Rhode Island Center for Agriculture Promotion & Education
Agricultural Non Profit - To assist in marketing AgriTourism
Agritourism Fund - Terms and Conditions
Total Fund Allocation:
- $250,000
Loan Amount:
- Minimum $10,000
- Maximum $25,000
Rate:
- 7.50% fixed at time of closing
Term:
- $10,000 to $15,000 for a term ranging from 12 - 36 months
- $15,000 to $25,000 for a term to a maximum of 60 months
- Payments of 6-months interest only and the remaining terms payments of principal and interest
Uses of Funds: Funds will be used for the following upgrades:
- Physical Plant
- Parking Lots
- Bathrooms and other Visitor Amenities
- Food Service (purchase of machinery and equipment only)
- Website Development
Conditions:
- One Loan per Busines Entity
- Loan must be Personally Guaranteed
- At time of application borrower must provide written evidence that Federal and State taxes are current
- Business must be headquartered and situated in Rhode Island
Financial Information Required:
- Business Tax Returns and/or Financial Statements for the most recent fiscal year
- Interim internally prepared Financial Statements
- Personal Financial Statements on Guarantors
- Personal Tax returns for 12/31/04 (most recent) for Guarantors
Contact
Stu Nunnery, Director
Address
P.O. Box 40940, Providence, RI 02940
Telephone
401-592-0209
Email
ricape@cox.net
Internet