Posted by: Providence Chamber of Commerce | May 21, 2010

Chamber Joins City of Providence in Announcing $10 Million Loan Program to Help Small Business

Operation Opportunity initiative will utilize federal CDBG funds to fuel the economy by supporting small businesses

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.”

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