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.
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.
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