Providence Small Biz Fund Has $1.5M for City Businesses

Providence Small Biz Fund Has $1.5M for City Businesses

For small businesses in Providence looking for funding, the City has $1.5 million available.

The loan process is managed through the Providence Business Loan Fund (PBLF). Applications are processed by the administrative staff and voted on by the PBLF Board of Directors.

"At the best estimate of PBLF Director, Tom Hoagland, he anticipates that applications can be processed and funds dispersed in two-three weeks," said the City of Providence.

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Who qualifies?

Per HUD regulations, qualifying businesses must meet the following requirements:

1.      Must be Providence-based

2.      Must have been in business for 3 years

3.      Must submit financials/tax returns to 2 years

4.      Must provide payroll records document funds usage

5.      Must be turned down for funding by at least one source