By PBN Staff
Providence Business News

PROVIDENCE – Eleven local businesses were awarded a combined $177,500 in loans during the first round of funding from the ONE Neighborhood Builders’ Central Providence Community Loan Fund on Thursday.

The loans, which ranged from $5,000 to $20,000, come with no origination fees and a 2% interest rate for up to five years. The fund is designed to provide a revolving and perpetual source of capital as businesses and nonprofits repay their loans.

ONE Neighborhood Builders seeded the Central Providence Community Loan Fund with $500,000. It is managed in partnership with the Providence Revolving Fund, a Providence-based nonprofit Community Development Financial Institution, which conducts underwriting and loan servicing for the program.

“ONE|NB prioritizes community leadership. This loan fund represents our broader effort to intentionally build and shift power to community members,” said Executive Director Jennifer Hawkins. “Because these loans are targeted to specific neighborhoods and decisions are made by the people from those neighborhoods, we know that the return on investment from those loans will stay in the neighborhood, and that is going to be game-changing. Small and local businesses are the heartbeat of vibrant neighborhoods. The Central Providence Community Loan fund connects those small businesses and nonprofits in our community with the capital they need to hire new employees, purchase new equipment, or get the keys to a new retail space.”

To be eligible for a loan, entities must have less than 25 employees, a direct link to the 02908 or 02909 ZIP code and demonstrate a viable idea that will have a positive impact on the neighborhoods.

The 11 companies awarded first-time loans are:

  • DH Companies LLC, $5,000 for the purchase of necessary equipment.
  • Bookkeepme LLC, $20,000 for operating and payroll expenses.
  • JJJ Constructor LLC, $20,000: for transportation, equipment, tools, and marketing.
  • United Beauty Supply LLC, $20,000 for store renovations and to purchase supplies and equipment.
  • C&C Transportation LLC, $20,000 for the purchase of a new truck.
  • American Signs USA LLC, $20,000 for the purchase of materials, machinery and tools.
  • Supreme Klene LLC, $5,000 for the purchase of equipment and transportation.
  • Max Auto and Truck Repair Inc., $20,000 for the purchase of new equipment.
  • Roberto’s Auto Repair LLC, $20,000 for facility management, equipment, debt management, marketing and investments.
  • Footprints Home Daycare, $20,000 for the purchase of new supplies.
  • LaBirria Gourmet LLC, $7,500 for marketing and purchase of new equipment

“Engaged, connected neighbors are the most important ingredient when it comes to building strong neighborhoods and communities. Community development and revitalization must be driven by the people who live and work in the community, which is exactly what ONE|NB is doing with the Central Providence Community Loan Fund,” said Jessica David, cofounder and president of Local Return. “When we can remove barriers to capital for small businesses and mission-driven organizations in underserved communities, we provide opportunity for new growth and development. I’m excited to see ONE|NB continue to build upon this initial wave of loans and to see the opportunity that local Central Providence business owners and nonprofit directors create for their neighbors.”

Logos for the Providence Revolving Fund and ONE Neighborhood Builders

“Engaged, connected neighbors are the most important ingredient when it comes to building strong neighborhoods and communities. Community development and revitalization must be driven by the people who live and work in the community, which is exactly what ONE|NB is doing with the Central Providence Community Loan Fund."

Jessica Davidcofounder and president of Local Return