About this programme
The Microenterprise Loan Program is one of two loan tracks run by the Providence Business Loan Fund (PBLF) on behalf of the City of Providence, aimed at small, established microenterprises owned by low- to moderate-income Providence residents.
The program funds working capital, inventory, and equipment needs for businesses that are already operating in the city.
How it works
Loans range from $5,000 to $50,000, at interest rates between 2% and 5%.
Borrowers pay a 0.5% closing fee and a $500 legal fee.
Loan terms run 5 to 10 years.
Approved uses are working capital, inventory, and equipment.
Who can apply
The business must be located and registered in Providence, and must have been operating for at least two years.
The business must have five or fewer employees, including the owner. Sole proprietorships are eligible.
The business must be owned by a Providence resident who qualifies as a low- to moderate-income household.
How to apply
- Download the application (available in English or Spanish) from the Providence Business Loan Fund website.
- Contact Tom Hoagland at 401-680-8412 or thoagland@providenceri.gov with questions.
- Spanish-speaking applicants can contact Ernesto Figueroa at 401-680-8416.
- An FAQ document is available on the site for additional questions.
Documents you’ll typically need
- Completed loan application (English or Spanish)
Frequently asked
How much can I borrow through the Microenterprise Loan Program?
Loans range from $5,000 to $50,000.
What interest rate will I pay?
Rates run between 2% and 5%, plus a 0.5% closing fee and a $500 legal fee.
How long does my business need to have existed?
The business must have been operating for at least two years and have five or fewer employees, including the owner.
Is there language support if English isn't my first language?
Yes, Spanish-speaking applicants can contact Ernesto Figueroa at 401-680-8416, and the application is available in Spanish.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.