More Than Half of RI Small Business Assistance Program’s Loans Have Gone to Women, Minorities

Saturday, August 03, 2019

 

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Commerce Secretary Stefan Pryor. Photo: GoLocalProv

Rhode Island Commerce Secretary Stefan Pryor was joined by loan recipients, lending partners, and community officials this week to celebrate the state’s Small Business Assistance Program -- as the loan program recently administered its 100th loan.

The event was held at Machupicchu II on Chalkstone Avenue in Providence -- one of the program's loan recipients. 

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The Small Business Assistance Program, which began under Governor Gina Raimondo, is a state-backed loan program designed to help Rhode Island small businesses gain access to capital. 

According to Pryor, 52% of the loans to date have gone to women and minority-owned businesses. 

Program Information 

The program partners with the following organizations to provide direct loans to businesses.

Partners for direct loans at or above $25,000:

Business Development Company of Rhode Island: Peter Dorsey, 401-351-3036
South Eastern Economic Development (SEED) Corporation: Maria Gooch-Smith, 508-822-1020, ext. 314
Community Investment Corporation: Buck Harris, 401-406-7282, ext. 128

Partners for direct micro-loans between $2,000 and $25,000:

Center for Women & Enterprise: Amy Grondin, CPA 617-532-0242
Social Enterprise Greenhouse: Annie Dickson, 401-272-2558, ext. 4047
Community Investment Corporation: Buck Harris, 401-406-7282, ext. 128
Rhode Island Black Business Association (RIBBA): Cynthia Scott, 401-383-1179

Rhode Island Capital Access Program For $1,000- $750,000  

The program encourages banks and credit unions to make slightly riskier loans by providing matching funds from the state to create cash collateral accounts. Rhode Island Capital Corporation, which administers the program, also offers a full suite of business lines of credit, SBA loans, term loans, and mezzanine investment from $50,000 to $5 million.

Dave Harrington, 781-928-1117
Carol Brennan, 401-450-0047

Rhode Island Commerce Secretary Stefan Pryor was joined by loan recipients, lending partners, and community officials this week to celebrate the state’s Small Business Assistance Program -- as the loan program recently administered its 100th loan.

 
 

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