June 26, 2020
As You Help Your Customers Re-Open:
The Rhode Island Capital Access Program (RI CAP) is an easy-to-use Main Street and small business loan program from $1,000 to $750,000 for Rhode Island businesses.
- Use your own bank application, approval procedures, and forms.
- Negotiate your own interest rates, points, and fees.
- RI CAP simplifies borrowing for local businesses and provides access to bank loans that might otherwise not exist. Twenty banks and credit unions have partnered to loan money to companies in need in Rhode Island.
- RI CAP can be used for term loans and lines of credit to both for-profit and non-profit businesses with fewer than 200 employees located in RI. The participating financial institution negotiates the loan terms directly with the borrower. BDC Capital processes the collateral deposits for the lenders in participation with the State of RI. To enroll a loan, the lender simply completes a two-2-page enrollment form and then uses their own approval and closing documentation.
- RI CAP is a great tool for banks and credit unions to attract new business customers to their lending institutions.