PAWTUCKET – The city has created a new emergency loan program for small businesses impacted by the COVID-19 pandemic, Mayor Donald R. Grebien announced on Monday.
The program was created by the Pawtucket Business Development Corp. It is open to Pawtucket-based businesses with 25 or fewer employees that can demonstrate a loss due to COVID-19. The loan may be used to pay for day-to-day operations, including payroll and rent.
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The emergency loans can be up to $10,000 each and carry a 2% interest rate. Monthly payments will be deferred for one year and the recipient will have two years to repay the loan once repayment begins.
“The coronavirus crisis is impacting our small businesses, the backbone of Pawtucket’s economy. PBDC’s emergency loan program is geared to quickly providing financial relief to small businesses to assist them during this pandemic,” said Grebien in a statement. “I thank the Pawtucket City Council and PBDC for their leadership … and working with our small businesses.”
Business-owner applicants must prove they earn a low-moderate income or that the loan will create or retain a low-moderate-income job in order to receive the loan. The application, along with more information, will include income guidelines and may be found online.
