Commerce RI funds $3.4M small business development program

PROVIDENCE – The Small Business Assistance Program, an economic development program to help small companies access capital and build a credit profile, is now accepting applications, according to a release Tuesday by the R.I. Commerce Corp.

The program, which is designed to help those businesses who cannot find credit elsewhere, is backed by Commerce RI to the tune of $3.4 million. In a statement Stefan Pryor, R.I. Secretary of Commerce, called small businesses the “backbone of Rhode Island’s economy.”

He added that this program, which targets microenterprises, minority- and women-owned businesses and those in low-income neighborhoods through a network of partner organizations, will make starting and operating a small business in Rhode Island “easier than ever.”

Two tiers of small business loans will be available through the Small Business Assistance Program – microloans of $2,000 to $25,000, and loans of $25,000 and above. The partners selected by Commerce RI to make the loans, and the funding awarded to the organizations by the state, are:
Microloans:

- Advertisement -
  • Center for Women and Enterprise, Providence: $150,000
  • Providence’s Social Enterprise Greenhouse: $125,000
  • Community Investment Corp., Hamden, Conn.: $170,000

Loans of $25,000 and above:

  • Providence’s Business Development Company: $1 million
  • South Eastern Economic Development Corp., Taunton: $1 million
  • Community Investment Corp., Hamden, Conn.: $1 million

“This program is designed to help our small business access capital,” said Commerce RI spokesman Matt Sheaff. “Each of these lenders has a history in Rhode Island and experience in serving underserved markets. Partnering with these lenders will provide the assistance that a number of small businesses are looking for.”

He added that “if not all, most of the partners will have Rhode Island offices.”

The agency said that the number of loans awarded will depend on the amount of money requested by each successful applicant.

Companies looking for more information on the Small Business Assistance Program can look HERE or email Dan Jennings at dan.jennings@commerceri.com.

No posts to display