Today, Governor Dan McKee, the U.S. Small Business Administration (SBA), Rhode Island’s Congressional Delegation, and municipal leaders gathered to open the SBA’s Business Recovery Center at the Weaver Memorial Library in East Providence as part of the state’s ongoing Washington Bridge response.
“Getting our small businesses back on track and delivering the help they need is vital,” said Governor Dan McKee. “I’m thankful to the SBA, District Director Mark Hayward, our congressional delegation and our mayors for their partnership and commitment to supporting Rhode Island’s small businesses. It’s important that we all do our part to shop local and dine local this holiday season.”
Last week, at the request of Governor McKee, the SBA issued a declaration of Economic Injury Disaster for the State of Rhode Island for the recent sudden closure of the Washington Bridge and the impact this has had on local small businesses. This declaration allows for small businesses to apply for long-term, sub-market rate, working capital loans, intended to assist businesses with cash flow and lost revenues due to the impact of the bridge closure.
Small businesses in Providence, Kent, and Bristol counties in Rhode Island, as well as the contiguous counties of Bristol, Norfolk, and Worcester in Massachusetts, and Windham County in Connecticut affected by this event may apply for an Economic Injury Disaster Loan (EIDL) beginning immediately.
These working capital loans will carry a 4% interest rate (3.25% for non-profits) with a term of up to 30 years to help minimize the impact on the business’s cash flow. Applications for up to $2,000,000 loans may be submitted online using the MySBA Loan Portal at https://lending.sba.gov or locally at the Business Recovery Center at Weaver Memorial Library, 41 Grove Avenue in East Providence.
The center will be open Mondays through Thursdays from 9:00 am to 6:00 pm, Fridays from 9:00 am to 5:00 pm, and Saturdays from 10:00 am to 2:00 pm.
The center will be closed Friday, December 22, beginning at 12:00 PM, through Monday, December 25, for the holiday.
It will be open on Friday, December 29, from 9:00 am to 12:00 pm and closed from Saturday, December 30, through Monday, January 1, 2024, for the holiday.
In addition to SBA disaster specialists being on-site, businesses needing further assistance can meet with the local SBA Resource Partners: the Rhode Island Small Business Development Center, SCORE Rhode Island, and the Center for Women & Enterprise. These experts can assist with whatever questions individuals may have about their business.
