Much Needed Capital to be Available to Small and Minority Businesses for Providence Urban Economic Development

PROVIDENCE, RI – The Rhode Island Black Business Association (RIBBA) announces a partnership with Freedom National Bank (FNB) of Greenville to make business loans available to small and minority businesses in the Providence urban core. RIBBA was approved for $200,000 in funding last month from the Providence Community Development Block Grant program (CDBG) to offer collateral support for loans to area businesses.

Businesses located on three commercial corridors in Providence – Broad Street, Cranston Street and Elmwood Avenue will be eligible for up to 30% cash collateral from RIBBA in support of commercial loans from Freedom National Bank up to $50,000 for business development and expansion.  FNB has allocated an aggregate Commitment Amount: Up to $750,000 for small business lending.

“Freedom’s Small Business Loan Department is specifically structured to provide banking services to small businesses”, said Tony Botelho, President, Freedom National Bank.  “We understand that small businesses in the urban core have financing and capital needs that don’t fit the corporate model and we’re pleased to partner with RIBBA on this program.”

RIBBA’S president, Lisa Ranglin, declared, “Minority and small businesses in the urban core have generally found it difficult to access commercial loans. RIBBA’s partnership with Freedom National Bank is exciting and will enable small and minority businesses in the Providence urban core to access the capital needed to grow and thrive in place.  And, we at RIBBA are very pleased that Mayor Elorza recognized and supported our position that fostering economic inclusion for small and minority businesses is key to leveraging urban core business enterprises, helping them to grow their bottom line so they can scale up and create permanent, full time jobs within the community at good wages.”

The RIBBA Urban Economic Development program is expected to open in late September.

In addition, RIBBA’s new office Grand Opening celebration is scheduled for Tuesday, September 15, 2015. The public is invited to attend the Ribbon-Cutting at 6:15pm.  Address:  3 Regency Plaza, Suite 3, Providence RI 02903.

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