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State Small Business Credit Initiative
The State Small Business Credit Initiative (SSBCI) supports small businesses and entrepreneurship in communities across Rhode Island by providing capital and technical assistance to promote small business stability, growth and success.
Reauthorized and expanded by the American Rescue Plan, the federal SSBCI Capital Program provided funds to the State of Rhode Island to create tailored programs that offer funding to small businesses and entrepreneurs through equity/venture capital, loan participation, loan guarantee, collateral support and capital access programs.
If you’re looking for financial support to grow your business, whether you’re a new business or established, SSBCI has a range of loan and investment programs tailored to meet your specific needs.
The following programs are currently available for SSBCI in Rhode Island:
- Venture Capital Program (“VCP”) Allocation
- Loan Participation Program (“LPP”) Allocation
SSBCI Partner Contacts
Venture Capital Program
| Parter | Contact Name | Phone | Website | Allocation | |
|---|---|---|---|---|---|
| Slater Technology Fund | Thorne Sparkman | thorne@slaterfund.com | (401) 831-6633 | https://slaterfund.com | $12,000,000 |
| Actaris Impact Investors | Patrick Mullen | info@arctaris.com | (617) 735-6000 | https://www.arctaris.com | $9,000,000 |
| Collide Capital, LLC | Aaron Samuels | general@collidecap.com | (401) 529-1197 | https://www.collidecap.com | $4,500,000 |
| Rogue Venture Partners | Tom Sperry | ideas@roguevp.com | (414) 501-4635 | https://roguevp.com | $4,500,000 |
Loan Participation Program
| Parter | Contact Name | Phone | Website | Allocation | |
|---|---|---|---|---|---|
| Nectar Community Investments | Glynn Lloyd | 401-217-5977 | https://nectarinvests.org/small-business/financing/small-business-loans/ | $6,000,000 | |
| Business Development Company of Rhode Island | Peter Dorsey | (401) 351-3036 | https://www.bdcri.com/contact/ | $3,380,000 | |
| Southeastern Economic Development Corporation | Susan Murray | (508) 822-1020 | https://seedcorp.com/get-started | $4,500,000 | |
| Rhode Island Capital Corporation | Nancy Gibeau | (508) 254-7891 | https://ricapitalcorp.com/programs/ state-small-business-credit-initiative- ssbci-loan-participation-program-from-ri-capital/ |
$13,000,000 | |
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