Central Providence Community Loan Fund – Central Providence Unidos

New Lending On Pause

We’ve deployed all the available capital from this fund. While we are unable to provide financial support at this time, we encourage you to submit an application to express your interest. Your application will help us gauge demand and potentially secure future funding to relaunch the program.

Submitting an application does not guarantee funding, but it does provide valuable insights into community needs and interests. We appreciate your understanding and patience as we work towards potentially revitalizing this fund.

Credit and collateral gaps prevent business owners in Central Providence from accessing traditional and alternative sources of capital. To address this, Central Providence Unidos created the Central Providence Community Loan Fund, which provides low-interest loans for people who live or operate a small business or nonprofit in Central Providence. Loans range from $1,000 and $20,000 are available at 2% interest, with a payback period of up to five years.

The fund provides low-interest, flexible capital to those who do not qualify for traditional loans. Using seed funding from Blue Meridian Partners, the Central Providence Community Loan Fund has deployed $495,000 in loans to 27 small businesses Central Providence since 2022.

Who Can Apply?

Businesses and nonprofits with the following characteristics are eligible for loans:

Have fewer than 25 employees.
Live in 02908 or 02909 or operate a business in 02908 or 02909
Demonstrate a viable idea that has a positive impact on the neighborhood or economic revitalization of the 02908 and 02909 ZIP codes.
Demonstrate the ability to pay back the loan.
Registered with the Rhode Island Secretary of State (SOS) and have a Tax ID#. Note: Entities can apply without being registered with the SOS, however they will need to secure registration in order to receive a loan.