News Column

$1 Million in Sandy Recovery Loans for RI Businesses

Nov. 6, 2012

Donita Naylor

Businesses that have been affected by superstorm Sandy will have access to $1 million in state emergency loans, Governor Chafee announced in a news release Friday.

The money will come from the R.I. Economic Development Corporation's Small Business Loan Fund. At a special meeting Friday, the loan fund's board approved the measure, which makes businesses directly affected by the storm eligible for loans from $10,000 to $25,000 at fixed interest rates from 2.5 to 4 percent.

"The state is committed to mobilizing resources and finding solutions to help both business and workers who have suffered a loss in this storm," Chafee was quoted in a news release as saying.

For more information, call (401) 278-9100.

Source: (c)2012 The Providence Journal (Providence, R.I.) Distributed by MCT Information Services

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