Pawtucket Business Development Corporation

Pawtucket Business Development Corporation (PBDC)

Loan Program Summary

The Pawtucket Business Development Corporation (PBDC) serves primarily as a gap or bridge financing resource for small and medium sized businesses in the City of Pawtucket. Its purpose is to:

• ENCOURAGE businesses to locate to Pawtucket
• INCREASE/RETAIN employment
• RENOVATE existing commercial buildings
• EXPAND the tax base
• PROMOTE private enterprise

Since 1993, the nonprofit corporation has provided more than $4.1 million in loans to Pawtucket businesses. These PBDC loans produced some $30 million in bank financing for these businesses. Our programs also feature low interest rates, with annual rates at 50% of the federal lending rate.  PBDC loans are tied to job creation/retention requirements.

General Loan Program:

All small and medium sized businesses located in Pawtucket or planning to locate to Pawtucket are eligible to apply for a PBDC loan through the general loan program.

PBDC loans may be used on the following*

Commercial Ventures ($10,000 cap)

Equipment and Working Capital Loans ($50,000 cap)

Real Estate Loans ($100,000 cap)

Micro-Loan Program (less than 10 employees; $15,000 cap)

*Applicants may apply for higher loan amounts, but shall be subject to additional levels of review and approval.

PBDC loan programs are funded through the City of Pawtucket’s Community Development Block Grant (CDBG) allocation and it intended to support low/moderate income Pawtucket residents and/or assist Pawtucket businesses retain employees or hire new employees.

For more information on the PBDC and information on how to apply for loan, please contact the Pawtucket Commerce Department at [email protected] or by phone at 401-728-0500.