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Pawtucket Business Development Corp
The Pawtucket Business Development Corporation (PBDC) serves as a gap financing resource for small and medium-sized businesses in the City of Pawtucket.
Its purpose is to encourage businesses to increase or retain employment, renovate existing commercial buildings, expand the tax base and promote private enterprise. PBDC acts as a stimulus for economic development while prudently managing the financial resources available to businesses. Since 1993, the nonprofit corporation has provided nearly $4,000,000 in loans to Pawtucket businesses. These PBDC loans produced some $29,726,003 in bank financing for these businesses. These programs also feature low interest rates, with annual rates as low as 2%. Rules and Regulations: PBDC Mission & PBDC Bylaws
Those interested in applying for a loan should complete a PBDC Pre Application Form and submit that application to Herb Weiss, Economic & Cultural Affairs Officer.
For more information on the PBDC and information on how to apply for loan, please contact Herb Weiss, Economic & Cultural Affairs Officer, at hweiss@pawtucketri.com or by phone at 401-728-0500 ext. 437.
Below are the types of loans the PBDC Will potentially fund
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 Capital (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.
The PBDC also has number of loan programs to assist specific types of businesses, businesses in specific areas, and businesses with special designations.
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.
Micro-Loan Program
Provide small-scale loans to businesses with 10 or fewer employees located in or planning to locate in the City.
Growth Center Loan Program
Provide loans to businesses located in or planning to locate to the City’s Downtown or another one of the City’s Designated Growth Centers.
Special Designation Loan Program
Provide loans to businesses located in or planning to locate in the City that meet one of the four established “special designation” criteria. Special designations include business startups, businesses centered on the arts, Women Business Enterprises, and Minority Business Enterprises.