RIBBA Teams With Freedom National Bank For MicroLoan Program
GoLocalProv Business Team
RIBBA Teams With Freedom National Bank For MicroLoan Program
RIBBA President Lisa Ranglin (right), photo courtesy of FacebookThe Rhode Island Black Business Association has announced a partnership with Freedom National Bank in order to make business loans available to small and minority businesses. Last month, RIBBA was approved for $200,000 in funding from the Providence Community Development Block Grant Program.
“Freedom’s Small Business Loan Department is specifically structured to provide banking services to small businesses. We understand that small businesses in the urban core have financing and capital needs that don’t fit the corporate model and we’re pleased to partner with RIBBA on this program," said Tony Botelho, President of Freedom National Bank.
Businesses which are located on three commercial corridors in Providence - Broad Street, Cranston Street and Elmwood Avenue are eligible for up to 30% cash collateral from RIBBA in support of commercial loans from Freedom National Bank up to $50,000 for business development and expansion. Freedom National Bank has allocated up to $750,000 for small business lending.
“Minority and small businesses in the urban core have generally found it difficult to access commercial loans. RIBBA’s partnership with Freedom National Bank is exciting and will enable small and minority businesses in the Providence urban core to access the capital needed to grow and thrive in place," said RIBBA President Lisa Ranglin.
RIBBA's Urban Economic Development program is expected to be open and ready in late September.
Rhode Island Black Business Association
The Rhode Island Black Business Association is a membership organization that is dedicated to improving the growth economic power of small and minority owned businesses.
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