$650,000 Loans Available to RI Small Businesses

PROVIDENCE, Rhode Island (WPRI) — Rhode Island Commerce announced that it will allocate $650,000 to partner lenders through its Small Business Assistance Program.

The program provides loans to businesses with fewer than 200 employees who find it difficult to raise capital through other means.

Lenders and microlenders receiving new funding in fiscal 2023 include:

  • RI’s Business Development Company (BDCRI)
  • Southeastern Economic Development Corporation (SEED)
  • Community Investment Corporation (CIC)
  • Greenhouse of Social Enterprises (SEG)
  • Community Investment Corporation (CIC)
  • Rhode Island Black Business Association (RIBBA)

The program, launched in 2016, prioritizes women- and minority-owned businesses, state officials said.

“Rhode Island small businesses have long served as the backbone of the statewide economy,” Gov. Dan McKee said in a news release. “This program will provide critical funding to small businesses that otherwise may not have access to capital, helping to address one of the greatest needs we hear from small business owners in this state.”

Visit Commerce RI’s for program details and to apply for a loan. website.

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