Micro-Business Emerging Growth Fund
Very small scale or micro-business entrepreneurs have unique challenges in getting started, financing and growing. The micro-business loan program assists start-up or existing businesses that employ less than five people and generate less than $500,000 in annual revenues. Micro-businesses can use the funds for start-up financing, inventory, machinery and equipment, working capital, bridge financing for small contractors and mezzanine financing. Application Process
- Please contact financial services staff for further details: 401-278-9137
- Link to: RI General Laws §42-64
| Program | Micro-Business Emerging Growth Fund |
|---|---|
| Eligible Applicants | Micro-Businesses with annual gross revenue under $300,000, 5 or less employees, and a business plan for growth |
| Dollar Limit Per Project | Maximum: $10,000 |
| Maximum Limit, Percent of project cost | N/A |
| Approved Use of Funds | Bridge financing for small contractors, working capital, mezzanine, inventory, and machinery & equipment. |
| Interest Rates | Priced based on risk (Prime rate + X) |
| Term of Repayment | 36 months (3 years) |
| Form of Financing |
Direct loan |
Victor Barros