PROVIDENCE – Minority business enterprises can now apply for a portion of around $3 million in state funding for technical assistance, training, physical space and other growth opportunities.
On Tuesday, R.I. Commerce Corp. opened request for proposals for the The Rhode Island Minority Business Accelerator Program’s Intermediary-Based Initiative, a program funded through the state’s 2023 budget.
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The funding opportunity is part of the state’s ongoing efforts to “prioritize racial and ethnic diversity in business,” Gov. Daniel J. McKee said in a statement.
“It provides much-needed cash flow that will allow women and minority-owned businesses to grow, contributing even more to Rhode Island’s already strong economy,” he continued.
Minority business enterprises are generally defined as businesses with at least 51% minority ownership.
A range of organizations are eligible for funding, including nonprofits, for-profits, chambers of commerce, trade associations, higher education institutions and co-working spaces.
Potential uses of the funding include acquiring physical co-working or programming spaces; expanding marketing and communications strategies; accessing entrepreneurship and startup training; translation services; legal advice and services; and information and computer technology.
“Providing equitable access to capital and support services for all businesses, especially Rhode Island’s minority business enterprises, is critical,” R.I. Secretary of Commerce Elizabeth Tanner said in a statement.
“I am confident this program will open doors for many businesses in the state from historically marginalized communities, enabling them to thrive and grow in the state’s economy,” Tanner added.
Proposals are due to R.I. Commerce by 2 p.m. on April 28. Those interested can access an RFP through the R.I. Commerce or the R.I. Division of Purchases websites, or at R.I. Commerce’s 315 Iron Horse Way, Suite 101 location in Providence.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
