Projo Biz Blog

PROVIDENCE, R.I. -- South Eastern Economic Development Corporation is expanding its micro-loan business in Rhode Island.

In business 27 years, the Taunton-based company made its announcement this morning, along with the Rhode Island Small Business Administration, to a small group of bank loan officers and other lenders, during a breakfast held at the Culinary Arts Museum.

Mark S. Hayward, the district director for Rhode Island SBA, said keeping small businesses afloat is the way to recovery from the recession. He urged lenders to do their part.

"The 10.3 percent [unemployment rate] right now is coming from the small business community. We have an obligation to help them. I've never seen so many inverted balance sheets," Hayward said.

"The only way we are going to come out of this recession stronger than we were before is the support of the small businesses community."

Small business owners in Rhode Island struggling to pay for the basics such leases, bills and supplies can now apply for small business loans through SEED, for up to $35,000 in micro-loans, payable at 6.5 percent over six-year term.

SEED is also offering what it calls "mini-micro loans" allowing businesses to borrow as little as $2,000, unsecured and payable over two years.

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