Economic Development Commission
The East Providence Economic Development Commission is a nine-member commission that is responsible for the attraction of new industries and encourages the expansion of existing industries and businesses. The Economic Development Commission also is responsible for administering the East Providence Commercial/Industrial Loan Program and Commercial Micro-loan Program.
The Commercial/Industrial Loan Program provides low interest
loans to qualified East Providence businesses seeking funds of $10,000 to
$100,000. The purpose of the East Providence Commercial/Industrial Loan
program is to create a public investment mechanism for economic and industrial
development in the City. The program provides partial funding in the form
of moderate cost loans to enable them to locate, expand and/or develop business
operations in the City. Loans for projects in manufacturing, processing,
research and development and other similar activities are eligible under
the loan program.
To download the commerical
loan application, click here.
The Commercial Microloan Program finances startup expenses, operating expenses and/or purchases of assets for businesses with five (5) or fewer employees, which are unable to obtain a loan through a bank or other commercial lending sources. To be eligible for a Microloan, a business owner must reside in the City and meet HUD income guidelines. Microloans are available for between $1,000 and $10,000 at an interest rate of prime rate plus one point, fixed over the term of the loan, with a maximum payback term of 5 years. The Economic Development Commission will assist applicants with the preparation of loan forms and required materials, including the creation of a business plan and ongoing "mentoring" assistance after a loan is granted.
For more information regarding the City's loan programs
contact the Department of Planning and Urban Development at (401) 435-7531.
To
download the Microloan application, click here.
The Economic Development Commission meets quarterly or on an as needed basis to render decisions on loan applications submitted to the City.
Commission Members:Jonathan Killian, Chairman; John F. Conley, II Vice Chairman; Robert Carlin Bruce Chick; James Hammond; Robert Radway; William Smith
City Contact: James Moran, Economic Planner, Secretary
Phone: 401-435-7534
Email Address jmoran@cityofeastprov.com
Related Links:
- Download the Commerical Loan Application (PDF)
- Download the Microloan Application (PDF)
- East Providence Economic Development Information
- East Providence Waterfront Special Development District
- Rhode Island Economic Development Corporation
- Meeting Schedule
