Restore RI small-business grant program opens to ‘comfortable pace’

PROVIDENCE – More than 600 small businesses have submitted applications for the state’s newly opened grant program as of Tuesday morning, according to Matt Sheaff, director of communications and stakeholder outreach for R.I. Commerce Corp.

The total dollars requested from applicants so far was not immediately available.

The state through R.I. Commerce began accepting applicants to its Restore RI grant program on Monday at 5 p.m. Sheaff described the initial interest as a “comfortable pace” rather than a “mad dash.” Once 1,500 businesses have submitted the first of the two-part application, the program will temporarily close to new applicants to allow time to review and award funds before reopening for a second round, Sheaff said.

Grants will be awarded on a first-come, first-serve basis, with 20% of total funding set aside for minority-owned businesses.

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The $50 million program offers up to $15,000 in grant funds to offset revenue loss from the COVID-19 pandemic. The amount awarded depends on the size of the company and how much revenue it has lost. 

Those in “severely impacted” industries such as retail, food services and arts and entertainment must prove at least 30% revenue loss, while those in other eligible industries must demonstrate a 50% loss in revenue. Eligible businesses must have at least one but no more than 20 employees.

R.I. Commerce has also opened socially distanced work stations in its office to allow small businesses without access to scanners and other technology the ability to submit the requisite documents.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.