PROVIDENCE – Nearly $106 million in federal Restaurant Revitalization Funds went to Rhode Island restaurants and bars, according to U.S. Small Business Administration data published July 9 and updated Monday.
The $105.6 million from the program granted to 442 Rhode Island restaurant, bar and catering company owners is about 0.4% of both the program’s funding and total beneficiaries. Nationwide, the program offered $28.6 billion to 101,000 hard-hit restaurateurs and bar owners, though lack of funds left another 177,000 applicants unable to receive grants through the program, according to data released by the SBA.
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Wright’s Farm Corp., which runs the popular family-style restaurant and event venue in Burrillville, secured the largest grant in the state at just under $3 million, followed by Charlestown’s The Nordic -home to an all-you-can-eat lobster buffer – at $2.6 million. Jackie’s Galaxie Lincoln Inc., which runs five sushi restaurants across the state, got the third-highest injection of funds at $2.3 million.
Rounding out the top five were Plumb Inc., owner of the Brick Alley Pub in Newport with $2.2 million and Armenucci LLC, which owns Blackie’s Bulldog Tavern in Smithfield, with $2.1 million.
Most recipients got much smaller allocations, however. The average amount among Rhode Island recipients was just over $239,000. Nationally, the average grant size was $283,000, according to the SBA.
Of the Rhode Island businesses that received funding, 190 were women-owned, 24 were owned by veterans and 101 were owned by those classified as “socioeconomically disadvantaged,” which includes racial and ethnic minorities.
A majority of recipients were local small businesses but several franchises, including Dunkin’ and Subway, also benefited.
Funding under the program was capped at $10 million per applicant and $5 million per location.
The full list of recipients, including names, locations and individual grant amounts, is available online.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
