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Cranston economic development director outlines outreach, revolving-loan status and $200,000 ARPA small-business program
Summary
At an April 21 Cranston Finance Committee meeting, Economic Development Director Frank Polino described grant work, a planned $200,000 ARPA small-business mitigation grant, and the city's revolving loan fund, which currently shows one active loan and several defaults in collections.
At a special Finance Committee meeting April 21, Cranston's director of economic development described a mix of grant programs, a planned ARPA-funded small-business mitigation program and the current status of the city's revolving loan fund.
Director Frank Polino said the department will administer a $200,000 ARPA-funded mitigation/small-business grant that the administration previously allocated, and that the program is intended to help roughly 200 businesses along Reservoir Avenue, Park Avenue, Phoenix/Atwood and portions of Knightsville affected by recent construction. "We're gonna be giving those small business $1,000," Polino said, describing outreach plans and walking the commercial corridors with councilors.
Polino told the committee the city's revolving loan fund (Fund 302) has a total loan asset balance of about $2,087,509.24 and cash on hand of approximately $1,000,854.70. He said the fund currently has one active loan and several loans in default that have been referred to the…
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