J C Electric first black-owned business to benefit from new loan program

PROVIDENCE – J C Electric Inc. is the first black-owned business to close on a business loan from Freedom National Bank under a new program operated through the R.I. Black Business Association.
The program, established last year, is called the Collateral Support Program, which aims to support black and minority urban business. Freedom pledged to invest $750,000 in loans to help out companies hit hard during the recent economic recession, according to a press release.
J C Electric, at 95 Hathaway St., Providence, is the program’s first beneficiary.
“Providing capital for economic development in the urban core makes sense,” said Lisa Ranglin, RIBBA president, in a statement. “With downtown Providence and the I-195 corridor poised for development, planned investment in business located on Broad Street and the urban core will ensure that economic development positively impacts the entire urban area including black and minority communities that have in the past been left out.”
Eligible businesses must be located on Broad Street, Cranston Street and Elmwood Avenue in Providence, according to the release. Interested businesses seeking loans up to $50,000 are urged to visit www.ri-bba.com or call 401-383-1179.

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