Important Information For Rhode Island Businesses Impacted by The Flood
Disaster Recovery Centers This website is a central point of reference for you. You will find help for individuals and for businesses, with links and information about what you need to recover from the rains and flooding. With the support of all of our recovery partners, we will get through this difficult time together.
- Several local financial institutions are offering assistance such as bridge loans and payment deferrals to businesses and individuals affected by the recent historic flooding.
For further information and contacts for each bank please see the PBN Article or the PDF documents attached below.
- Governor Carcieri and the Rhode Island Economic Development Corporation (RIEDC) today announce the terms and conditions for the RIEDC Small Business Loan Fund's (SBLF) Emergency Flood Fund.
"The damages to buildings and equipment caused by the historic flooding we are experiencing, along with interruptions in business operations, have been a blow to many small businesses that are already struggling," said Governor Carcieri. "It is imperative that we move quickly to provide emergency capital to businesses as they work to get up and running again."
The SBLF Board has approved $500,000 in funding to be allocated to small businesses in need of flood recovery assistance. Existing manufacturers, retailers and selected service companies are eligible to apply for a minimum of $10,000 and maximum of $100,000. Businesses that have questions or would like to apply for assistance. Full terms and conditions are outlined below.
"The recent flooding has been disheartening to the people of Rhode Island and its businesses," said Keith Stokes, Executive Director of the RIEDC. "Providing small businesses with access to capital is a key component in growing Rhode Island's economy and during times of crisis it's imperative to offer assistance and get businesses running at full capacity."
TOTAL FUND ALLOCATION:
$500,000
ELIGIBLE APPLICANTS:
Existing manufacturers, retailers and selected services.
LOAN AMOUNT:
Minimum: $ 10,000
Maximum: $100,000
RATE:
5% fixed at time of closing
TERM:
Minimum, 12 months
Maximum, 60 months
USE of PROCEEDS:
- Working capital needed due to business interruption.
- Leasehold improvements needed to repair flood damage.
- Replace damaged machinery & equipment.
DOCUMENTATION NEEDED:
- Evidence of business interruption or flood damage must be documented to support the loan request. (pictures)
- Evidence of approved/denied insurance payment to cover flood damage.
COLLATERAL:
Small Business Loan Fund Corporation (SBLFC) may require collateral in an entity's real and/or personal property based on the strength of the financial condition of the borrower's balance sheet.
GUARANTOR(S):
For loans of closely held and/or management owned corporations and limited liability partnerships, the SBLFC may require owners/principals of these entities to personally guarantee the loan and, depending on the financial strength of the individuals, the SBLFC may require them to secure their guarantees.
FINANCIAL MATERIAL REQUIRED:
- Business Financial Statements & Tax Returns for the YE 12/31/09.
- Business Interim Financial Statements for 2010
- YE 12/31/10 forecasted financial statements for loan requests of $50,000- $100,000.
- Personal Financial Statements on Guarantor(s).
- Personal Tax Returns for YE 12/31/09 for Guarantor(s).
Flood Recovery Information for Homes and Businesses (FEMA):
Information on Federal Aid Programs for RI Disaster Recovery for individuals and businesses: How to Apply for Assistance- Apply Online
- Call 1-800-621-FEMA (3362) / 1-800-462-7585 (TTY)
- What is Disaster Assistance
- Individual Assistance
- Hazard Mitigation
Frequently Asked Questions and "Best Practices" for homeowners and businesses in the aftermath of flooding: http://www.fema.gov/hazard/flood/fl_after.sht
- Road Closures:
Most up to date DOT map of road closures in Rhode Island.
- Lawyers Offering Free Assistance:
The Rhode Island Bar Association lawyers are offering state residents seeking legal assistance for flood-related issues free consultations and possibly representation.
For more information, contact the Rhode Island Bar Association's public services director Susan Fontaine at 401-421-7722 or by email at sfontaine@ribar.com. Residents may also request assistance through the bar's website at www.ribar.com under "For The Public" on the left menu.
- Volunteers, Donations and Red Cross Shelters:|
How to volunteer or Donate to RI Red Cross - Visit www.riredcross.org or call 401-831-7700.
List of Shelters throughout Rhode Island.
- Reed Secures Tax Extension for Rhode Islanders Affected by Floods:
At the urging of U.S. Senator Jack Reed, the Internal Revenue Service (IRS) today announced it will temporarily extend the federal income tax filing deadline to May 11, 2010 for Rhode Islanders affected by this week's flooding.
"I applaud the IRS and the Obama administration for responding so quickly, and I am pleased they are providing a small measure of relief to Rhode Islanders who are still dealing with this unprecedented flood. Tax season can be stressful, and this short-term extension will give Rhode Island families one less thing to worry about as they begin the daunting task of rebuilding their homes and businesses." said Senator Reed.
- The Commissioner of Internal Revenue at the Internal Revenue Service granted a federal income tax filing extension for all Rhode Islanders. The new federal income tax filing deadline for Rhode Islanders will be May 11, 2010
Download
 | R-RIFloodAssistance-CitizensBank.pdf | 28.6 KB |
| Webster Bank - April flood PR.pdf | 12.6 KB |
| Flood-Assistance-WTC.pdf | 98.21 KB |
| Flood Assistance Program Randolph.pdf | 37.46 KB |
| FEMA-Private-Sector-E-News-Update.pdf | 35.32 KB |