Rhode Island, also known as the Ocean State, has gorgeous state parks and old school New England Charm. This teeny state attracts tourists, particularly in the warmer water, who come to frolic on the shoreline. If you operate a Rhode Island business, you may be eligible for one (or more) of the business loans and grants listed below. Take a peek.
Department or Agency: Rhode Island Department of Environmental Management
Loan or Grant title: Local Agriculture and Seafood Act Grant Program (LASA)
The Local Agriculture and Seafood Act Grant Program supports a variety of activities associated with promoting the growth and sustainability of local food and seafood industries in Rhode Island. Maximum grant awards are $20,000 for qualifying farms, businesses, and individuals. Funding priorities include, but are not limited to, new or existing agricultural or fishery businesses, new product development, safety improvements, or the development of new marketing, promotion, sales, and distribution channels.
Department or Agency: Rhode Island Department of Environmental Management and the
Rhode Island Office of Energy Resources
Loan or Grant title: RI Agricultural Energy Program
The RI Agricultural Energy Program is designed to help small farmers adopt more energy-efficient practices. Grants of up to $20,000 will be awarded to eligible renewable energy projects (including photovoltaics, wind, and biomass) or energy-efficient projects such as LED lighting, solar thermal, envelope insulation, and more. To be eligible, applicants must have a physical location within the state of Rhode Island, the project must be installed in Rhode Island, and the applicant must meet the program definition of an “agricultural operation.”
Department or Agency: Rhode Island Commerce Corporation
Loan or Grant title: Renewable Energy Fund
Commerce Rhode Island’s Renewable Energy Fund is designed to grow the use of renewable energy throughout the state. Grants are available for a variety of energy projects that have the potential to create jobs in green technology and energy sectors. Funding amounts vary and will be available until the fund budget is allocated. Eligible projects include small-scale solar, commercial, and community renewables.
Department or Agency: Rhode Island Commerce Corporation
Loan or Grant title: Innovation Voucher Program
The Innovation Voucher Program supports research and development initiatives at Rhode Island small businesses with 500 employees or fewer. Voucher certificates of up to $50,000 can be redeemed to support the following: the commercialization of a new product; expenses for scientific, engineering, or design expertise; or scaling to market an innovative idea. Funding is open to corporations, nonprofits, and sole proprietorships in the state of Rhode Island. Note, expert assistance must be secured from a knowledge provider located within the state of Rhode Island.
Department or Agency: Rhode Island Job Development Fund
Loan or Grant title: Workplace Accessibility Grants
Workplace Accessibility Grants advance employment opportunities for disabled people by providing funding to employers to make their workplaces more accessible. Eligible businesses with under 25 employees can receive full reimbursement of expenses up to $5,000.
Department or Agency: Rhode Island Job Development Fund
Loan or Grant title: Incumbent Worker Training Grants
Incumbent Worker Training Grants help Rhode Island businesses stay competitive by investing in the skill development of their employees. Annual grants of up to $30,000 are available to cover up to 50% of eligible training costs for companies with 25 or more employees, and up to 75% of eligible costs for businesses with fewer than 25 employees.
Department or Agency: State of Rhode Island Governor’s Workforce Board
Loan or Grant title: Non-Trade Apprenticeship Expansion Grants
Businesses in Rhode Island that create certified non-trade apprenticeship programs can apply for the Non-Trade Apprenticeship Expansion Grant. The program provides grants of up to $25,000 to help businesses cover the cost of designing and implementing apprenticeship programs.
Department or Agency: Rhode Island Commerce
Loan or Grant title: Innovate RI Small Business Fund
The Innovate RI Small Business Fund gives three different grants to Rhode Island entrepreneurs and high-growth startups that participate in the federal Small Business Innovation Research Program. Businesses must have fewer than 50 employees to qualify. Applicant grants are grants of up to $3,000 to help businesses cover the cost of applying to Phase I of the SBIR/STTR program. Matching Grants provide grants of up to $45,000 to Rhode Island businesses that receive a federal Phase I award, and grants of up to $100,000 to recipients of Phase II awards. Businesses can also apply for Internship Grants, which offer up to $3,000 to offset the cost of creating internship programs for Rhode Island college students.
Department or Agency: Rhode Island Commerce
Loan or Grant title: Innovation Network Matching Grants
The Innovation Network Matching Grant gives grants to Rhode Island small businesses that are investing in innovation and growth. Grants of up to $50,000 are available—businesses have to match the grant by 50%. Only businesses in the following targeted industries are eligible to apply: life sciences, healthcare, food and agriculture, clean technology, energy efficiency, and cybersecurity.
Department or Agency: John H. Chafee Center at Bryant University
Loan or Grant title: Rhode Island STEP Grants
The Rhode Island State Trade Expansion Program (STEP) Grants offer financial support to Rhode Island businesses expanding into international markets. Rhode Island businesses that have been operating for at least a year can apply for a grant of up to $15,000 to help offset the cost of export training programs and international trade shows.
Department or Agency: Providence Business Loan Fund
Loan or Grant title: Micro-Enterprise Loan Program
The Providence Business Loan Fund’s Micro-Enterprise Loan Program offers affordable financing to Providence businesses that have been operational for at least two years. Loan amounts range from $5,000 to $50,000; businesses can use the funds on working capital, inventory, and equipment. To be eligible, businesses need to be registered in Providence, have five or fewer employees, and be owned by a Providence resident who qualifies as a low- to moderate-income household.
Department or Agency: Providence Business Loan Fund
Loan or Grant title: Small Business Loan Program
The Providence Business Loan Fund’s Small Business Loan Program gives loans to existing Providence businesses that commit to creating or retaining jobs. For every $35,000 a business borrows, they have to create at least one new full-time job that benefits a low-to-moderate income individual in the area.
