Providence. January 12, 2016. J C Electric, Inc, 95 Hathaway Street, Providence, is the first Providence-based, black owned business to close on a business loan from Freedom National Bank under a new program operated by the Rhode Island Black Business Association. RIBBA, with a $200,000 grant from the Providence CDBG program, established the Collateral Support Program to support black and minority urban businesses.
In partnership with RIBBA’s Collateral Support Program, Freedom National Bank pledged to invest $750,000 in loans to established black and minority owned companies hard hit by the recent economic recession. Businesses eligible to participate in the program are located on Broad Street, Cranston Street and Elmwood Avenue in Providence. Businesses in the urban core are still struggling to recover from the recession and workers in these communities are still experiencing high rates of unemployment.
“Providing capital for economic development in the urban core makes sense”, declared Lisa Ranglin, RIBBA President, “with downtown Providence and the I-95 corridor poised for development, planned investment in businesses located on Broad Street and the urban core will ensure that economic development positively impacts the entire urban area including black and minority communities that have in the past been left out.”
The loan closing will be formally celebrated at the State House in the State Room on Friday, January 15th at 3pm at RIBBA’s Martin Luther King, Jr. commemorative event with Governor Gina Raimondo, key legislators including Speaker of the House, Nicholas Mattiello, Senator Jack Reed and the public is invited to attend.
RIBBA is the united voice and leader of the minority business community in Rhode Island. We are dedicated to enhancing business growth and economic development by providing a forum for competitive participation in the local and global economy.
Providence businesses seeking loans up to $50k, for more information visit www.ri-bba.com or call 401-383-1179.