Pawtucket, RI Announces New Loan Program for Small Businesses Impacted by Covid-19 Outbreak
Pawtucket – The unexpected coronavirus pandemic has been difficult for the small businesses. In response, Mayor Donald R. Grebien and the Pawtucket City Council announced a new emergency loan program, created by the City’s Pawtucket Business Development Corporation (PBDC), to quickly get funds into the hands of business owners as soon as possible.
PBDC will require business owners submitting the application to either be low-moderate income or to provide documentation that at least one (1) low-moderate job be either created or retained. The application will include Income guidelines.
In these trying times, PBDC’s COVID-19 Emergency Loan Program provides interim relief to small Pawtucket-based businesses with twenty-five (25) or fewer employees, who can demonstrate a loss of revenue caused by the virus crisis. The loan can be used to pay operating expenses for day to day business operations which include but are not limited to payroll and rent.
The emergency loan amount of $10,000 comes with a 2 percent interest rate. Due to the ongoing hardships caused by COVID-19 virus outbreak, PBDC’s loan will be deferred for the first twelve (12) months after the loan is administered. After 12 months, businesses will begin to make their monthly loan payment. After repayment begins, the businesses will have two (2) years to complete full repayment of the loan.
“The coronavirus crisis is impacting our small businesses, the backbone of Pawtucket’s economy. PBDC’s emergency loan program is geared to quickly providing financial relief to small businesses to assist them during this pandemic,” said Mayor Grebien. “I thank the Pawtucket City Council and PBDC for their leadership in providing assistance and working with our small businesses.”
“We are compiling all federal, state, and nonprofit resources to assist small businesses impacted by COVID-19 on the City’s website,” said Commerce Director Jeanne Boyle, noting that this information will be updated on a timely basis. “Pawtucket will continue to explore additional ways that it can assist small business owners throughout these times,” added Boyle.
Boyle stated that funding is limited and applications will be reviewed on a first-come-first serve basis. Only completed applications, signed and dated, will be considered ready for review.
Businesses can download the application online and mail the application or drop it off attention: Public Business Development Corporation, City of Pawtucket, 137 Roosevelt Avenue, Pawtucket, RI 02860. Please contact Herb Weiss, the City’s Economic and Cultural Affairs Officer with any questions or comments at his office (401) 728-0500, ext.437 or by email at hweiss@pawtucketri.com
For questions regarding how the City may assist your business during the COVID 19 Emergency please contact us at businessassistance@pawtucketri.com or please call us at 728-0500 ext. 451.