PROVIDENCE – Roughly 30% of the small businesses that received state grant funds to offset COVID-19 losses have applied for more money under recently expanded parameters.
A total of 1,650 businesses have benefited from over $14 million in funding since the Restore Rhode Island grant program as of Tuesday morning, according to Matt Sheaff, an R.I. Commerce Corp. spokesperson. However, 505 of those businesses have also sought more funding since the grant program doubled its maximum allocation from $15,000 to $30,000.
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The state has expanded the program parameters several times since its early August launch. Most recently, on Oct. 14, the grant funding cap was doubled and the program further expanded to include nonprofits and private child care facilities.
In the 13 days since the latest expansion, the program has benefited an additional 250 businesses with $3 million more in funding allocated. Roughly 17% of the funding has gone to minority-owned businesses, just under the 20% target.
About $36 million of the $50 million allocation is still available.
Asked if he was worried that more than two-thirds of funds remain with two months to go until the money from the federal CARES ACT must be spent, Sheaff pointed to the 500 new applications and 500 applications for more funding received this week as evidence that the latest expansion has increased demand and interest. R.I. Commerce also continues to actively market the program through paid digital ads, webinars and other outreach, he said.
R.I. Commerce Secretary Stefan Pryor in discussion with the Commerce board on Monday praised the state as a leader in its small business grant program, noting that neighboring Massachusetts and Connecticut have discussed but not yet implemented similar programs to help struggling small businesses.
The program offers grants of up to $30,000 to businesses with one to 50 employees that can prove at least a 30% revenue loss from the pandemic.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
