RI economic agency holding storm loan meetings

PROVIDENCE, R.I. (AP) — Rhode Island's economic development agency is meeting with businesses across the state this week to answer questions about $1 million in emergency loan funds available for those affected by Superstorm Sandy.

The Economic Development Corp. will have staff in Westerly, Newport and Block Island through Friday to be available for storm-damaged businesses interested in the loans.

The loans, from $10,000 to $25,000, will be made through the EDC's Small Business Loan Fund. The fund's board approved setting aside the funding last week.

The loans are available at fixed interest rates from 2.5 percent to 4 percent and the loan terms range from one year to five years.

Businesses must provide evidence of storm damage to qualify. Residential properties and individuals are not eligible.