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COVID-19 Small Business Assistance Loan Programs

Loans to Rhode Island Small Businesses in Eligible Locations to
Mitigate Losses Due to the Coronavirus (COVID-19) Pandemic

Agency Type:

Local

Funding Source:

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City of East Providence Economic Development - East Providence Area Chamber of Commerce

Deadline Date:

06/30/20

Description:

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Loans to Rhode Island small businesses in eligible locations to mitigate financial and job loss due to the Coronavirus (COVID-19) pandemic. Funding is intended to cover normal business operating expenses including payroll, rent, utilities, and other fixed expenses. Applicants must provide evidence that the company’s revenues have been negatively impacted by the COVID-19 pandemic. Applicants must be physically located within the city of East Providence.

Two loan programs are available:

  • COVID-19 Small Business Assistance Program offers no interest, no payments for six months.
  • Job Retention Loan Program includes no payments for six months and no interest for the life of the loan.

GrantWatch ID#:

GrantWatch ID#: 189343

Estimated Size of Grant:

Small Business Assistance Program:
- Minimum: $1,000
- Maximum: $5,000

Job Retention Loan Program:
- Up to $5,000

Term of Contract:

Small Business Assistance Program: Loan repayments will be deferred for a period of six months from the date of the loan approval. After the six-month period has expired, loan recipients will commence with their regular payment schedule, subject to the loan approval terms established by the Economic Development Commission.

Job Retention Loan Program: Repayment starts after 6 months. If payments are not made after 6 months from your loan closing, a 3 percent interest will be charged until payments become current

Additional Eligibility Criteria:

Small Business Assistance Program Eligibility Requirements:
- Business assistance loans are limited to businesses with ten (10) or fewer employees

Job Retention Loan Program Eligibility Requirements:
- The business must have five or less employees including the owner.

Job Retention Loan Program Threshold Requirements:
To meet the threshold for this loan there must be sufficient documentation that the jobs would have been lost without the CDBG assistance and that one or both of the following applies to at least 51 percent of the jobs:
- The job is held by a low/moderate income (LMI) person (refer to income limits); or
- The job can reasonably be expected to turn over within the following two years and steps will be taken to ensure that the job will be filled by, or made available to, a LMI person. To be considered “Available to” jobs, they cannot require special skills that can only be acquired with substantial training or work experience or education beyond high school unless the business agrees to train them. Such jobs, the business must take actions to ensure that LMI persons receive first consideration for filling them.

Pre-Application Information:

Small Business Assistance Program:
All applications will be considered on a first-come, first-served basis.

Job Retention Loan Program:
Applications will be accepted until Jun 30, 2020 and will be conditioned on the negotiation of an appropriate legal agreement between the applicant and the City and may be conditioned on the availability of funds. All applications will be considered on a first-come first-served basis.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Small Business Assistance Program:
Digital loan application submittals (preferred submittal option), with all appropriate attachments, can be emailed to:
Chief Economic Planner James Moran at: jmoran@cityofeastprov.com

Hand written (original) loan applications, with all required submittal attachments should be mailed to:
East Providence Economic Development Commission
COVID -19 Small Business Assistance Program
c/o James Moran, Chief Economic Planner
Dept. of Planning and Economic Development RM 206
145 Taunton Ave.
East Providence, RI 02914

Questions may directed to James Moran at the email above.
Questions by telephone: 401-435-7531 ext. 11153

Job Retention Loan Program:
Direct questions and submit application to:
David Bachrach
Community Development Director
dbachrach@cityofeastprov.com
401-435-7536.

URL for Full Text (RFP):

Geographic Focus:

USA: Rhode Island: East Providence

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