Rhode Island has been allocated $6.8 million from the federal government to capitalize and administer Revolving Loan Funds for businesses impacted by the COVID-19 pandemic, the U.S. Department of Commerce announced Wednesday.
The R.I. Commerce Corp. will receive $6 million of the funds and the Providence Business Loan Fund will receive $836,000 of the grants. Commerce will use the money to oversee an RLF that will provide gap financing and loans to coronavirus-impacted businesses across Rhode Island while the Providence Business Loan Fund will use the money to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the city of Providence.
The grants come from the U.S. Department’s Economic Development Administration in the form of Coronavirus, Aid, Relief, and Economic Security Act Recovery Assistance grants.