$12.5 Million In Grants Available To Small Businesses In RI

PROVIDENCE, RI — Small business owners in Rhode Island can apply for up to $5,000 in grant assistance, thanks to a new program announced by Gov. Dan McKee Monday. The $12.5 million program is part of the governor's "Rhode Island Rebounds" down payment initiative, McKee's office said.

"Small businesses continue to face challenges as they work to recover from the COVID-19 pandemic," McKee said. "Tourism and hospitality businesses — as well as retail and personal service businesses that rely upon foot traffic — continue to face hardships. These grants from my Administration’s Rhode Island Rebounds program will provide immediate relief to these businesses and I thank the General Assembly for approving and funding this program."

The program will provide eligible businesses with $2,500 or $5,000 in direct aid. Applications will be accepted from 3:30 p.m. on Tuesday through Feb. 15. If all funding is not spoken for during that time, applications may reopen at a later date. Should the opposite happen, applications will be prioritized based on the following factors: if the business is a first-time recipient of COVID-19 relief funding from the state, business size and if it is a minority or woman-owned business.

"Even though our COVID-era economic recovery has been strong in general, too many small businesses are continuing to struggle," Commerce Secretary Stefan Pryor said. "In key sectors, the omicron variant has negatively affected customer demand, adding to the burdens that small businesses are experiencing. This grant program will offer relief to Rhode Island small businesses that need help covering expenses in order to make it through these continuing challenges."

More information about the program and eligibility requirements is available on the Commerce Department's website. Technical assistance is available for the application process, free of charge, from several community partners. These include the Rhode Island Society of Certified Public Accountants and partners of the Small Business Administration Rhode Island District Office, including Center for Women and Enterprise, Small Business Development Center, and SCORE. Additional support will be provided by the Rhode Island Hispanic Chamber of Commerce, Center for Southeast Asians, Roads Consulting and the Rhode Island Black Business Association.

"These past two years have taken a significant toll on our small business community," Lt. Governor Sabina Matos said. "Some small businesses have shut their doors and others are barely getting by. This grant program couldn’t come at a better time. These funds will boost our small business economy and provide owners the temporary relief they so desperately need."