Post hurricane visit by R.I. Economic Development Corp.
On November 8, a week after Hurricane Sandy battered the Eastern Seaboard, two state representatives came to the Block Island Chamber of Commerce Visitor’s Center to describe the disaster loan program offered by the Rhode Island Economic Development Corporation (RIEDC).
Financial Portfolio Manager Denise A. Barge of RIEDC, and Mark G. Brodeur, the state director of tourism, explained, “Rhode Island manufacturers, retailers and selected service businesses directly impacted by Hurricane Sandy are eligible for loans.”
Loans are available up from a minimum of $10,000 to $25,000 at fixed interest rates from 2.5 to 4 percent, according to the terms of the loan. Those terms range from one to five years.
To qualify, business owners must present evidence of damage or an interruption of business resulting from Hurricane Sandy. They must also show evidence of approved and denied insurance payments to cover storm damage.
Those submitting applications for the loans should supply the following documentation: business financial statements and tax returns for the year ending December 31, 2011; business interim financial statements for 2012; personal financial statements on guarantors; and personal tax returns for the year ending December 31, 2011.
Brodeur noted that those seeking storm assistance have up to January 31 to submit their applications. They should contact the RIEDC’s Finance Department at (401) 278-9100.