Chamber President Laurie White joined Mayor David N. Cicilline Friday, May 21 to announce a $10 million Providence Economic Development Partnership (PEDP) 108 Loan program designed to give small business the financial tools they need to sustain and grow their companies. The initiative is part of Operation Opportunity, an 18-month economic action plan designed to strengthen Providence’s economy and create opportunities for residents through strategically aligned, measurable goals.
“What I find most appealing about this initiative is the fact that we will be able to use this as another tool in our tool box to reach out to entrepreneurs and others who are building the Knowledge District to provide them with the capital, assistance and start-up funding that is so critical to their success,” White said.
“Small business is the heart of our state and our nation’s economy and we have to everything in our power to ensure that these businesses succeed,” said Mayor Cicilline. “In my conversations with small business owners, access to capital is one of the number obstacles sustaining and growing their business, especially during challenging economic times. Providing these businesses with the capital they need to succeed is essential to our efforts to grow jobs, fuel our economy and create economic opportunities for our residents.”
According to the Small Business Administration, small businesses drive the nation’s economy by accounting for more than half of the nation’s private-sector workforce.
The PEDP Loan 108 program is funded through the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program and will be administered through PEDP. The primary goal of the program is to support new and existing small companies throughout Providence (businesses with 500 or fewer employees) that been declined loans through traditional loan programs.
Neighborhood Markets
The loan program will also target businesses in the City’s Neighborhood Markets, an initiative created by Mayor Cicilline to revitalize Providence’s commercial districts in partnership with local merchant associations. Next week, the Mayor’s Mobile Help Desk, which will be equipped with staff and loan applications, will begin visiting each of the Neighborhood Market districts to provide information to business owners about the PEDP loan program and to assist companies with the application process. The nine Neighborhood Market Districts are Atwells, Broad, Charles, Chalkstone, Cranston, Olneyville, Wickenden, Hope and Wayland Square.
The Mobile Help Desk will visit the following Neighborhood Market districts from 2pm to 4pm (Wickenden and Brook Streets 12-2pm) beginning May 24th:
Monday, May 24 Wickenden and Brook
Hope and Rochambeau
Tuesday, May 25 Charles and Marietta
Wednesday, May 26 Chalkstone and Academy
Thursday, May 27 Atwells and DePasquale Square
Tuesday, June 1 Olyneville Square at Plainfield and Hartford
Wednesday, June 2 Broad and Adelaide
For more information on the PEDP 108 Loan program and future Mobile Help Desk locations, contact the Department of Planning and Development at 351-4300.
The PEDP Loan 108 program is one in a series of Mayor Cicilline’s initiatives designed to create jobs and strengthen the local economy. Earlier this year he launched Jobs Now Providence, a federal funded program that makes it possible for businesses to hire new employees by reimbursing 100% of the wages.
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