PROVIDENCE, R.I. — Today, Governor Dan McKee and Secretary of Commerce Liz Tanner announced the official launch of the $2 million Rhode Island Minority Business Accelerator Direct Grant Program.
Created using State Fiscal Recovery Funds (SFRF) and administered by the Rhode Island Commerce Corporation, the Minority Business Accelerator Direct Grant Program will provide direct grants of up to $20,000 to eligible women- and minority-owned businesses looking to grow in Rhode Island.
“As we continue to strengthen Rhode Island’s economy, it is imperative that all businesses have the access to capital that they need to grow,” said Governor Dan McKee. “This grant program is one of many ways we are working to support Rhode Island’s hard-working minority business community.”
“The Minority Business Accelerator Direct Grant Program is part of our ongoing efforts to create pathways to entrepreneurship in every community,” said Lieutenant Governor Sabina Matos. “Hundreds of Rhode Islanders who have been improving and expanding their small business through technical assistance are now ready to receive these grants and make the most of them. We are grateful to the partner organizations who have made this grant opportunity possible by providing assistance to local small businesses.”
“Our goal is to ensure that all businesses have the resources they need to succeed,” said Secretary of Commerce Liz Tanner. “This grant program is part of our broader commitment to fostering a diverse and inclusive business environment in Rhode Island, where every entrepreneur has the opportunity to grow and make a meaningful impact on the state’s economy.”
The application portal for the Minority Business Accelerator Direct Grant Program will open on Wednesday, Sept. 4 and remain open through Wednesday, Sept. 18. Grants will be awarded in pre-determined, flat amounts: $5,000 grants for start-ups and sole proprietors; $10,000 grants for businesses with 1 – 10 employees and/or subcontractors; and $20,000 for businesses with more than 10 employees and/or subcontractors.
Applicants must be a minority-owned or 51% woman-owned business with a physical presence in Rhode Island and with gross receipts or sales of less than $2 million in 2023. To be eligible for this grant program, applicants must have already completed a technical assistance program through the Minority Business Accelerator. Applicants do not need to have their M/WBE certification to qualify, but those who are certified will be prioritized. A full list of eligibility requirements can be found online.
Details about this program were announced and discussed during an event held at The Heal Room, a woman and minority owned small business based in East Providence and one of the many local companies who have received support from Rhode Island Commerce’s Technical Assistance and Minority Business Accelerator programs.
“Becoming a certified woman- and minority-owned business in East Providence has been an important milestone for us at The Heal Room. Rhode Island Commerce’s Technical Assistance and Minority Business Accelerator programs have been invaluable in supporting us as we grow and find our footing.” said Ana Duque, Principal CEO of The Heal Room. “These new grants are an exciting opportunity to further expand our impact and continue making a positive difference in our community’s health and well-being.”
In addition to the direct grant program announced today, the Minority Business Accelerator partners with a variety of Rhode Island-based intermediary organizations to provide a comprehensive suite of technical assistance services and other supports, including:
- CIC Venture Café Global Institute
- EForALL – RI
- Innovation Studio, Inc. (Biz Bodega)
- New England Medical Innovation Center (NEMIC)
- RI Builders Association
- RI Hispanic Chamber of Commerce
- RI Small Business Development Center
- RWU Minority Business Law Collaborative
- SCORE RI
- Skills for Rhode Island’s Future / RI Black Business Association
- Social Enterprise Greenhouse
- Branchfood
- Fuerza Laboral
- Hope & Main
- Urban Ventures
Learn more by visiting www.CommerceRI.com/MBA.