EAST PROVIDENCE – The city Economic Development Commission approved loans for two city businesses during its April and May meetings.
At its April meeting, the commission approved a $99,999 loan to finance building improvements for Union Bar at 332 Bullocks Point Ave., which is owned by Ruarri Miller, a Riverside resident. The loan closing was held at City Hall on May 26.
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During its May meeting, the commission approved a $50,000 loan for the East Providence Yacht Club at 9 Pier Road, a waterfront bar and grill owned by resident Mikel Perry. The yacht club will use the funding to dispose of mooring pilings on the property to allow the U.S. Army Corps of Engineers to access and remove the remains of a decommissioned railroad bridge for navigation and safety reasons.
The yacht club also features a marina with 30 boat slips. Removal of the bridge will create room for additional boat slips and provide unobstructed views to the river. Work is scheduled to begin in the fall, with completion estimated to finish in early 2023.
Commission Chairwoman Michelle Botelho said the community will benefit from both projects for years to come.
“The Union Bar project will provide much needed revitalization to Riverside Square, while the East Providence Yacht Club project will allow the city to partner in the beautification of our waterfront,” Botelho said in a statement.
“These loans are examples of our administration’s concerted effort to help small businesses grow and expand in East Providence,” Mayor Roberto L. DaSilva said in a statement. “Our administration is committed to helping our local business owners by providing businesses with the necessary resources to succeed while also supporting the entrepreneurial spirit in our community.”
The city has been able to increase lending activity by dedicating a portion of the sale proceeds from the Platt Waters school property to loans for small businesses, according to a news release from the mayor’s office. In the last three years, the city has approved loans to 20 small businesses totaling $641,000.
Tim Norton is a PBN staff writer. You may contact him at Norton@PBN.com.
