PROVIDENCE – The city has launched a new, low-interest loan program to help small businesses in select parts of Providence with reopening costs, Providence City Council President Sabina Matos announced in a statement on Monday.
The Providence Commercial Corridor Micro-Business Loan Fund, jointly funded by the Providence Revolving Fund and the City Council, offers eligible business applicants loans of $500 to $5,000 to pay for physical alterations required under state reopening guidelines, as well as personal protective equipment for employees.
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The pilot program is limited to micro-businesses in commercial corridors of Broad, Cranston, Broadway and Westminster streets and Elmwood Avenue. Businesses must have fewer than 10 full-time employees and earn less than $250,000 annually.
Of the initial $200,000 in funding, 30% is set aside for women and minority-owned businesses.
The loans have two-year terms, with options for zero interest if repayment begins as soon as the loan is issued, or a 2% interest rate after a six-month grace period.
Recipients will also receive technical assistance in small business management, financial coaching and training through the Center for Women & Enterprise.
Applicants will be reviewed buy a committee of the Providence Revolving Fund including community members and industry professionals. Applications are available on the City Council website.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
