A Rhode Island company seeking to start passenger rail service between Worcester and Providence is offering bonds for sale privately in small amounts.

Boston Surface Railroad Co. of Woonsocket is offering five- and 10-year bonds at rates of 8 percent and 9 percent in a private sale to raise $300,000 for equipment, according to Vincent J. Bono, company founder and president.

The company has sold $190,000 in bonds to investors since about 2015-2016, Mr. Bono said. But now the railroad is offering bonds in smaller amounts – face values of $50 to $500 - to those in the community who want to financially contribute toward the startup, he said.

“We get people wanting to donate,” Mr. Bono said. “They feel like it’s a good project. It sounds crazy, but we don’t want to take donations.”

Boston Surface Railroad has been working for several years to acquire equipment and gain approvals to launch passenger service between Worcester and Providence. The railroad hopes to begin testing equipment between Woonsocket and Providence in 2020, then extend service to Worcester 12 to 18 months after that, Mr. Bono said.

No prospectus is available for the sale, and the bonds are not rated by bond rating agencies. Mr. Bono said investors who sign a nondisclosure agreement may obtain financial results.