Pawtucket Business Development Corporation

Pawtucket Business Development Corporation

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:

• PAY COSTS for relocation to Pawtucket
• UPGRADE or modernize your equipment
• MEET NEEDS for working capital
• SUPPORT entrepreneurial initiatives
  
  

In the five years from 2020-2024, the PBDC has provided over $850,000 in loans (including $390,000 in Covid loan program), to 47 Pawtucket businesses, plus another $270,000 in HVAC grants to 9 Pawtucket small businesses. Our loan programs feature low interest rates, with annual rates at 50% of the federal lending rate. PBDC loans are tied to job creation and 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 for the following:

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

Equipment and Working Capital Loans (up to $50,000)

PBDC loan programs are funded through the City of Pawtucket’s Community Development Block Grant (CDBG) allocation, and it is 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 a loan, please contact the Pawtucket Commerce Department at [email protected] or by phone at 401-728-0500.