Small Business Grant Information and Other Funding Resources
PPP (Paycheck Protection Program)
The Paycheck Protection Program is now closed to the majority of applicants. Applicants can now only access PPP through a Community Development Financial Institution (CDFI). The list of approved CDFIs in Rhode Island is available here.
More information on PPP is available here.
If a business requires technical assistance to finalize their currently approved PPP application or receive forgiveness for their approved PPP loan may reach out to our Technical Assistance providers, including the Society of CPAs, at no cost to the business. Technical Assistance is available in English, Spanish, French, Portuguese, Korean, and a number of Southeast Asian languages. A full list of Technical Assistance partners can be found here.
Restaurant Revitalization Fund
The SBA offers a variety of resources for businesses affected by COVID-19 which can be found here.
Notable programs include the Restaurant Revitalization Fund, which provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19 and the Shuttered Venue Operators Grant which provides similar emergency assistance for eligible venues.
Details about both programs, who is eligible, necessary documents, and much more can be found in the links above.
Enhanced Capital Rhode Island Fund - Small Business Loan Now Open
Enhanced Capital Rhode Island Fund (“ECRIF”) has received certification to participate in the Rhode Island Small Business Development Fund Program administered by the Rhode Island Commerce.
Click here to apply and learn more.
The Rhode Island Small Business Development Fund Program is a loan program that aims to provide financial assistance to small businesses to retain and create jobs in the state. The program’s primary focus is to provide financial assistance to businesses impacted by the COVID-19 pandemic.
ECRIF is a $20 million fund in formation that plans to provide loans to eligible Rhode Island-based small businesses in following two categories:
- Micro Loans of $10,000 to $50,000 per company
- Larger Term Loans of up to $1 million per company
At least $15 million of loans will be provided to “COVID Impacted Businesses” defined as Rhode Island based businesses with a 33% revenue loss for the period January 2020 through May 2020 over the same period for the prior year, or such other businesses as may be approved by the Corporation, in its discretion, upon request from the Company.
Click here to apply and learn more.
EIDL (Economic Injury Disaster Loan) - REOPENED FOR APPLICATIONS
The SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) is another way to get funding for your business during this crisis. This loan provides up to $2 million at 3.75%, for up to 30-year terms.
Click here to apply, and be prepared to provide:
- SSN/EIN Number
- Gross revenue for 2018 or 2019 (from tax returns)
- Cost of goods sold for 2018 or 2019 (from tax returns)
- Date business was established or owned
- Number of employees (1099 contractors excluded from employee count)
- Bank name
- Account number
- Routing number
STEP (State Trade Expansion Program)
If you are a small business and an exporter, the State Trade Expansion Program (STEP) grant can provide you with funding to increase exports. As part of the CARES Act, the SBA has increased the maximum STEP grant reimbursement to eligible small businesses for website development and for design of marketing materials from $3,000 to $6,000. (Reimbursement is based on 50%-75% of the total cost, up to a maximum of $6,000.)
With grant funding, administered by the John H. Chafee Center for International Business at Bryant University with support from Rhode Island Commerce, companies can engage with outside consultants and firms to help develop marketing strategies and materials for international customers. You can review the program guidelines for other ideas of ways to use STEP funding here.
For more information and to enroll in STEP, contact, Linda Woulfe, STEP Program Director, at 401-232-6525 or at email@example.com.
Where else can I get help?
The Rhode Island Small Business Development Center is available to answer additional questions you may have about SBA loans at no cost. You can register for free, confidential business advice here.