RI offers loans to businesses hurt by Irene


Rhode Island is offering loans to help businesses hurt by Tropical Storm Irene.

Gov. Lincoln Chafee announced Wednesday that the state has set up a $500,000 loan fund to help businesses affected by the storm. The loans have a 5 percent interest rate and are available in increments as small as $10,000.

Businesses owners must show that that the storm disrupted their business or damaged equipment or goods. The loans are being handled by the Rhode Island Economic Development Corporation. They must be paid back within one to five years.

Chafee says the loans will help businesses affected by Irene “get back on their feet as soon as possible.”

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