The Providence Revolving Fund (PRF) established in 1980, as an independent non-profit corporation, with the mission of preserving historic buildings and places of cultural significance by providing lending and services to promote equitable neighborhood revitalization. The PRF model focuses on providing investment to neighborhoods where the plurality of the residents are People of Color and/or low-income and where the building stock is historic (over 50 years old). We currently have three fund pools, We provide financing to homeowners to repair properties over 50 years old. Our Opportunity Investment Fund ($13 million) provides financing for development projects that have an affordable housing component targeting incomes between 60 -140% AMI and/or are located in low moderate-income neighborhoods. PRF has capitalized a revolving loan fund to provide small loans to micro-businesses located on or near commercial corridors in Providence. The Commercial Corridor Micro-Business Loan Fund provides financing and technical assistance necessary to safely operate and be consistent with state's reopening guidance. We provide loans of $500-5000 to businesses with 10 or fewer FTEs including those that utilize independent contractors, earnings of $250,000 or less. Along with our partners, the Center for Women and Enterprise, Providence City Council Office and the Center for Southeast Asians, we provide technical assistance in Micro business operations and financing.
