PROVIDENCE – Rhode Island businesses that were adversely affected by Tropical Storm Irene can apply for a portion of a $500,000 small-business loan fund through the R.I. Economic Development Corporation.
The fund, announced Aug. 31, will provide loans of $10,000 to $100,000 with a 5 percent fixed interest rate, with terms of one to five years. Loans can be used to repair damage and replace broken machinery and equipment.
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Businesses – manufacturers, retailers and select service business – that can show evidence of storm damage or business interruption from the storm can apply; they also must show that they have insurance to cover storm damage.
Loans of up to $50,000 can be approved quickly without the approval of the Small Business Loan Fund Corporation Board of Directors, the EDC said, while loans greater than that amount will require board approval.
“Although we in Rhode Island were fortunate to avoid any loss of life, there is no doubt that Irene took a toll on businesses throughout the state,” said Gov. Lincoln D. Chafee in a news release. “These funds will help small businesses that sustained damage or had their services interrupted by the storm get back on their feet as soon as possible. Rhode Island did an excellent job preparing for Irene, and now we want to bring that same commitment to the recovery process.”
