Related Files:Revolving Loan Fund Application
* The Department of Economic Development administers both a Revolving Loan Fund and a Microloan fund to help meet the financing needs of a cross section of our businesses.
* The City's Revolving Loan Fund can provide gap financing for companies seeking to undertake new development within the City. Dependent upon the availability of funds, the City can provide low interest rate financing for up to 20% of a total project's cost.
* For entrepreneurs seeking financing for business start-up, the City's Microloan program can provide low interest financing up to $5,000 for both capital equipment and working capital. Low to moderate-income residents of Cranston or companies which create job opportunities for these residents are strongly encouraged to apply.
Revolving Loan Fund Statistics:
The Revolving Loan Fund has distributed over $2.3 million to companies that have located or expanded in Cranston. This money has leveraged a total of $24 million in additional investments by these same companies.
* Over 1,400 jobs have been created or retained as a result of the RLF program.
* The loan portfolio currently manages 16 loans. The average loan amount is $43,500.
* 70% of the City's RLF loans have been made to companies with 20 or fewer employees.