PROVIDENCE – In light of Gov. Lincoln D. Chafee’s establishment of a $1 million emergency loan fund to assist Rhode Island businesses affected by Hurricane Sandy, the R.I. Economic Development Corporation will meet with businesses to determine if they qualify for loans from $10,000 to $25,000.
EDC staff will be stations at locations in Westerly, Newport and Bristol on Tuesday and Wednesday to talk with business owners about whether or not they qualify for state assistance from the emergency loan fund.
The EDC is encouraging businesses that have experienced “disruptions to their operations” due to the storm to stop by one of the loan consultation stations or contact the EDC’s finance department at (401) 278-9100.
EDC staff will be at Bristol Town Hall at 10 Court St. on Tuesday, Nov. 13, from 10 a.m. to 12:30 p.m., at the Newport County Chamber of Commerce at 35 Valley Rd. in Middletown on Tuesday, Nov. 13, and Wednesday, Nov. 14, from 1-4 p.m. on both days and at the Westerly Community Credit Union at 122 Granite St. on Wednesday, Nov. 14, from 9 a.m. to 4 p.m.
Additional locations and dates are being planned.
The loans, announced by Chafee on Nov. 2, are being made available through the EDC’s Small Business Loan Fund.
The funds are available as working capital to any existing Rhode Island manufacturer, retailer or selected service business directly affected by the storm. The $10,000 to $25,000 loans have a fixed interest rate from 2.5 percent to 4 percent, depending on the amount and term of the loan. The terms range from one to five years.
To qualify for the loans, businesses must supply evidence of damage sustained by Hurricane Sandy or of business interruption caused by the storm. The businesses must also show that they have adequate insurance to cover storm damage and meet other minimum lending requirements.