City of Pawtucket
The City of Pawtucket works to assist businesses in ways consistent with its strategic plan.The City has an economic development office with a customer-friendly approach to troubleshooting zoning, site selection and various business growth issues.
Flexible financing tools are among Pawtucket’s resources to help businesses grow.Through the Pawtucket’s Business Development Corporation, the City provides programs that include:
- Commercial Ventures – Provide matching loans to retail and service-sector borrowers, including start-ups.Eligible uses of funds include inventory and lease-hold improvements (term not to exceed 3 years, maximum loan up to $10,000).
- Equipment Loans – Providing matching loans to industrial borrowers working to purchase equipment or upgrade existing equipment.Borrower is allowed to borrow up to 90% of value of equipment (not to exceed 5 years and $50,000).
- Real Estate Loans – To enable industrial and commercial borrowers to acquire and rehabilitate real estate.Borrower is allowed to borrow up to 90% of the value of the real estate (not to exceed 10 years and $100,000).
- Working Capital Loans – Provide working capital for inventory materials, marketing and related expenses to industrial and commercial borrowers (not to exceed 3 years and $50,000).Relocation loan-related expenses for businesses moving into the city are included in this program.
- Restaurant Loans - Providing incentive funding for the improvement and/or expansion of restaurants located in the City’s 307 acre Arts & Entertainment District or those interested in relocating to this area. Borrower is allowed to borrow up to $50,000. The terms of the loans are determined by use of funds:Working Capitol (3 years); Real Estate (10 years); Equipment (5 years).
- Fire Safety Loans – Providing building owners and long-term lessees with funding to upgrade existing commercial properties to meet Rhode Island’s Fire Safety Code.
- Pawtucket Redevelopment Agency’s Commercial Rehabilitation Loan Program - Providing assistance to commercial property owners in physically upgrading their Pawtucket properties. Loans from $10,000 to $100,000, at a 5% interest rate.
Contact
Herbert Weiss, Economic & Cultural Affairs Office
Address
175 Main Street - 3rd Floor, Pawtucket, RI 02860
Telephone
401-724-5200
Fax
401-726-6237
Email
weissh@psdri.net
Internet