This fund uses the federally funded Community Development Block Grant Fund to provide loans to companies that create jobs for low and moderate income people.
Loans are usually part of a package with other agencies or banks.
Terms are 5-7 years at US Stated Prime on day of closing. Proceeds can be used for most business purposes including working capital. For projects that cannot be qualified for the Federal Program, RIDC will consider loaning part of its private funds to a business that will have a substantial impact on the community. Terms are 5 to 7 years at market rates. An interest subsidy for the first two years of the loan is available.