About this programme
The State Small Business Credit Initiative (SSBCI) Loan Participation Program is a Rhode Island Commerce Corporation program funded through the federal SSBCI, reauthorized and expanded under the American Rescue Plan. It supports small businesses and entrepreneurship in communities across Rhode Island by providing capital and technical assistance aimed at small business stability, growth, and success.
The federal SSBCI Capital Program gave Rhode Island funds to build tailored small business programs across several formats: equity/venture capital, loan participation, loan guarantee, collateral support, and capital access. In Rhode Island, that money currently runs through two live programs: a Venture Capital Program (VCP) allocation and this Loan Participation Program (LPP) allocation.
Rather than lending directly, Commerce RI has placed a combined pool of $26.88 million for the Loan Participation Program with four Rhode Island lender partners, who issue the actual loans to borrowers.
How it works
The $26.88 million LPP pool is split across four lender partners: Nectar Community Investments ($6,000,000), Business Development Company of Rhode Island ($3,380,000), Southeastern Economic Development Corporation ($4,500,000), and Rhode Island Capital Corporation ($13,000,000).
Eligible loan purposes include owner-occupied commercial real estate, leasehold improvements, and equipment.
Separately, Rhode Island's SSBCI Venture Capital Program allocation places equity capital with four venture firms: Slater Technology Fund ($12,000,000), Arctaris Impact Investors ($9,000,000), Collide Capital ($4,500,000), and Rogue Venture Partners ($4,500,000).
As one example of a lender partner's own terms, Nectar Community Investments (which also lends in Massachusetts) offers Rhode Island small business loans from $5,000 to $500,000, with terms up to 5 years, competitive interest rates, and no application fee; requirements and restrictions apply and vary case by case.
Who can apply
The state program page does not detail uniform borrower eligibility criteria; eligibility and underwriting are set by whichever of the four LPP lender partners you apply through.
Founders looking for equity rather than a loan should instead approach one of the four SSBCI Venture Capital Program partners (Slater Technology Fund, Arctaris Impact Investors, Collide Capital, or Rogue Venture Partners), which is a separate allocation from the Loan Participation Program.
How to apply
- Apply directly through one of the four SSBCI Loan Participation lender partners: Nectar Community Investments (Glynn Lloyd, (401) 217-5977), Business Development Company of Rhode Island (Peter Dorsey, (401) 351-3036), Southeastern Economic Development Corporation (Susan Murray, (508) 822-1020), or Rhode Island Capital Corporation (Nancy Gibeau, (508) 254-7891).
- For general questions about the program, contact Stacy Farrell, Financial Services Operations Manager, at Commerce RI.
- For the Venture Capital Program allocation instead, contact the relevant fund directly: Slater Technology Fund (Thorne Sparkman, (401) 831-6633), Arctaris Impact Investors (Patrick Mullen, (617) 735-6000), Collide Capital (Aaron Samuels, (401) 529-1197), or Rogue Venture Partners (Tom Sperry, (414) 501-4635).
Frequently asked
Do I apply to Commerce RI directly for an SSBCI loan?
No. You apply through one of the four approved LPP lender partners, each holding a share of the $26.88 million pool.
What can the loan be used for?
Owner-occupied commercial real estate, leasehold improvements, and equipment.
How much funding does each lender partner have?
Nectar Community Investments holds $6,000,000, Business Development Company of Rhode Island holds $3,380,000, Southeastern Economic Development Corporation holds $4,500,000, and Rhode Island Capital Corporation holds $13,000,000.
Is SSBCI in Rhode Island only loans?
No. Alongside this Loan Participation Program, a separate SSBCI Venture Capital Program allocation places equity capital with four venture firms: Slater Technology Fund, Arctaris Impact Investors, Collide Capital, and Rogue Venture Partners.
What do actual loan terms look like from a partner?
As an example, Nectar Community Investments lends $5,000 to $500,000 in Rhode Island, with terms up to 5 years, competitive rates, and no application fee; specific terms and restrictions vary by lender and borrower.
More funding in Rhode Island
Breakthrough Lab (B-Lab) Summer Accelerator
Nelson Center for Entrepreneurship, Brown University · Rhode Island
An 8-week Brown University summer accelerator paying student founders a $4,000 fellowship plus mentoring and co-working space.
Brown Venture Prize
Nelson Center for Entrepreneurship, Brown University · Rhode Island
A $50,000 total prize pool for Brown University student ventures with demonstrated traction and growth potential.
Hazeltine Grants
Nelson Center for Entrepreneurship, Brown University · Rhode Island
$500 to $1,000 equity-free grants for Brown University students building engineering or technology projects.
Providence Business Loan Fund — Microenterprise Loan Program
City of Providence, administered by the Providence Business Loan Fund · Rhode Island
Loans of $5,000 to $50,000 for small, established Providence microenterprises owned by low- to moderate-income residents.
Providence Business Loan Fund — Small Business Loan Program
City of Providence, administered by the Providence Business Loan Fund · Rhode Island
Secured loans of $50,000 to $500,000 for Providence businesses that commit to creating or retaining jobs.
SEG Loan Fund
Social Enterprise Greenhouse · Rhode Island
Loans of $10,000 to $25,000 with no traditional collateral required, for established Rhode Island social enterprises ready to expand.
All 15 programmes in Rhode Island →
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.