PROVIDENCE – R.I. Commerce Corp. on Tuesday announced $650,000 in small-business loans to be distributed via partner lending organizations.
The fiscal 2023 funding for the Small Business Assistance Program aims to help small businesses that may struggle with qualifying for financing from traditional lending organizations, with a focus on women and minority-owned businesses and those in underserved communities, according to the release. Loans of up to $25,000 are available for businesses with 200 or fewer employees, with smaller loans between $2,000 and $25,000 available for micro businesses.
Since launching in fiscal 2016, the program has leveraged $27.5 million in loans using $6.6 million in state funding, with support for 209 small businesses, the release stated. The program has helped create 387 new jobs, and $2.1 million in loans have been repaid.
Fiscal 2023 funding amounts include:
- $185,000 to Community Investment Corp. ($45,000 of which is reserved for micro-businesses)
- $180,000 to Southeastern Economic Development Corp.
- $150,000 to Business Development Co. of R.I.
- $85,000 to Social Enterprise Greenhouse for micro-businesses
- $50,000 to the Rhode Island Black Business Association for micro-businesses
For more information, visit https://commerceri.com/financing/.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
