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As Mayor of Pawtucket and Lt. Governor of Rhode Island, we are partnering to help make small businesses aware of millions of dollars in grants available through the state’s Restore RI grant program. As of today, over $20 million in grants are still available to small businesses like yours. Over the next few weeks, we will reach out to small businesses in our city with the goal of bringing hundreds of thousands of dollars in grants directly to Pawtucket small businesses by the end of the year.
We urge you to apply for a Restore RI grant as soon as possible. All Restore RI funds are grants, not loans, and they do not have to be repaid. Qualifying small businesses can use the grants to pay for overhead costs including rent and utilities. Eligible small businesses that can show 30% or more in lost revenue for just one month compared to the same month in 2019 will be eligible for a grant of up $30,000. To see if you are eligible and apply visit Commerce Rhode Island’s website at: commerceri.com/about-us/restore-ri. After you apply for a Restore RI grant, please notify our team at: hweiss@PAWTUCKETRI.com
We are all aware that the unexpected coronavirus pandemic continues to financially affect Pawtucket’s small business community, the backbone of Pawtucket’s economy. In response to the COVID-19 pandemic, the City of Pawtucket, through the efforts of the Pawtucket Business Development Corp. (PBDC), responded by quickly creating an emergency loan program for small businesses.
PBDC’s emergency loan program provides interim relief to small businesses with 25 or fewer employees, who can demonstrate a 30 percent loss of revenue caused by the virus crisis. The loan can be used to pay operating expenses for day to day business operations which include but are not limited to payroll and rent.
The emergency loan amount of $10,000 distributed to a number of businesses comes with a low 2 percent interest rate. Due to the ongoing hardships caused by COVID-19, PBDC’s loan is deferred for the first 12 months after the loan was closed. After 12 months, businesses will begin making monthly loan payments.
If you have any questions about the application process, please contact Herb Weiss, Economic & Cultural Affairs Officer at 401 728-0500, Ext. 437 or email@example.com