RI Commerce Reminds Small Businesses "Restore RI" Grant Applications Due December 8

RI Commerce Reminds Small Businesses "Restore RI" Grant Applications Due December 8

The Rhode Island Commerce Corporation is reminding businesses that grant applications for assistance of up to $30,000 under the "Restore RI" program are due next week. 

In addition, Commerce announced additional support programs now available. 

Restore Rhode Island

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The Restore RI grant program is targeted towards businesses that have been most impacted by the COVID-19 crisis. Rhode Island small businesses are eligible for grants of up to $30,000 to cover fixed costs or COVID related expenses. 

Commerce will continue accepting applications for the program until December 8 at 9 PM. All applications received by this deadline will be reviewed for eligibility and completion. Questions about the Restore Rhode Island grant program can be sent by emailing [email protected]. 

Additional Supports Available

Small Business Development Fund Now Taking Applications

Rhode Island Commerce this week announced that Enhanced Capital Rhode Island (ECRI) has opened applications for its $20 million small business loan program which is part of the Rhode Island Small Business Development Fund Program. The program’s primary focus is to provide financial assistance to businesses impacted by the COVID-19 pandemic. 

Loans to eligible Rhode Island-based small businesses will be offered in the 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 versus the same period for the prior year, or such other impacted businesses as may be approved on a case by case basis. More information and a link to the application can be found here: https://enhancedcapital.com/rhode-island.

Remote Work

Rhode Island Commerce also announced that Social Enterprise Greenhouse and District Hall Providence have been selected as intermediary organizations for the Remote Work Grant Program. 

Through these two intermediaries, Commerce will purchase and distribute technology needed for businesses and nonprofits to bring their employees to effective, at-home remote work.

In-kind technology grants are available for businesses and nonprofits with between two and 100 employees. Businesses can apply to receive hardware or software needed to bring their employees to remote work at https://commerceri.com/tech-support-covid-19-1/.

These programs are in addition to the Take It Outside initiative, which distributed more than $6 million to more than 100 intermediary organizations.