PROVIDENCE – Gov. Daniel J. McKee and the R.I. Commerce Corp. on Feb. 11 jointly announced the newest round of applications are now open for the Innovation Network Matching Grant Program.
The program awards grants of $50,000 or more along with a 50% match to eligible organizations supporting high-growth startup companies.
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Created in 2016, the program has provided $5.2 million in grants since its inception, according to R.I. Commerce.
Applications must be submitted by 5 p.m. on March 14.
Eligible projects must be designed to assist small businesses with technical assistance, increasing operational capacity or access to capital in targeted industries, including food and agriculture, technology, artificial intelligence, clean energy, defense, design, manufacturing, cybersecurity, and the ocean economy.
The grants can also be used for businesses evaluating a transition to employee ownership.
The state’s economic growth “begins by establishing our state as the destination for innovation,” McKee said in a statement. “Providing startups with the tools, expertise, and financial support they need to succeed makes the Ocean State stronger.”
Commerce Secretary Elizabeth M. Tanner said high-growth startups in key industries such as clean energy, advanced manufacturing and ocean technology need a strong foundation of support.
“Investments like these strengthen the support networks that help emerging companies access the capital, space and expertise they need to thrive,” she said.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
