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Job Creation in Providence, Rhode Island
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The function of Ocean State Business Development Authority, based in Providence, Rhode Island, is to encourage job creation through small business loans.
Economic Development Requirements
The authority uses the 504 loan program to help small businesses expand and promote economic development. Part of this requires that the projects save jobs or create new jobs are a certain ratio. That ratio is 1 job must be saved or created, within 1 years of project completion, for each $50,000 in 504 funds or meeting other economic development goals such as:
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• Project in State-Designated Enterprise Zones, Empowerment
Zones & Enterprise Communities or Areas with
Written Redevelopment Plans
• Increase Productivity & Competitiveness (Retooling,
Robotics, or Modernization)
• Change Necessitated by Federal Budget Cutbacks
• Expand Woman-Owned Business Development
• Minority-Owned Businesses (51% or More)
• Manufacturers (SIC Codes 20–49) |
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• Projects that Provide Significant Community
Benefit (Economic
Diversification or Stabilization, Stimulating other Business
Development, or Bringing New Income into the Community),
which Can Be Demonstrated by Letters of Support
from Community Officials
• Expand Veteran-Owned Business Development
• Assist Businesses in a Labor Surplus Area
• Exporters (10% or More of Sales) |
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Benefits
The benefits of the 504 loans are many: Long-term below-market fixed-rate financing; and equity requirement of 10% or more per borrowers effectuating enhancement of working capital and stabilization of cash flow.
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Contact Ocean State Business Development Authority to seek assistance in securing a small business loan that provides job creation in the region.
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