RIBBA, Freedom National team for loan program

PROVIDENCE – The Rhode Island Black Business Association is partnering with Smithfield-based Freedom National Bank to make business loans available to small and minority-owned businesses in Providence.
Freedom has committed an aggregate amount of up to $750,000 for small-business lending and the association is offering up to 30 percent cash collateral in support, according to a press release. The loan opportunity will be made available to businesses located along the commercial areas of Broad and Cranston streets and Elmwood Avenue, which the association calls the “Providence urban core.” The R.I. Black Business Association (RIBBA), an advocate of small and minority-owned business, last month received $200,000 in funding through the Providence Community Development Block Grant program, which will be used as collateral for the loans, according to the release.
“Minority and small businesses in the urban core have generally found it difficult to access commercial loans,” said Lisa Ranglin, RIBBA president, in a statement. “RIBBA’s partnership with Freedom National Bank is exciting and will enable small and minority businesses in the city’s urban core to access the capital needed to grow and thrive in place.”
Anthony Botelho, president of Freedom National Bank, says the bank’s small-business loan department is specifically structured to provide banking services to small businesses, which fits the area well.
“We understand that small businesses in the urban core have financing and capital needs that don’t fit the corporate model and we’re pleased to partner with RIBBA on this program,” Botelho said.
Ranglin, who thanked Mayor Jorge O. Elorza for his support through the CDBG grant, said the first-term mayor understands the importance of growing economic empowerment among small and racial minority-owned businesses.
“Mayor Elorza recognized and supported our position that fostering economic inclusion for small and minority businesses is key to leveraging urban core business enterprises, [and] helping them to grow their bottom line so they can scale up and create permanent, full-time jobs within the community at good wages,” Ranglin said.

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