About this programme
The Small Business Loan Program is the larger of the two loan tracks run by the Providence Business Loan Fund (PBLF) on behalf of the City of Providence, for existing businesses that commit to creating jobs for low- to moderate-income residents.
It funds equipment purchases, construction or rehabilitation of business space, property acquisition, and working capital. Non-profits can also use the program, but only for property acquisition.
How it works
Loans range from $50,000 to $500,000, secured, at interest rates of 3% to 5%, plus a 1% origination fee.
Loan terms run 5 to 10 years, with an amortization period of 7 to 25 years.
For every $35,000 loaned, PBLF requires the creation of at least one new full-time job that benefits a low- to moderate-income individual.
Approved uses are equipment purchases, construction or rehabilitation of space, property acquisition, and working capital.
Who can apply
The business must be an existing business located in Providence.
Open to both for-profit and non-profit organizations; non-profits are limited to using the loan for property acquisition.
The business must commit to creating at least one new full-time job benefiting a low- to moderate-income individual for every $35,000 borrowed.
How to apply
- Download the loan application from the Providence Business Loan Fund website.
- Contact Tom Hoagland at 401-680-8412 or thoagland@providenceri.gov with questions.
- Spanish-language assistance is available.
- An FAQ document is available on the site for additional questions.
Documents you’ll typically need
- Completed loan application
Frequently asked
How much can I borrow through the Small Business Loan Program?
Loans range from $50,000 to $500,000, secured.
What job creation is required?
PBLF requires the creation of at least one new full-time job benefiting a low- to moderate-income individual for every $35,000 loaned.
Can a non-profit use this loan?
Yes, but non-profits can only use the loan for property acquisition, while for-profits can use it for equipment, construction, property, or working capital.
What are the interest rate and fees?
Rates run 3% to 5%, with a 1% origination fee.
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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.