Providence Revolving Fund issues first loans to microbusinesses through new program

PROVIDENCE – Three Providence microbusinesses have received low-interest loans through a new pilot program launched by the Providence Revolving Fund and the City Council, according to Carrie Zaslow, executive director for the Providence Revolving Fund.

Recipients are: eGuillen-Services LLC, an insurance consultant on Broad Street; Westside Wellness, a massage and bodywork business on West Fountain Street; and Island House Restaurant, a Caribbean restaurant on Broad Street.

Another three businesses are finalizing paperwork for prospective loans, according to Zaslow. The fund has committed $26,500 of the $200,000 in initial funding.

The pilot program, launched in June, 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.

- Advertisement -

The pilot program is limited to microbusinesses in commercial corridors of Broad, Cranston, Broadway and Westminster streets and Elmwood Avenue that have fewer than 10 full-time employees and earn less than $250,000 annually. Thirty percent of the initial funding is designated for women- and minority-owned businesses.

Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.

Purchase NowWant to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.