EDC comes to Westerly tomorrow
By Will Collette
One of the big surprises revealed at the October
Charlestown business forum organized by the Economic Improvement Commission
is that very few businesses in Charlestown take advantage of low-cost capital
available from the federal Small Business Administration or from the RI
Economic Development Corporation.
After Hurricane Sandy, Governor Chafee directed the EDC to
set up a $1
million storm-related loan fund. Charlestown businesses that suffered
disruptions and loss of business from Sandy or suffered damage may qualify for
loans of between $10,000 and $25,000. Interest rates range from 2.5-4% and the
term of the loans can run from one to four years.
To qualify, businesses will need to show that Sandy caused
business disruption (three to six days without electricity will certainly do
that) or damage (such as lost food), adequate insurance and other minimal
lending requirements.
If you can’t meet with the EDC staff in Westerly tomorrow,
you may still have a shot at getting some help. Contact the EDC directly. But don’t wait
too long. That $1 million may go quickly.
