PROVIDENCE, R.I. (AP) — Rhode Island’s economic development agency is setting aside $1 million in emergency loan funds to help businesses affected by superstorm Sandy.
Gov. Lincoln Chafee (CHAY’-fee) announced the funds on Friday.
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The loans are for anywhere from $10,000 to $25,000 and will be made available through the Economic Development Corp.’s Small Business Loan Fund. The fund’s board of directors approved setting aside the funding at a special meeting on Friday.
Officials said the loans are available at fixed interest rates from 2.5 percent to 4 percent and the terms of the loans range from one year to up to five years.
Businesses must provide evidence of storm damage to qualify. Residential properties and individuals are not eligible for the loans.
