COMMERCIAL CORRIDORS MICRO-BUSINESS LOAN PROGRAM
Providence City Council President Sabina Matos in partnership with the Providence Revolving Fund has created the Providence Commercial Corridor Micro-Business Loan Program.
The Providence Commercial Corridor Micro-Business Loan Fund will provide financing to micro-businesses to help address safety measures needed for reopening due to the COVID-19 pandemic. While the Fund will be housed and managed by the Providence Revolving Fund, it is being launched in collaboration between the Providence Revolving Fund and the City Council. 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.
Providence Commercial Corridor Micro-Business Loan Program has been capitalized with a matching grant from the Providence City Council of $100,000.00 and an initial $5,000.00 grant from Customers Bank. Providing over $200,000.00 in micro-loans to our most vulnerable businesses. Additionally, 30-percent of the Fund will be set aside for Women/Minority-owned businesses.
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. Businesses in these areas 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.