Areas Served: Statewide Rhode Island
For smaller businesses looking for a direct, fully-secured loan, the Small Business Loan Fund provides up to $250,000 for manufacturing businesses and $250,000 for non-manufacturing businesses.
The program funds average 25 percent of the total project cost and can be used for acquisition and improvements of land, buildings and equipment, new construction, and working capital.
Interest rates are fixed.
The repayment terms are also flexible, with up to 10 years.
Eligible Applicants: Existing manufacturing, processing and selected services Dollar Limit Per Project: Maximum: $250,000 Maximum Limit, Percent of project cost: Program funds should average 25% of total project coSt. Approved Use of Funds: Acquisition and improvements of land, buildings and equipment.
New construction.
Working capital.
Interest Rates: Fixed- based on risk (prime + x) Term of Repayment: – Real Estate: 10 years – Machinery & Equipment: 10 years – Working capital: 5 years
Contact InformationRhode Island Economic Development Corporation
Address: 315 Iron Horse Way, Suite 101
City: Providence
State: Rhode Island
Website:
http://www.edc.ri.gov/resources/tax-incentives/
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