This declaration allows for small businesses to apply for long-term, sub-market rate, working capital loans, intended to assist businesses with cash flow and lost revenues due to the impact of the bridge closure.
Small businesses in Providence, Kent, and Bristol counties in Rhode Island, as well as the contiguous counties of Bristol, Norfolk, and Worcester in Massachusetts, and Windham County in Connecticut affected by this event may apply for an Economic Injury Disaster Loan (EIDL) beginning immediately.
See the Press Release for additional information including Hours of Operations for the Business Recovery Center (Weaver Memorial Library). If you are interested in applying to the EIDL, download the Business Work Sheet and Fact Sheet.
Interest Rates: 4% fixed for the life of the loan.
Loan Terms: Up to 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term. Borrowers may be required to provide collateral.
Loan Amount Limit: $2,000,000
Applications for disaster loans may be submitted online using the MySBA Loan Portal or locally at the Business Recovery Center located at:
Weaver Memorial Library
41 Grove Avenue
East Providence, RI 02914
Please contact the Rhode Island District Office at RhodeIsland_DO@sba.gov if you have any further questions.