Areas Served: City of East Providence
The East Providence Commercial Microloan Program is intended to finance startup expenses, operating expenses and/or to purchase assets for businesses with five (5) or fewer employees, which are unable to obtain a loan through banks and other commercial lending sources.
To be eligible for a Microloan, a business owner must reside in the City and meet HUD income guidelines.
Microloans are available for between $1,000 and $10,000 at an interest rate of prime rate plus one point, fixed over the term of the loan, with a maximum payback term of 5 years.
The City’s Economic Development Commission plays an active role in the application process by assisting with the preparation of loan applications, including the creation of a business plan and ongoing “mentoring” assistance after a loan is granted.
Contact InformationCity of East Providence
Address: 145 Taunton Avenue
City: East Providence
State: Rhode Island
Website:
http://eastprovidenceri.net/content/660/default.aspx
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