|The City of Pawtucket provides customer friendly assistance to help businesses thrive. The City has an economic development office with a customer-friendly approach to troubleshooting fire, zoning, and building code issues and other business growth issues. Flexible financing tools are among Pawtucket’s resources to help businesses grow. Through the Pawtucket’s Business Development Corporation, the City provides programs that include:|
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).
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).
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).
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.
Provide small-scale loans to businesses with 10 or fewer employees located in or planning to locate in the City.
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.
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.
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).
Providing building owners and long-term lessees with funding to upgrade existing commercial properties to meet Rhode Island’s Fire Safety Code.
Other Economic Development Services:
For further information contact:
Jeanne Boyle, Economic Development Director, 401-728-0500 ext. 432
Herb Weiss, 401-728-0500 ext. 437
- Mayor Donald R. Grebien