The East Providence Commercial Microloan Program is intended to finance startup expenses, operating expenses and/or to purchase assets for businesses with ten (10) 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.
For more information regarding this program contact the Department of Planning and Urban Development at (401) 435-7531 Ext. 11153.