the right to amend or cancel this RFP on any date and at any time, if OWS deems it to be necessary, appropriate, or otherwise in the best interests of the State.

iii) No Acceptable Proposals. In the event that no acceptable proposals are submitted in response to this RFP, OWS may reopen the procurement process, if it is determined to be in the best interests of the State.

iv) Award and Rejection of Proposals. OWS reserves the right to award in part, to reject any and all proposals in whole or in part, for misrepresentation or if the proposal limits or

450 Capitol Avenue Page 19 of 28 modifies any of the terms, conditions, or specifications of this RFP. OWS may waive minor technical defects, irregularities, or omissions, if in its judgment the best interests of the State will be served. OWS reserves the right to reject the proposal of any proposer who submits a proposal after the submission date and time.

v) Sole Property of the State. All proposals submitted in response to this RFP are to be the sole property of the State. Any product, whether acceptable or unacceptable, developed under a contract awarded as a result of this RFP shall be the sole property of the State, unless stated otherwise in this RFP or subsequent contract. The right to publish, distribute, or disseminate any and all information or reports, or part thereof, shall accrue to the State without recourse.

vi) Contract Negotiation. OWS reserves the right to negotiate or contract for all or any portion of the services contained in this RFP. OWS further reserves the right to contract with one or more proposer for such services. After reviewing the scored criteria, OWS may seek Best and Final Offers (BFO) on cost from proposers. OWS may set parameters on any BFOs received.

vii) Clerical Errors in Award. OWS reserves the right to correct inaccurate awards resulting from its clerical errors. This may include, in extreme circumstances, revoking the awarding of a contract already made to a proposer and subsequently awarding the contract to another proposer. Such action on the part of the State shall not constitute a breach of contract on the part of the State since the contract with the initial proposer is deemed to be void ab initio and of no effect as if no contract ever existed between the State and the proposer.

viii) Key Personnel. When OWS is the sole funder of a purchased service, OWS reserves the right to approve any additions, deletions, or changes in key personnel, with the exception of key personnel who have terminated employment. OWS also reserves the right to approve replacements for key personnel who have terminated employment. OWS further reserves the right to require the removal and replacement of any of the proposer’s key personnel who do not perform adequately, regardless of whether they were previously approved by OWS.

13) STATUTORY AND REGULATORY COMPLIANCE

a) By submitting a proposal in response to this RFP, the proposer implicitly agrees to comply with all applicable State and federal laws and regulations, including, but not limited to, the following:

i) Freedom of Information, C.G.S. § 1-210(b). The Freedom of Information Act (FOIA) generally requires the disclosure of documents in the possession of the State upon request of any citizen, unless the content of the document falls within certain categories of exemption, as defined by C.G.S. § 1-210(b). Proposers are generally advised not to include in their proposals any confidential information. If the proposer indicates that certain documentation, as required by this RFP, is submitted in confidence, the State will endeavor to keep said information confidential to the extent permitted by law. The State

450 Capitol Avenue Page 20 of 28 has no obligation to initiate, prosecute, or defend any legal proceeding or to seek a protective order or other similar relief to prevent disclosure of any information pursuant to a FOIA request. The proposer has the burden of establishing the availability of any FOIA exemption in any proceeding where it is an issue. While a proposer may claim an exemption to the State’s FOIA, the final administrative authority to release or exempt any or all material so identified rests with the State.