PROVIDENCE – A new state grant program is launching to help local manufacturers defray the cost of purchasing equipment or machinery.
Gov. Daniel J. McKee and R.I. Commerce Corp. announced Thursday the new Manufacturing Equipment Grant Program reimburses manufacturing companies up to 50% of a cash purchase or a 50% down payment for a future purchase, with a $25,000 cap.
R.I. Commerce Secretary Elizabeth “Liz” Tanner said in a statement that the new grant program was established after speaking to manufacturers on their current needs. By easing the financial burden to modernize local facilities, the new program, Tanner says, will empower companies to be “competitive, efficient, and innovative – all things that help drive economic growth.”
Eligible manufacturers must be for-profit companies, have gross receipts of less than $5 million in 2023 and located or headquartered in Rhode Island either on or before Jan. 1, 2021. These facilities also must have less than 50 employees, including independent contractors, that work 37.5 hours per week on average and not owned by a franchise, among other eligibility requirements, the state says.
“Rhode Island is the destination for innovation, and this grant program is giving our businesses the edge they need to be competitive,” McKee said in a statement
. “Reducing costs and making it easier for companies to get the tools and resources they need only boost our goals of bolstering the economy and creating good-paying jobs in Rhode Island.”
Eligible manufacturers can apply for funding via
R.I. Commerce’s website through March 24.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on X at @James_Bessette