Restore RI awards $51M to 4,100 small businesses

PROVIDENCE – The Restore Rhode Island grant program for small businesses has exceeded its initial funding goal, awarding $51 million in grants to more than 4,100 small businesses, the R.I. Commerce Corp. announced Thursday.

The $50 million program that began in August, funded through the state’s $1.25 billion Coronavirus Aid, Relief, and Economic Security Act allocation, was aimed at helping small businesses and nonprofits offset COVID-19-related revenue losses with grants of up to $30,000. Eligibility guidelines were expanded several times since the August rollout and grant maximums were doubled amid an initially slow uptake. However, some state officials, including Lt. Gov. Daniel J. McKee, have continued to criticize the program for failing to reach those who needed it most.

Roughly a third, or 1,391, of the businesses that were awarded grants opted to resubmit for more funding after the maximum allocation was doubled in October.

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Funding awarded across industries included:

  • $18 million to more than 900 restaurants.
  • $5.5 million to more than 900 sole proprietors.
  • $5.5 million to more than 600 personal-service businesses.
  • $4.7 million to more than 460 retail businesses.
  • $4 million to more than 350 arts, recreation and fitness businesses. 
  • $3 million to more than 200 nonprofits.

The additional $1 million in funding above the original $50 million was transferred from a separate category of designated CARES Act funding, as permitted for “modest” reallocations of funding by the state, according to R.I. Commerce Corp. spokesman Brian Hodge.

Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com