Rhode Island Black Business Association launches Collateral Support Program In Pawtucket

Providence, December 7, 2016. After closing 4 loans totaling $110,000 and awarding $33,000 in collateral support to minority business owners in Providence resulting in significantly increased business revenues and 27 new jobs, the Rhode Island Black Business Association (RIBBA) has expanded its successful Collateral Support Program to Pawtucket minority business owners.

Pawtucket minority small business owners and the public are invited to an opening reception on Monday, December 19, 2016, 5:30 to 7 pm at Pawtucket City Hall, 137 Roosevelt Avenue, Pawtucket. Please RSVP to RIBBA at 401-383-1179 or email: loanproject@ri-bba.com

The RIBBA Collateral Support program funded in Pawtucket by the Pawtucket Community Development Block Grant program, serves as the connection between minority business owners and partnering banks and lending institutions.

The Program facilitates commercial loans to minority businesses by providing free, expert, comprehensive and customized technical assistance solutions including accounting, legal, IT services, marketing and business development to help small minority businesses successfully apply for and receive a bank loan.

When the minority business is loan ready – the RIBBA Collateral Support Program assists the business owner to secure a loan for business expansion and growth. Business owners do not need collateral, bank approved loans can be secured with cash collateral through RIBBA for up to 30% of the loan.

To qualify, a business must have been in business a minimum of 3 years, have five or fewer employees including the owner and be located in Pawtucket.

To request an application or for more information, business owners can call RIBBA at 401-383-1179.