Home Economy Economic Activity R.I. Commerce launches Minority Business Accelerator Direct Grant Program

R.I. Commerce launches Minority Business Accelerator Direct Grant Program

By

Christopher Allen

-

09/03/2024

R.I. Commerce Corp. — R.I. COMMERCE CORP. on Tuesday announced the launch of the state’s $2 million Minority Business Accelerator Direct Grant Program.

PROVIDENCE – Beginning Sept. 4, applications will be accepted for the state’s Minority Business Accelerator Direct Grant Program that will funnel $2 million of federal State Fiscal Recovery Funds to women- and minority-owned enterprises, providing direct grants of up to $20,000, the R.I. Commerce Corp. announced Tuesday. Gov. Daniel J. McKee joined other state officials,

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PROVIDENCE – Beginning Sept. 4, applications will be accepted for the state’s Minority Business Accelerator Direct Grant Program that will funnel $2 million of federal State Fiscal Recovery Funds to women- and minority-owned enterprises, providing direct grants of up to $20,000, the R.I. Commerce Corp. announced Tuesday. Gov. Daniel J. McKee joined other state officials, including Secretary of Commerce Elizabeth M. Tanner and Lt. Gov. Sabina Matos, at an event held at The Heal Room in East Providence. “As we continue to strengthen Rhode Island’s economy, it is imperative that all businesses have the access to capital that they need to grow,” McKee said in a statement, calling the initiative “one of many ways we are working to support Rhode Island’s hard-working minority business community.” Tanner said the program is "part of our broader commitment to fostering a diverse and inclusive business environment in Rhode Island, where every entrepreneur has the opportunity to grow and make a meaningful impact on the state’s economy. “Our goal is to ensure that all businesses have the resources they need to succeed,” she added. Applicants can access the state-run online portal to apply from Sept. 4-18. Successful candidates will be awarded flat $5,000 grants if they are a startup or sole proprietor; $10,000 grants if their business has between one and 10 employees; and $20,000 if their business has more than 10 employees, according to a news release. Eligible applicants must be minority-owned or 51% woman-owned businesses with a physical presence in the state and with gross receipts or sales of less than $2 million in 2023. They also must have previously completed a technical assistance program through the Minority Business Accelerator. Applicants with a Minority and Women-Owned Business Enterprise certification will be prioritized. The Heal Room CEO Ana Duque, who completed the Minority Business Accelerator program, said the program was “invaluable.” “These new grants are an exciting opportunity to further expand our impact and continue making a positive difference in our community’s health and well-being,” she said. The program partners with several organizations to provide technical assistance services and other supports, including the Rhode Island Black Business Association, Rhode Island Hispanic Chamber of Commerce, Social Enterprise Greenhouse, New England Medical Innovation Center and Urban Ventures, among others. Chris Allen is a PBN Staff Writer. You may reach him at Allen@pbn.com.