PROVIDENCE – The Rhode Island Health and Educational Building Corporation launched its new lending program on March 20 that specifically targets the state’s small-to-mid-sized nonprofits in the health, education, cultural, and social service sectors, that have experienced challenges obtaining traditional bank financing for capital projects.
The Health & Education Loan Program is open to Rhode Island not-for-profit institutions, cities, towns and school districts that have operating revenues of $10 million or less. Loans of $25,000 to $250,000 will be made for terms between three and 10 years.
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“We created the HELP program to give our state’s smaller non-profits access to low-cost financing so they can invest in capital projects that help them meet their missions,” said Kim Mooers, executive director of RIHEBC. “We’re excited to launch HELP because we know there is an unmet need in the market and because so many of our non-profits need access to financing to grow their organizations and serve more Rhode Islanders.”
Eligible non-for-profits include mental and physical health care providers; child day care centers and institutions of secondary and post-secondary learning; cultural organizations like museums and performing arts centers; recreational facilities such as YMCAs and Boys and Girls Clubs and community service providers such as homeless shelters and after-school programs.
Program benefits include competitive rates, standardized documents, fast and easy approval and loan funding, loans prepayable at any time with no penalty and customer service.
More information can be found at rihebc.com/help.
