Restore RI Small Business Grant Program Exceeds the $50M Mark - Rhode Island Commerce

Restore RI Small Business Grant Program Exceeds the $50M Mark
Over $51M Awarded to More than 4,100 Rhode Island Small Businesses

December 31, 2020

FOR IMMEDIATE RELEASE – Governor Gina Raimondo and Rhode Island Commerce today announced that more than 4,100 Rhode Island small businesses have received Restore Rhode Island grants totaling more than $51 million in awards. Total payments by the program are therefore exceeding the $50 million goal laid out when the program was announced.

Some Restore Rhode Island Program Statistics

  • More than 900 restaurants have received grants totaling more than $18M
  • More than 350 arts, recreation, and fitness businesses have received grants totaling more than $4M.
  • More than 600 personal service businesses have received grants totaling more than $5.5M
  • More than 460 retail establishments have received grants totaling more than $4.7M
  • More than 200 small Rhode Island nonprofits have received grants totaling almost $3 M.
  • More than 900 sole proprietors have received grants totaling more than $5.5M.

The Restore Rhode Island grant program opened in August and has provided direct support through grants of up to $30,000 to the state’s small businesses for reopening, adaptation, and fixed costs incurred by businesses as a result of the COVID-19 pandemic. The program has undergone several expansions, including a streamlined application process and a doubling of grant amounts.

The Restore Rhode Island grant program is one of several grant programs created by Governor Raimondo in response to the COVID-19 pandemic. In total, Rhode Island has provided over $125M in direct financial support to small businesses and non-profits in Rhode Island. This includes funding through the state’s Pause program, the Take It Outside initiative, business adaptation grants, and the HArT hospitality relief program. Additionally, the Rhode Island Commerce small business hotline has fielded over 8,600 calls and web inquiries since the pandemic started.

Businesses with questions on Commerce programs or with interest in small business loans can contact the Small Business Hotline at (401) 521-HELP or info@commerceri.com.

 

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