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Pawtucket Announces Expanded Loan Program for Small Businesses

Mayor Donald R. Grebien and the Pawtucket Business Development Corporation (PBDC) announced the expansion of the PBDC’s commercial loan programs available to new and expanding Pawtucket businesses.

Under the new programs, the PBDC will be expanding loan opportunities to more small and medium business owners looking to expand or establish themselves in Pawtucket, including special loans for start-up businesses, creative economy businesses, businesses owned by women, and businesses owned by minorities. The new loan programs also include considerations for businesses looking to open or expand into the Downtown or designated “Growth Centers” around the City of Pawtucket. Special considerations are also made for businesses which will bring a specified minimum of full time jobs to the city.

“These new loan programs will help make the dream of opening or expanding a business a reality for many in Pawtucket,” said Mayor Donald R. Grebien. “The expansion of this loan program by the PBDC will continue to drive economic development in our city.”

“Securing financing is the hardest part of starting a business,” said PBDC Chair David Gold. “The PBDC wants to be sure that getting a loan is not what is stopping qualified entrepreneurs from starting a business or expanding their operation.”

These new programs also feature low interest rates, with annual rates as low as 2%. This is significantly lower than the PBDC’s previous standard lending rate of prime rate plus 1 %. The PBDC looks forward to continuing working in partnership with local banks in jump-starting the creation of new jobs and exciting new businesses in Pawtucket.

 For small and medium businesses interested in learning more, please visit: www.pawtucketri.com/pbdc-loan-program.

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