PROVIDENCE REVOLVING FUND

Providence micro-business loan program:prf staff works closely with residents and business owners and continued to do so during the stay at home orders. As the governor announced plans for reopening and released guidelines, we heard that many of the businesses especially minority and women owned businesses are concerned about being able to reopen. These corridors are the hearts of their neighborhoods. They are where people shop, where they work and where they meet their neighbors. Providence revolving fund has capitalized a revolving loan fund to provide small loans to micro-businesses located on or near commercial corridors in providence. Thirty percent (30%) of the fund will set aside for women/minority owned businesses. It provides loans of $500-$5,000 to businesses with 10 or fewer ftes, earnings of $250,000 or less. All borrowers are required to participate in a one-on-one small business coaching session. A total of 18 loans were made for $165,000; 85% were minority and women owned businesses.