RI Capital – SSBCI Loan Participation Program up to $3 Million

Rhode Island Capital Awarded $13 Million for SSBCI Loan Participation Program to Support RI Businesses

Rhode Island Capital Corporation (RI Capital), an affiliate of BDC Capital Corporation, has been awarded $13 million from Rhode Island Commerce Corporation under the State Small Business Credit Initiative (SSBCI). 


  • A business must be headquartered in RI with fewer than 500 employees
  • Maximum loan from RI Capital of $3 million
  • A bank or credit union must participate in at least 50% of the loan

Benefits of the program:

  • Typically subordinated to the bank in the event of default
  • Competitively priced with minimal closing fees
  • Terms of up to 25 years
  • 90% financing for real estate and equipment
  • CRA credit opportunity for each loan

Eligible business purposes include:

  • Purchase or refinancing of owner-occupied commercial real estate
  • Leasehold improvements
  • Equipment loans (stand-alone or with a real estate transaction)
  • Permanent working capital

Funding for this program was made available through the American Rescue Plan Act of 2021 to provide $10 billion as a response to the economic effects of the COVID-19 pandemic. This is a federal program administered by the Department of the Treasury and Rhode Island Commerce Corporation to strengthen state programs that support private financing to businesses. 

RI Capital can participate with a bank or credit union from $100,000 to $3 million in a loan provided to a RI business. The Loan Participation Program (LPP) enables businesses in Rhode Island to obtain financing to grow and expand, ultimately creating and retaining jobs in Rhode Island. By partnering with financial institutions, this program provides business loans at competitive terms while reducing the risk for the lender and allowing borrowers to receive attractive financing terms and lower down payments. “We view the SSBCI program as a way to grow businesses in RI with flexible underwriting and competitive pricing, while at the same time fulfilling the mission of supporting socially and economically disadvantaged individuals and underserved geographies,” said Paul F. Flynn, Jr., President of BDC Capital. “In this time of high interest rates and tightened credit standards, the program will allow commercial lenders to have RI Capital participate up to 50% of a loan request, reducing their exposure and offering their customers and prospects attractive financing.”

For more information, visit our website, call us at 781-928-1100, or contact: 

Paul F. Flynn, Jr., President & CEO

(781) 928-1133

(617) 921-2695 (cell)


Carol C. Brennan

(413) 237-6648 (cell)


Nancy Gibeau

(508) 254-7891 (cell)


Dave Raccio

(860) 218-2901

(203) 780-1097 (cell)