$650,000 in loans will be available for smaller businesses in RI

PROVIDENCE, RI (WPRI) – Rhode Island Commerce announced that it will allocate $650,000 to partner lenders through the Small Business Relief Program.

The program provides loans to businesses with fewer than 200 employees that have difficulty obtaining funds through other means.

Lenders and micro-lenders receiving new funding for fiscal year 2023 include:

  • RI Business Development Cooperation (BDCRI)
  • Southeast Economic Development Corporation (SEED)
  • Community Investment Corporation (CIC)
  • Social Enterprise Greenhouse (SEG)
  • Community Investment Corporation (CIC)
  • Rhode Island Black Business Association (RIBBA)

State officials said the program, launched in 2016, prioritizes women and minority-owned businesses.

“Rhode Island’s small businesses have long served as the backbone of our statewide economy,” Gov. Dan McKee said in a news release. “This program provides critical financing to small businesses that might not otherwise be able to access capital, helping to meet one of the greatest needs we hear from small business owners in this state.”

To learn more about the program and apply for a loan, visit the Commerce RI website.

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