East Providence Mayor Pushing For More Small Business Loans

East Providence RI

03 May, 2022

1:36 PM

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EAST PROVIDENCE, RI — Since 2019, East Providence's small business loan program has helped out 19 restaurants, stores and more get started and expand. Beginning in the late 1980s and supported with initial funding of $800,000 from the U.S. Department of Housing and Urban Development, the city has leveraged this grant to help small businesses expand and grow. And now, Mayor Roberto DaSilva said he wants to expand that program. To help more East Providence small businesses, DaSilva said he wants to expand the loan program by allocating funds from the sale of the Platt Watters school property. "Under my Administration, the city has worked hard to support our local businesses, especially during the Pandemic," DaSilva said in a statement Tuesday. "Adding a portion of the proceeds (approximately $853,000) from the Platt Watters property sales to this loan program, enables us to expand our support of existing East Providence businesses seeking to grow and new businesses wishing to call East Providence home." DaSilva also asked the City Council to approve the sale of eight city-owned properties located on Burnside and Hoppin avenues. The properties recently went out for bid through a request for proposal process. The parcels will be awarded to the highest bidders, with a requirement that they develop the lots within two years of closing. An additional three parcels will be restricted to affordable housing duplexes, adding six new units to the city's affordable housing stock, DaSilva said. "Our goal, since the start of this administration, has been to support our residents and our local businesses," DaSilva said. "We have a great team of people in our Planning and Economic Development Dept. who are willing and ready to assist our local businesses."