Local business owners, nonprofit leaders, and lenders joined ONE Neighborhood Builders and Providence Revolving Fund on June 14 to announce the creation of a new $500,000 community-led loan fund. The Central Providence Community Loan Fund will provide flexible capital to eligible businesses and nonprofits in Providence’s 02908 and 02909 ZIP codes.
Funds can be used for projects that revitalize the economy and neighborhoods of Central Providence. All lending decisions will be made by a committee with majority representation from individuals who live or work in Central Providence. Loans will range from $1,000 to $20,000 with a 2% interest rate for up to 5 years.
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