EDC gets OK to use $1 million for Brownfields

PROVIDENCE — The Rhode Island Economic Development Corporation has been authorized to use $1 million from the U.S. Environmental Protection Agency to implement its Brownfields Cleanup Revolving Loan Fund Pilot Grant to establish a Brownfields Cleanup Revolving Loan Fund. The targets for the fund are its urban sites in Providence, Central Falls, Newport, Pawtucket, West Warwick and Woonsocket. The funds to be administered by the Small Business Loan Fund Corporation will offer loans to eligible candidates from a minimum of $50,000 to a maximum of $500,000 at a fixed interest rate of 6 percent.