Areas Served: City of Woonsocket
The City of Woonsocket offers a Small Business Revolving Loan Program.
This program is designed to assist marginal businesses which otherwise might not qualify for conventional financing.
It provides gap financing to enhance a firm’s eligibility for conventional financing, and thus assists businesses in securing much-needed capital.
The City provides loans to assist Woonsocket businesses to expand, purchase equipment, and create jobs for low and moderate income residents.
All businesses locating in or relocating to Woonsocket are eligible to submit applications, which will be evaluated with respect to public benefit and financial need.
Funds are typically provided in the form of direct loans, and may be applied toward property acquisition, fixed assets financing, soft costs of development or rehabilitation, and in certain cases, working capital.
Loan amounts may not exceed 50% of total project cost, and recipients must agree to hire 51% low-income individuals, and to establish reasonable hiring goals for the life of the loan.
Contact Information
The City of Woonsocket, RI
Address: 169 Main Street
City: Woonsocket
State: Rhode Island
Website:
https://www.woonsocketri.org/
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