Rhode Island Small Business Assistance Program – 30 Loans and Counting!
The Rhode Island Small Business Assistance Program
For the first time in recent memory, this small business loan program works with community lenders to improve access to capital. The program aims to assist viable entrepreneurs and small business that encounter difficulty obtaining adequate credit from traditional lending organizations. Among the businesses the program seeks to assist are women- and minority-owned establishments, as well as enterprises in Rhode Island’s under-served communities.
To date the loan program has worked with seven community lenders to help invest more than $1 million in state funds, helping unlock more the $3 million for 28 small businesses. For more information on this program visit the Small Business Assistance Program website here.
In the News
- Mushrooming R.I. farm gets $325,000 loan through state program (Providence Journal)
- Mexican grocery gets second act (Providence Business News)
- Commerce RI state SMB program has backed loans worth $600,000 so far (Providence Business News)
- Executive Vice President of Client Services Liz Tanner talks with WPRO’s Patricia Raskin.
Other Small Business Initiatives:
– Innovation Vouchers program: The Innovation Voucher program lets businesses unlock R&D capacity here in Rhode Island.Rhode Island enterprises with fewer than 500 employees can receive grants of up to $50,000 to fund R&D assistance from a Rhode Islanduniversity, research center or medical center. For more information on the program, click here.
– Main Street Improvement Fund: The Main Street Rhode Island Streetscape Improvement Fund awards grants or loans on a competitive basis for improvements to our commercial districts. Funding is available for projects that improve the streetscape, such as enhanced sidewalks, new street furniture, new way-finding signage, upgraded building facades or improved street lighting. Projects can receive up to $300,000 in funding. For more information on the initiative, click here.
– Start-Up Assistance: For startups and entrepreneurs, the Rhode Island Commerce Corporation is a technical resource, a sounding board, a connector, and a guide to the many opportunities and programs in the state that can help a new business flourish. For more information on our services, click here.