SEED to target R.I. firms following $1M infusion

TAUNTON – The Massachusetts-based South Eastern Economic Development Corp. is targeting Rhode Island companies with new loan offerings in the wake of receiving $1 million through a new state-funded small-business loan program.

The economic-development organization is offering small-business loans to Rhode Island businesses from $1,000 to $200,000 at a 5 percent to 6 percent fixed rate. The offering came following Rhode Island’s award of $1 million to SEED through its Small Business Assistance Program. And while the organization helps make loans throughout the region, the state money is earmarked specifically for Rhode Island small businesses.

SEED will offer both microloans, up to $50,000, and small-business loans up to $200,000. Microloans, offered for up to six years at a 6 percent fixed rate, can be used for working capital, equipment, furniture, fixtures and refinancing of business credit card debt. •

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