Home Economy Economic Activity Eight organizations receive $795K in Innovation Network Matching Grants

Eight organizations receive $795K in Innovation Network Matching Grants

By

Jacquelyn Voghel

-

03/29/2024

R.I. Commerce Corp. — THE R.I. COMMERCE CORP. this week announced that eight organizations will receive a total of $795,378 in Innovation Network Matching Grants.

PROVIDENCE – Eight organizations focused on entrepreneurship and business support services received a total of $795,378 in Innovation Network Matching Grants, the R.I. Commerce Corp. announced on Thursday. The organizations were chosen for their commitment to “working directly with locally based businesses to offer mentorship, business advisory services, technical assistance, flexible workspace, access to capital

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PROVIDENCE – Eight organizations focused on entrepreneurship and business support services received a total of $795,378 in Innovation Network Matching Grants, the R.I. Commerce Corp. announced on Thursday. The organizations were chosen for their commitment to "working directly with locally based businesses to offer mentorship, business advisory services, technical assistance, flexible workspace, access to capital and other supports," R.I. Commerce said in an announcement. Launched in 2016, the Innovation Network Matching Grant program provides recipients with at least $50,000 in funding and requires awardees to match at least 50% of the grant. This round's awardees included:

Providence Revolving Fund – $106,500, to expand its Small Business Loan fund, including the hiring of a Small Business Loan Program manager.
Newport Community Development Council – $105,000, to fund its Greater Newport Soft Landing and Scale-up program, which supports existing businesses' growth and expansion and fosters incentives for international businesses to move to Rhode Island.
Rhode Island Farm Incubator – $105,000, to support its Island Farm Incubator program.
New England Medical Innovation Center – $99,420, to support its Activate Accelerator Program for medical-device startups.
Innovation Studio – $99,400, to hire two bilingual business consultants and expand programming.
New Majority Capital Foundation Inc. – $95,058, to assist retiring small-business owners in transitioning their businesses to new ownership.
RI Bio – $95,000, to develop an AI Momentum program focused on adopting and commercializing artificial intelligence in Rhode Island's life sciences sector.
United Way of Rhode Island Inc. – $90,000, to support its Alliance for Nonprofit Impact. The group works to address barriers around capital access and funding for local nonprofits, and also provides technical assistance resources.

The R.I. Life Sciences Hub will reimburse R.I. Commerce for the grants given to the New England Medical Innovation Center and RI Bio. The latest funding round brings total funding dispersed under the Innovation Network Matching Grant program to $5.2 million across 44 awards. Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.