Governor Announces $10 Million Small Business Loan Fund

This is in order to assist businesses affected by COVID-19

PROVIDENCE, R.I (WLNE) – Governor Raimondo announced that Goldman Sachs committed $10 million for loans to small businesses in the state.

This is done through a partnership with Rhode Island Commerce Corporation and with Community Reinvestment Fund (CRF).

This option is for small businesses and non-profits who were unable to submit at PPP application.

These loans can be partially or wholly forgiven for businesses that maintain or rehire their workforce and can be used for:

• Payroll costs;
• Interest on mortgages;
• Rent; and,
• Utilities.

Applications can be found by visiting www.commerceri.com.

According to the Governor’s office, 96% of all businesses in Rhode Island are small businesses.

“I want to thank Goldman Sachs for making this incredible commitment to Rhode Island,” said Governor Raimondo.

“The decisions we’ve had to make keep Rhode Islanders Safe through this crisis have had an overwhelming impact on our economy, particularly our small businesses. It’s urgent that we offer swift solutions that bring needed resources to our small businesses. I hope this announcement provides additional relief to our dedicated small business owners.”

Executive Vice President of Goldman Sachs, John Rogers said they always held the state as one of their best examples of small business success stories.

“Through this partnership with Governor Raimondo, and mission-driven lenders like CRF, we are moving fast as we can help secure futures for small businesses across the Ocean State,” he said.

“CRF is proud to partner with the State of Rhode Island, which is prioritizing the needs of its small businesses and nonprofits at a critical time,” said co-found and CEO of CRF, Frank Altman.

Senator Jack Reed and Congressman Cicilline were also involved in the partnership agreement.

Loans will be capped at $250,000. No collateral or personal guarantees are required.

Neither the State nor lenders will charge small businesses any fees in relation to these loans, according to the governor’s office.

©WLNE-TV/ABC6 2020