PROVIDENCE – The Providence Business Loan Fund recently surpassed $1 million in low-interest emergency loans for small businesses hurt by COVID-19.
As of July 24, the city has approved $1.6 million in financing for 17 small businesses, according to Katherine Hypolite, a spokeswoman for the city’s Planning and Development Department. Providence Mayor Jorge O. Elorza announced modifications to the loan fund in April, including a lower minimum amount of financing, zero interest for the first year, deferred payments and capped closing costs, to help business owners to pay their employees and meet other capital needs.
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Fifteen of the approved loans went to minority or women-owned businesses, according to the city. Another four businesses were also approved for loans totaling $210,000 but ended up not taking the money due to changes in their financial situation, Hypolite said.
About $300,000 of the city’s original funding pool is still available, but more money could be coming soon if the city is approved for additional grants through federal CARES Act funding, according to Hypolite.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com
