A $1-million loan fund has been set up to help Rhode Island businesses affected by the recent flooding, with loans of $10,000 to $100,000 available to eligible businesses, with a 4-percent interest rate and terms of one to five years.
The loans are being provided by the Rhode Island Economic Development Corporation’s (RIEDC) Small Business Loan Fund Corporation, with expedited approval for loans up to $25,000, and a more in-depth review process for larger amounts.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
The money is available as working capital to make leasehold improvements to repair flood damage and replace damaged machinery and equipment. Any existing manufacturers, retailers, and selected service businesses are eligible. This program is separate from the state’s efforts to obtain federal assistance for individuals and businesses.
In a news release, Governor Donald L. Carcieri said the mid-October flooding had “devastated many businesses, particularly small businesses,” and the loans “will provide these businesses with much-needed capital so they can resume their operations as quickly as possible.”
To qualify for the loan, businesses must supply evidence of flood damage or that the flood interrupted their operations. They must also provide evidence that they have made insurance payments to cover flood damage.
“Getting these businesses back on their feet and their employees back to work is our main objective,” the governor added. “These funds will help employers in this recovery.”
To apply for a loan, contact the RIEDC Financial Services Division at 222-2601.
