Providence Revolving Fund Provides Micro-Loans and Sparks Success for Broad St. Business
GoLocalProv Business Team
Providence Revolving Fund Provides Micro-Loans and Sparks Success for Broad St. Business
With their loan, owners Ricky Bernard and Marcia Ricketts plan to get outdoor seating, an app for faster takeout to better cater to their student customers, plexiglass shields and other social distancing measures to keep their employees and customers safe and healthy.
The two opened Island House in 2016 and it has become a favorite of the students who attend the three nearby high schools. On Mother’s Day of 2019, a car crashed into the restaurant, forcing Island House to close for two months.
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Carrie Zaslow, Executive Director of the Providence Revolving Fund said, “We just launched this program in June. The loan fund was initiated by the Providence Revolving Fund with a pool of $100,000. That has been matched by the Providence City Council and includes additional funding by Customers Bank ($205,000)
"We have closed 3 loans for a total of $14,500. All 3 loans were to women-owned businesses and two loans were to Minority-owned businesses," said Zaslow.
After overcoming this struggle, the Island House now faces the same struggle that many local businesses are facing; trying to keep their business open during the COVID-19 pandemic. The Providence Commercial Corridor MicroBusiness Loan fund provides loans to businesses that employ fewer than ten full-time employees, earn less than $250,000.00 annually, and are located on or near the pilot commercial corridors.
“Providence Revolving Fund and the Providence City Council have capitalized a revolving loan fund to provide small loans to micro-businesses located on or near commercial corridors in Providence,” said Zaslow. “We believe that this program is essential for the preservation of small businesses that make up our communities. The Providence Revolving Fund is committed to providing equitable access to financing and services to promote economic opportunity. We are pleased to be able to roll out this program at a time when so many small businesses are struggling.”
The commercial corridors in the pilot phase of this program are Broad Street, Cranston Street, Elmwood Avenue, Broadway (West of I-95), and Westminster Street (West of I-95) in the City of Providence. Businesses in these corridors can apply for loans ranging from $500-$5,000.00. Loans are available for any reopening expenses. Additionally, up to 25% of loan funds can be used for PPE for staff. Credit history will not affect the ability to obtain a loan, and collateral will not be required. Be sure to stop by The Island House restaurant to try out some great Jamaican and American food and support local business! For more information or to apply for a loan www.revolvingfund.org
The restaurant is located at 242 Broad Street.