small business

SBLF lowers interest rate to attract applicants

PBN FILE PHOTO/FRANK MULLIN
“Lowering the SBLFC interest rate is one of the many ways in which Rhode Island is building a more competitive business climate where companies, large and small, can thrive,” Gov. Lincoln D. Chafee said in prepared remarks after the R.I. Economic Development Corporation announced that the Small Business Loan Fund had lowered its average interest rate from 7.5 percent to 5.75 percent.
Posted 4/4/13

PROVIDENCE – The R.I. Small Business Loan Fund has lowered its average interest rate from 7.5 percent to 5.75 percent, the R.I. Economic Development Corporation announced Thursday.

The public financing program experienced a sharp downturn in applications in the past year and has been looking to become more attractive to businesses.

The new rate is based on the current prime rate of 3.25 percent plus 2.5 percent.

“It is critical that we do everything possible to encourage small business owners to grow their companies in Rhode Island, and we want to do everything we can to help them succeed,” Gov. Lincoln D. Chafee said in a news release. “Lowering the SBLFC interest rate is one of the many ways in which Rhode Island is building a more competitive business climate where companies, large and small, can thrive.”

Launched in 1986 and seeded by federal grants, the Small Business Loan Fund provides financing for businesses turned down by private lenders and has been self-sustaining since 1996.

The program saw interest from businesses decline after the failure of the state’s $75 million loan guarantee to 38 Studios LLC last summer.

The Small Business Loan Fund provides financing packages from $50,000 to $250,000 for projects including land acquisition, building improvements, equipment purchases, new construction, and working capital. Loan terms run between five and 10 years.

No comments on this story | Add your comment
Please log in or register to add your comment
Calendar
PBN Hosted
Events

Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Don't hesitate. Register today!
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News