Commercial Loan Programs

 

Commercial Loan Program

The City of East Providence offers a low interest (20 percent below prime) loan program for either commercial or industrial businesses to finance the acquisition, construction and improvements of land or buildings and for the purchase of capital equipment. The Commercial Loan Program is available to business currently located in or relocating to East Providence and provides funding from $10,000 to $100,000, at a variable rate adjusted annually, with a maximum payback term of 15 years.

For more information, please contact the Department of Planning at (401) 435-7531 ext. 11153.

Download application (pdf)

Commercial Microloan Program

The East Providence Commercial Microloan Program is intended to finance startup expenses, operating expenses and/or to purchase assets for businesses with five (5) 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.

Download Application (PDF)