DIRECT GRANT PROGRAM

Bridging the Gap for Minority Business Owners

The RI Minority Business Accelerator (MBA) Grant Program provides a total of up to $2 million in financial assistance in the form of a grant (direct payment) to qualifying Minority and woman-owned RI businesses to grow their business and build for the future.

ANNOUNCEMENT: As of September 30, 2024 at 11:59 PM, our program has officially closed to new applications. We appreciate the overwhelming interest and support from those who have already applied, and we will be reviewing those applications with great care in the coming weeks. For any questions, please contact us via email at RIMBAPSupport@iParametricsDS.com.

Eligibility: To be eligible, applicants must:

• Be a Minority owned business or a woman-owned business (business doesn’t need to be M/WBE certified to apply). Extra points will be added to applications, if business is M/WBE certified.
• Completed at least 15 hours of technical assistance through any of the Minority Business Accelerator funded organizations intermediary or the RI Rebounds Technical Assistance Program between September 2023 and now? For a full list of intermediaries, including those that are no longer providing services, please refer to the program FAQ document.
• Be established and operating in Rhode Island.
• Sole proprietors: annual business revenue makes up at least 20% of your total annual income.
• Business is NOT owned by a nationally or regionally owned franchise.
• Business is NOT permanently closed, NOT in or considering federal bankruptcy or state receivership, and NOT on the federal do not pay list.

Please review the FAQ for more information and the full list of eligibility requirements. MBA Direct Grants FAQ

Award amounts: Grant amounts for minority and women owned businesses are based on their size.

Flat amounts to be awarded are the following levels:

• $5,000 for start-ups (at least 6 months doing business) and sole proprietors.
• $10,000 for businesses with 1-10 employees/subcontractors*.
• $20,000 for businesses with 10+ employees/ subcontractors*.
• Funds must be used to grow their business and build for the future.

Get Ready to Apply Guide for Minority & Woman-owned Businesses

Applicant will need to upload the following:

• The completed SCORE Business Assessment.
• Budget and narrative for grant amount requested for the size of business.
• Minority Business Accelerator (MBA) funded intermediary certificate confirming completion of 15 hours of technical assistance between the period of September 2023 and now.