PAWTUCKET, R.I. (WPRI) – The city of Pawtucket has launched a new emergency loan program to help small businesses that have been hit hard by the coronavirus crisis.
Mayor Donald Grebien and the Pawtucket City Council announced Monday that $10,000 loans will be made available through a program created by the Pawtucket Business Development Corporation (PBDC).
The loan comes with a 2 percent interest rate which will be deferred for the first twelve months, according to Grebien’s office. At that time, the businesses will have two years to pay it off.
“The coronavirus crisis is impacting our small businesses, the backbone of Pawtucket’s economy,” Grebien said. “PBDC’s emergency loan program is geared to quickly providing financial relief to small businesses to assist them during this pandemic.”
Commerce Director Jeanne Boyle said funding is limited and applications will be reviewed on a first come, first served basis.
Applicants must be Pawtucket-based businesses with 25 or fewer employees that can demonstrate a loss of revenue caused by the COVID-19 outbreak. The businesses are required to have low to moderate income or provide documentation that at least one low- to moderate-income job will be created or retained.
The applications can be mailed to or dropped off at the PBDC office located at 137 Roosevelt Ave.
For questions about the application process, contact Economic and Cultural Affairs Officer Herb Weiss at (401) 728-0500 ext. 437 or firstname.lastname@example.org.
For questions on how the city can help your business during the COVID-19 crisis, call (401) 728-0500 ext. 451 or email email@example.com.