Small Business Loan Fund
For smaller businesses looking for a direct, fully-secured loan, the Small Business Loan Fund provides up to $250,000 for manufacturing businesses and $250,000 for non-manufacturing businesses. The program funds average 25 percent of the total project cost and can be used for acquisition and improvements of land, buildings and equipment, new construction, and working capital. Interest rates are fixed. The repayment terms are also flexible, with up to 10 years. Application Process
- Please contact financial services staff for further details: 401-278-9106 or 401-278-9126
- Link to: RI General Laws §42-64
| Program | Small Business Loan Fund |
|---|---|
| Eligible Applicants | Existing manufacturing, processing and selected services |
| Dollar Limit Per Project | Maximum: $250,000 |
| Maximum Limit, Percent of project cost | Program funds should average 25% of total project cost. |
| Approved Use of Funds | Acquisition and improvements of land, buildings and equipment. New construction. Working capital. |
| Interest Rates | Fixed: based on risk (prime + x) |
| Term of Repayment | Maximum term: Real Estate: 10 years Machinery & Equipment: 10 years Working capital: 5 years |
| Form of Financing | Direct loan Fully amortized Security and Personal guaranty generally required. Ap Fee: $250 Commitment Fee: Up to 1% |