RIBBA expands Collateral Support Program to Pawtucket

AFTER REALIZING some success in Providence, the R.I. Black Business Association is expanding its Collateral Support Program, which helps business owners secure loans for business expansion and growth, to Pawtucket.
AFTER REALIZING some success in Providence, the R.I. Black Business Association is expanding its Collateral Support Program, which helps business owners secure loans for business expansion and growth, to Pawtucket.

PROVIDENCE – After realizing some success in Providence, the R.I. Black Business Association is expanding its program that provides financial support to business owners to Pawtucket.
The program, Collateral Support Program, helps business owners secure loans for business expansion and growth. RIBBA this year in Providence helped make four loans totaling $110,000, awarding $33,000 in collateral support. The support helped create 27 new jobs, according to RIBBA.
The association is hopeful to replicate the success in Pawtucket, and has secured funding through the Pawtucket Community Development Block Grant Program. The funding also comes with free, expert and customized technical assistance.
Pawtucket small-business owners of racial minorities are invited to attend a reception at 5:30 p.m. on Monday, Dec. 19 at Pawtucket City Hall. The association is asking business owners to RSVP to RIBBA at (401) 383-1179 or email loanproject@ri-bba.com.

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