PROVIDENCE, R.I. – The Rhode Island Health and Educational Building Corporation (RIHEBC) has launched a new lending program, the Health & Education Loan Program (HELP), specifically targeting Rhode Island’s small-to-mid-sized non-profits in the health, education, cultural, and social service sectors, that have experienced challenges obtaining traditional bank financing for capital projects. The HELP program is open to Rhode Island not-for-profit institutions, cities, towns, and school districts that have operating revenues of $10 million or less. Loans of $25,000 to $250,000 will be made for terms between 3and 10 years.
“We created the HELP program to give our state’s smaller non-profits access to low-cost financing so they can invest in capital projects that help them meet their missions. We’re excited to launch HELP because we know there is an unmet need in the market and because so many of our non-profits need access to financing to grow their organizations and serve more Rhode Islanders.” said Kim Mooers, Executive Director of RIHEBC.
“At RIHEBC, we’ve been focused on bringing the organization’s expertise to more Rhode Island health, educational, cultural, and social service organizations,” said Channavy Chhay, Chair of RIHEBC’s Board of Directors and Executive Director of the Center for Southeast Asians. “That work has included expanding our enabling statute and now launching the HELP loan program to help our state’s small and midsized non-profits access the financing they need to complete facilities projects, purchase new equipment, and better serve Rhode Islanders. As the Executive Director of a smaller non-profit myself, I know there is a real demand for the HELP loan program, and we look forward to speaking with the state’s non-profit community so they are aware of this new financing option.”
HELP Loan Basics
- Rhode Island not-for-profit institutions and cities, towns, and school districts.
- HELP applicants must have been in existence for at least 3 years and have operating revenues of $10 million or less.
- Not-for-profit examples include mental and physical healthcare providers; child day-care centers and institutions of secondary and post-secondary learning; cultural organizations like museums and performing arts centers; recreational facilities like YMCAs and Boys and Girls Clubs; and community service providers such as homeless shelters and after-school programs.
- $25,000 to $250,000 loans
- Terms of 3, 5, 7, or 10 years
- Competitive rates
- Standardized documents
- Fast and easy approval and loan funding
- Prepayable at any time with no penalty
- Excellent customer service
For more information and application details, visit rihebc.com/help.
# # #
The R.I. Health and Educational Building Corporation for the past 50 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state. Web: rihebc.com - Twitter: @RIHEBC1