City announces New Loan Pogram for Small Businesses impacted by COVID-19 Outbreak

Business Loan Program

• Commercial Ventures

Provide matching loans to retail and service-sector borrowers, including start-ups. Eligible uses of funds include inventory and lease-hold improvements (term not to exceed 3 years, maximum loan up to $10,000).

• Equipment Loans

Providing matching loans to industrial borrowers working to purchase equipment or upgrade existing equipment. Borrower is allowed to borrow up to 90% of value of equipment (not to exceed 5 years and $50,000).

• Real Estate Loans

To enable industrial and commercial borrowers to acquire and rehabilitate real estate. Borrower is allowed to borrow up to 90% of the value of the real estate (not to exceed 10 years and $100,000).

• Working Capital Loans

Provide working capital for inventory materials, marketing and related expenses to industrial and commercial borrowers (not to exceed 3 years and $50,000). Relocation loan-related expenses for businesses moving into the city are included in this program.

• Micro-Loan Program

Provide small-scale loans to businesses with 10 or fewer employees located in or planning to locate in the City.

•  Growth Center Loan Program

Provide loans to businesses located in or planning to locate to the City’s Downtown or another one of the City’s Designated Growth Centers.

•  Special Designation Loan Program

Provide loans to businesses located in or planning to locate in the City that meet one of the four established “special designation” criteria. Special designations include business startups, businesses centered on the arts, Women Business Enterprises, and Minority Business Enterprises.                                                                                                                                                       

Restaurant Loan Program 

• Restaurant Loans

Providing incentive funding for the improvement and/or expansion of restaurants located in the City’s 307 acre Arts & Entertainment District or those interested in relocating to this area. Borrower is allowed to borrow up to $50,000. The terms of the loans are determined by use of funds: Working Capital (3 years); Real Estate (10 years); Equipment (5 years).

Fire Safety Loan Program

• Fire Safety Loans

Providing building owners and long-term lessees with funding to upgrade existing commercial properties to meet Rhode Island’s Fire Safety Code.

PBDC Loan Application

Other Economic Development Services:

• Property Search – We offer property searches to assist businesses seeking information about properties in Pawtucket that are for sale and/or for lease. Detailed information about each property is made available including characteristics such as ceiling height, loading docks, utilities and asking price for sale and/or lease. Additional information on available properties in Pawtucket can be found at LoopNet. 

For further information contact:

 Jeanne Boyle, Economic Development Director, 401-728-0500 ext. 432

Herb Weiss, 401-728-0500 ext. 437  

 Other Programs:

• State Tax Incentive Program in City’s Arts & Entertainment District - Providing state income tax incentives for eligible artists residing in the City’s Arts and Entertainment District. 
• Streamlining Pawtucket’s Regulatory Process – The City of Pawtucket works together with developers to bring their buildings up to fire and safety codes. Every Thursday, from 2:00 p.m. to 4:00 p.m., the Zoning, Fire and Planning Departments meet together with developers to discuss their specific projects. Once a month, a meeting is held between developers and City regulatory officials and the Mayor’s Office to determine how the City continues to streamline its regulatory process while ensuring safety. Also, a Guide to Permitting manual has been compiled; codifying the City’s permitting process.

Additional Information

• PBDC Mission
• PBDC Bylaws
• PBDC Meeting Schedule
• PBDC Directory of Members
• PBDC Annual Report
• PBDC Reference Phone Directory