PROVIDENCE – Mayor Jorge O. Elorza recently toured local businesses helped by the Providence Business Loan Fund.
Elorza, running against two democratic challengers in the Sept. 12 primary election, said the program has provided 11 businesses with loans totaling $2.42 million since he took office in January 2015.
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“Local businesses are the backbone of Providence,” Elorza said. “Investments in local businesses are investments in our neighborhoods. We are committed to offering resources that will help businesses thrive, and [the loan program] is doing just that.”
Elorza visited three local businesses: Epivax Inc., a biotechnology firm on Valley Street; Walco Electric Co., a high-technology company specializing in electro-mechanical and automated processing equipment on Allens Avenue, and Yoleni’s, a Greek café and food market on Westminster Street.
Epivax received a $50,000 loan to help expand its research lab. Walco received a $350,000 loan to give the company extra working capital. Yoleni’s received a $312,500 loan to construct and open the eatery.
Other recipients of the Providence Business Loan Fund include Farm Fresh Rhode Island, a farmers’ marketplace; M.H. Stallman, a maker of foam products; and Los Andes Restaurant, a Latin American eatery.
Scott Blake is a PBN staff writer. He can be reached at Blake@PBN.com.
