Microloan Programs
Our Microloans provide Rhode Islanders with access to capital to start or expand their business.
CWE Women Entrepreneurs Microloan Fund
Microloan Fund made possible by the Rhode Island Foundation
Loan Amount: $500 to $5,000
Loan Terms: up to 24-months
Interest Rate(s): No interest - first 12-months
2% - months 13-24
Application Fee: $35
Small Business Assistance Program
Microloan Fund made possible by the RI Commerce Corporation
Loan Amount: $2,000 to $25,000
Loan Terms: up to 60 months
Interest Rate(s): Prime +2%
Application Fee: $35
Processing Fee: $100 (only applies to closed loans)
Borrower Qualifications and Pre - Application Process
To qualify for the fund, an applicant must:
- Be over 18 years of age
- Have a separate business checking account
- Be a resident of or have a business located in Rhode Island
- Have completed training with CWE or an approved affiliate and be recommended for the program
- Have a complete business plan
- Have a personal credit score of at least 600
- Completed the full application with associated documents
- Maintain a relationship with CWE for the duration of the loan.
Applicants will work with a CWE staff member to prepare and submit a complete loan package for consideration.