Raimondo Announces $1.45 Million Emergency Loan Fund for Aquidneck Island Businesses

Raimondo Announces $1.45 Million Emergency Loan Fund for Aquidneck Island Businesses

Governor Gina Raimondo announced a $1.45 million emergency loan fund for businesses impacted by the National Grid gas shut off on Aquidneck Island.

The fund will offer emergency loans of up to $25,000 to eligible businesses with no payments and no interest for the first six months.

"Any small business owner knows that a few days of lost revenue can make a big difference to your bottom line. No one should have to worry about keeping the lights on or making payroll because of gas outages beyond their control. This fund will help provide relief for local businesses as National Grid continues working to bring back heat as quickly as possible,” said Raimondo.

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The Rhode Island Commerce Corporation will commit up to $1 million in loans to the program, with another $200,000 committed by the Rhode Island Foundation and $250,000 by BankNewport.

"This has been a tough week for the small businesses of Newport and Middletown. Many businesses have been unable to open and, as a result, have struggled with lost revenue and increased anxiety. It's critical that we offer assistance to businesses as they gear up to reopen and as they await the outcome of their insurance and utility claims. We are deeply grateful to the Rhode Island Foundation and BankNewport for their commitment to our small businesses at this important moment. And we thank the Newport County Chamber of Commerce for their partnership through each and every day of this emergency,” said Rhode Island Commerce Secretary Stefan Pryor.

Applications for the fund will open Tuesday, January 29.

There will be an expedited application and approval process for the emergency loans.

Loan Relief Loan Fund Details

WHO QUALIFIES: Any business on Aquidneck Island that has been impacted by the recent gas incident is eligible to apply and may qualify for the funds. Credible insurance claims and/or claims in accordance with National Grid's business reimbursement policies for affected businesses will be required as collateral for these emergency loans.

TERMS/RATES: this fund is being offered with no payments and no interest for the first 6 months. For businesses that extend beyond a 6-month period, a 4% rate will apply. Businesses can apply for up to $25,000 with no minimum.

EXPEDITED APPLICATION PROCESS: The fund is designed to enable expedited application and approval, with the goal of getting applications processed within two business days whenever possible.

HOW TO APPLY: Rhode Island Commerce Corporation staff will be onsite at the Newport Visitor's Center beginning Tuesday to meet with businesses and process loans. Business can also call the Corporation's Small Business Hotline at (401) 521-HELP.

ADDITIONAL RESOURCES: The Commerce Corporation's seven existing small business lenders welcome applications to our non-emergency small business-friendly loan programs.

Please contact the Hotline (above) or visit Gurney's today for a list of lenders and contact information. 

Latest on Gas Shut Off

As GoLocalProv reported on Monday, the City of Newport issued a comprehensive update on the state of emergency triggered by the gas supply failure which took place a week ago.

“We’re happy to report that operations to restore gas service to Newport’s homes and businesses are beginning to wind down, with the vast majority of customers throughout the City successfully re-lit as of Sunday afternoon,” said the City of Newport in the announcement.

British-owned energy company National Grid said that they had restored gas service to 95 percent of those impacted leaving hundreds still without gas.

The events causing the failure has been in dispute between National Grid and transmission line owner, the Canadian company Enbridge which owns Algonquin Gas.

Restoring Services

For those customers still, without service, The City of Newport says to seek out one of National Grid’s customer resource vans located at one of the sites listed below. Customer Service teams will be on hand to answer questions and coordinate with neighborhood crews to expedite individual gas restoration requests. More than 6,000 households and businesses had their gas turned off. More than 10,000 Newporters were directly impacted.

- Easton’s Beach, 175 Memorial Blvd. 
- Storer Park, Gladys Carr Bolhouse Rd.
- Miantonomi Memorial Park, Hillside Ave. at Dexter St. 
- Coggeshall Elementary School, 122 Van Zandt Ave. 
- Newport City Hall, 43 Broadway
- Cranston-Calvert School, 15 Cranston St.
- Newport Hospital, 20 Powell Ave. 
- Braga Park (South end), 60 Ellery Rd. 
- Braga Park (North end), 160 Kay St.
- Newport Gateway Center, 23 America’s Cup Ave.
- Bellevue Gardens Shopping Plaza, 181 Bellevue Ave. 
- Freebody Park, 22 Freebody St. 
- King Park, 67 Wellington Ave. 
- Salve Regina University, 167 Webster St. 
- Rogers High School, 15 Wickham Rd.