by Billy Kepner | Jun 8, 2020 | Council News, Press Release, Ward-15
Providence City Council President Sabina Matos (Ward 15) today, in partnership with the Providence Revolving Fund, announced the creation of the Providence Commercial Corridor Micro-Business Loan fund. The commercial corridors in the pilot phase of this program are Broad Street, Cranston Street, Elmwood Avenue, Broadway (West of I-95), and Westminster Street (West of I-95) in the City of Providence.
The Providence Commercial Corridor Micro-Business Loan Fund was created to provide financing to micro-businesses to help address safety measures needed for reopening due to the COVID-19 pandemic. The program, funded in collaboration with the City Council, will be managed and administered by the Providence Revolving Fund, who capitalized the micro-loan fund pilot program to provide small loans to micro-businesses with an initial $100,000.00, and the City Council has matched this amount.
Council President Sabina Matos stated, “The City is facing extraordinary circumstances. Our small business community has been especially susceptible to the economic harm this pandemic has caused. Many micro-businesses, especially Minority-Owned Businesses, could not obtain or did not qualify for the PPP loan program or the SBA Emergency Loan Fund due to federal restrictions. These micro-loans will help these businesses reopen and give them access to much-needed capital to address their unique business needs. On behalf of my colleagues Deputy Majority Leader Mary Kay Harris (Ward 11), Councilwoman Carmen Castillo (Ward 9), Councilor Rachel Miller (Ward 13), Councilman James Taylor (Ward 8), and Councilman Pedro Espinal (Ward 10), we extend our gratitude to the Providence Revolving Fund, the Center for Women in Enterprise, Customer’s Bank, and the Center for Southeast Asians for their support of this important pilot program.”
Eligible businesses include service, retail, and manufacturing companies that employ fewer than ten full-time employees, earn less than $250,000.00 annually, and are located on or near the pilot commercial corridors. Additionally, 30-percent of the Fund will be set aside for Women/Minority-owned businesses.
Businesses in these corridors can apply for loans ranging from $500-$5,000.00. Loans are available for any physical alterations needed to be compliant with the Rhode Island Department of Health and Commerce RI guidelines for reopening. Additionally, up to 25% of loan funds can be used for PPE for staff. Credit history will not affect the ability to obtain a loan, and collateral will not be required.
“Providence Revolving Fund and the Providence City Council have capitalized a revolving loan fund to provide small loans to micro-businesses located on or near commercial corridors in Providence,” stated Carrie Zaslow, Executive Director of the Providence Revolving Fund. “We believe that this program is essential for the preservation of the small businesses that make up our communities. The Providence Revolving Fund is committed to providing equitable access to financing and services to promote economic opportunity. We are pleased to be able to roll out this program at a time when so many small businesses are struggling.”
The loan term is for 2-years, and there will be two repayment options. The first is a 0% interest rate if the borrower begins repayment as soon as the loan is issued, and the second comes with a 6-month grace period with a 2% interest rate. In addition to these terms, the Center for Women & Enterprise (CWE) will provide required technical assistance in small business management to borrowers.
Director Veronica Martinez from the CWE stated, “The Center for Women and Enterprise is honored to collaborate with The Providence Revolving Fund. This new loan initiative will provide much-needed relief to our small business community. We look forward to providing our services to program applicants. We are committed to providing all necessary supports to uphold client success.”
Since it opened in 2000, the Center for Women & Enterprise-Rhode Island office (located in Providence, RI) has helped thousands of women and men gain the tools they need to thrive in business and entrepreneurship. The mission of CWE is to provide opportunities for women entrepreneurs and women in industry to increase professional success, personal growth, and financial independence. They achieve this mission by providing education, training, technical assistance, and access to markets to entrepreneurs at every stage of business development. Recipients of The Commercial Corridor Micro-Business Loan Fund will be required to participate in financial coaching and training.
Customer’s Bank has provided the Micro-Loan Fund with a donation of $5,000.00, and Steve Issa, EVP-Chief Lending Officer & President New England, Customer’s Bank shared, “Customer’s Bank is committed to helping in the communities we serve. Being able to support our micro-business community is especially important during these trying times. As businesses around the State begin to reopen, ensuring that our smaller size businesses have access to capital to purchase the PPE and other items they need to work safely is paramount. We are very happy to make this donation to the Providence Revolving Fund so that they may continue the wonderful work they do for the city of Providence.”
In addition to the technical support being provided by the Center for Women & Enterprise, the Center for Southeast Asians has graciously offered to help potential Khmer speaking business owners with the loan application and other translations services.
“During this very challenging time in our economy, our state of the nation and the COVID-19 pandemic, our small business which are the backbone of our economy faces grave danger of closing its door. Through the Providence City Council President Sabina Matos and the Providence Revolving Fund’s micro-loan pilot program, this effort will save our small businesses from current suffocation and breathe air into the life of these needed entities. I am proud to be part of this effort,” stated Channavy Chhay, Executive Director at the Center for Southeast Asians.
The Providence Revolving Fund Project Management team is made up of general contractors with a specialty in historic preservation. All borrowers will have the opportunity to request a consultation with the team regarding their projects, budgets, reviewing contractor bids, and other needs they may have. Applications to the Micro-Loan Fund will go before a review committee set up by the Providence Revolving Fund which will be comprised of community members and industry professionals, including Carmen Díaz-Jusino, Vice President and Community Development Officer at BankNewport.
Ms. Díaz-Jusino stated, “As Community Development Officer for BankNewport, volunteering in the community is essential to the bank’s mission, and being able to share my expertise is an important way for me to give back to our community. The smaller businesses that this loan fund will service don’t always have easy access to capital, so this program will give them an opportunity to reopen and grow their business at a time when it’s needed most.”
It’s the goal of the Providence Revolving Fund and the City Council that other financial and philanthropic institutions will help recapitalize the Fund so the program can be expanded to other corridors throughout the City of Providence. Materials will be available in English, Spanish, and Khmer (please not the loan application will only be available in English and Spanish) on the
City Council Website and on the
Providence Revolving Fund Website. For businesses needing help with Khmer, they can contact the
Center for Southeast Asians to facilitate the application process.
by Billy Kepner | Jun 7, 2020 | Council News, Press Release, Ward-15, Ward-6
Council President Sabina Matos (Ward 15) and Council President Pro Tempore Michael Correia (Ward 6) partnered with ONE Neighborhood Builders and their Central Providence Health Equity Zone on Friday, June 5, 2020, to pick up masks to be distributed in the community to neighbors, nursing homes, and other public service organizations.
“ONE Neighborhood Builders has time after time stepped up to the plate to help our neighbors during times of need,” stated Council President Sabina Matos. “Their leadership in acquiring and donating these 50,000 masks speaks volumes to their commitment to public service. I want to thank their team for their generosity and for their dedication to the residents of Providence.”
Council President Pro Tempore Michael Correia and City Council staff were on hand Friday to pick up 50,000 masks on behalf of the City Council. These masks will be distributed to constituents, local businesses, organizations, and nursing homes to help meet the high demand for face coverings.
“The City of Providence is beginning to re-open again, and now more than ever, it is crucial that masks are made available to businesses and organizations to prevent further spread of the COVID-19 virus. I’m thankful to our partners at ONE Neighborhood Builders who continually work to ensure that our community’s needs are met,” added Council President Pro Tempore Michael Correia.
ONE Neighborhood Builders convenes the Central Providence Health Equity Zone (HEZ). HEZs are collaboratives of residents, community organizations, health professionals, and others who come together to address the root causes of health disparities. This work requires eliminating racism and discrimination and removing barriers to good jobs with fair pay, quality education, affordable housing, and safe environments.
HEZs works to improve health outcomes in targeted areas of Rhode Island. The 02909 Zip Code, where ONE Neighborhood Builders is located and the area represented by the Central Providence HEZ, has been one of the hardest hit by the COVID-19 virus.
Allegra Scharff, Health Equity Project Manager, shared, “The 02909 area has been disproportionally impacted by COVID-19; our HEZ works to end these health disparities. Being able to distribute free masks may be a small contribution, but it is vital to help our neighbors stay safe. We are so grateful to the City Council and all of the other amazing organizations who partnered with us to get these masks out into the community.”
Several community organizations took part, picking up large amounts of masks to distribute throughout the community. Other participants in this mask drive included SVDP Rhode Island, Family Services of Rhode Island, and the Rhode Island Hispanic Chamber of Commerce. Nearly 100,000 masks were picked up in total to be distributed to constituents and business owners.
Council President Matos continued, “On behalf of the residents of Providence, we owe a debt of gratitude to ONENeighborhood Builders, Central Providence HEZ, the Rhode Island Department of Health, and our City Council staff that helped facilitate Friday’s distribution program.”
For more information on the Central Providence Health Equity Zone, visit them online here:
HEZ
From Right to Left: City Council President Pro Tempore Michael Correia, Marylee Dixon, City Council Deputy Chief of Staff for Operations and Doris De Los Santos, City Council Liaison loading up 50,000 face masks to be distributed throughout the greater Providence community.
by Billy Kepner | Jun 2, 2020 | Council News, Press Release, Ward-15
The chaos that ensued last night was not promulgated by our community. These weren’t our usual neighborhood organizers who descended onto our streets.
Last night our city was pillaged and preyed upon by out-of-Town agitators and impressionable opportunists.
Don’t be fooled by their calls for justice. Don’t let them purposefully tarnish the peaceful call and movement for reform.
They’ve accomplished nothing and hurt so many families with their senseless acts. Families whose businesses had been shuttered for months and had just reopened. They hurt the families these families feed with employment and commerce.
Last night wasn’t just an attack on brick and mortar establishments, it was an attack on the spirit and good name of our City. It was an attack on our neighbors. It was an attack on the progress so many of us are working to achieve.
Let us come together as a united community and denounce this violence and continue to fight and advocate for peace and reconciliation.
Sabina Matos, President
Providence City Council
Councilwoman – Ward 15
by Billy Kepner | Jun 1, 2020 | Council News, Press Release, Ward-15
As a Black-Latina Immigrant, instances of prejudice and racism are not unfamiliar to me.
Yet, the experience of the African American community in our country is one rife with hatred, destruction, and travesties of justice. I was proud to have taken my teenage son to the peaceful protest this past weekend in Providence.
There he witnessed the pain and outcry of black and brown communities who fear for their lives simply for existing. I pray for a world where my son’s skin color doesn’t make him a target of senseless violence.
Racism is our country’s oldest virus and one that we as leaders must work collectively and tirelessly to suppress and eradicate.
So let’s continue to chant, let’s continue to protest, and let’s continue to expose the evils that cause harm upon those we love. With peace on our side, there’s no way we can lose.
Sabina Matos, President
Providence City Council
Councilwoman – Ward 15
by Billy Kepner | May 27, 2020 | Council News, Press Release, Ward-15, Ward-7
Today, the City of Providence Board of Contract and Supply approved the hiring of Ernest Almonte, Rhode Island’s former Auditor General, to advise the City Council and its members on the proposed FY ’21 Providence City Budget.
As the City of Providence is facing severe budget deficits due to the ongoing COVID-19 crisis, the City’s Internal Auditor has hired an outside firm to help provide independent guidance during these times of financial uncertainty. Due to the administration submitting a budget dependent on unresolved factors and their request to borrow $90-million, the Internal Auditor felt that it was imperative that the Council get third-party advisement on how to work through these challenges.
“The COVID-19 Pandemic has upturned every aspect of our lives; including our City’s finances,” stated Council President Sabina Matos (Ward 15). “Auditor General Almonte‘s expertise in state and municipal finances will help the Council make the best decisions on how we can maximize our City’s tax dollars in the upcoming fiscal year.“
Ernest Almonte has 40 years of experience working in government, not-for-profits, and higher education, where he has provided technical assistance on accounting and financial reporting issues to federal, state, and local governments. Mr. Almonte is a leader with vast experience working with federal, state, and local government leadership on compliance, audit, and consulting projects. He is a frequent speaker on industry-related topics and spent 16 years as Rhode Island’s Auditor General.
Chairman on the Committee on Finance John J. Igliozzi, Esq. stated, “The Council is prepared to pass a no tax increase budget, but we must understand where cuts can and must be made. With Ernie’s vast knowledge of the state financial system, he will be able to guide the Council and the Committee on Finance through the current financial crisis we find ourselves facing. I look forward to working with him and getting his decades worth of advice to help us make the best and most economically sound decisions for the residents of Providence.”
Mr. Almonte will begin researching the budget, department by department, to find ways to save money and to identify how the City can be the best stewards of resident’s tax dollars as soon as possible.
“I’m happy to be working with Ernie and look forward to his guidance as we prepare to finalize our City’s budget,” stated Providence Internal Auditor Gina Costa. “The City is seeing severe revenue losses across several sectors, and with no idea of when we might begin to see those revenues return, my team and I must have the support in doing our due diligence for the residents of Providence.”
by Billy Kepner | May 21, 2020 | Council News, Press Release, Ward-13, Ward-14, Ward-15, Ward-2, Ward-6
Council President Sabina Matos (Ward 15) will introduce a resolution at tonight’s City Council meeting endorsing and urging the United States Senate to pass H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act also known as the HEROES Act. The resolution is co-sponsored by Council President Pro Tempore Michael Correia (Ward 6), Councilwoman Helen Anthony (Ward 2), Councilor Rachel Miller (Ward 13), and Councilman David Salvatore (Ward 14).
“It is vital that the HEROES Act passes the Senate. Rhode Island’s federal delegation has worked extremely hard to bring economic relief to our state. Yet, not everyone who pays their fair share in taxes is receiving the help they need under the CARES Act.”
The proposed bill, known as the HEROES Act, would protect undocumented workers employed in essential fields from deportation for up to 90 days after the duration of the crisis and extends eligibility for federal stimulus dollars to taxpayers who have an IRS Tax Identification Number but not a social security number.
Council President Matos continued, “There are numerous families in Providence who are working day and night in response to the COVID-19 pandemic but are still struggling to make ends meet. Even more, are dealing with the economic distress of being out of work or taking on unexpected expenses. Everybody, regardless of immigration status, needs help right now, and I urge the Senate to pass the HEROES Act so that the hard-working men and women in our City and around the Country can get the relief that they need and earned.”
Upon passage, copies of the resolution will be sent to Rhode Island’s federal delegation.
