Microloan - Rhode Island

Cultivating Big Dreams on a Smaller Scale

​The Center for Women & Enterprise (CWE) provides affordable business loans to low-to-moderate-income entrepreneurs in Rhode Island.  CWE’s Microloan Program could be just the head-start you need to make that dream a reality.

At this time applicants must be a resident of Rhode Island. Our hope is to expand this program to our other Centers in New England in the future.

“CWE didn’t care that I didn’t have $5 or $10,000 sitting around. They cared that I had a concise business plan and I was a hardworking person who wanted to make this business work. That has helped me tremendously because I was able to purchase my truck and I wouldn’t have been able to without the CWE loan. With this grant CWE made my dream come true.”

Nina Reed, Sarcastic Sweets l Read Nina’s Story

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.