The Rhode Island Black Business Association (RIBBA) is offering new forgivable microloans, which are being distributed to minority businesses. The loans provide much-needed support and helps to address disparities that communities of color have faced during the pandemic recovery.
The program provides $450,000 for micro loans ranging from $500 to $3,000 to Black, Indigenous and people of color-owned small businesses (typically nine employees or less) in Rhode Island. It is funded by the nonprofit Papitto Opportunity Connection Foundation, which will provide $150,000 for the program annually for three years.
For microloans to be forgiven, they need to be used to address COVID-19 related issues. If the funds are used for other purposes, business owners are expected to pay the loan back with a 1% interest rate.
For more information, please visit the RIBBA website, where you can find the link to apply for the new forgivable micro-loan.