Rhode Island Launches $2.6 Million Grant Program for Small Businesses

News Summary

In response to the Washington Bridge closure, Rhode Island has unveiled a $2.6 million grant initiative to support small businesses affected by the downturn in revenue. The Rhode Island Commerce Corporation has already awarded nearly $362,000 through the Innovation Network Matching Grant Program. Grants ranging from $500 to $2,500 are available to businesses demonstrating revenue declines. The application process begins soon, with a deadline set for October 8. This funding aims to assist local enterprises in their recovery during the challenging economic climate brought about by the construction.

Rhode Island has announced the availability of $2.6 million in grants to support small businesses affected by the recent closure of the Washington Bridge over I-195 west. These funds, sourced from federal pandemic aid allocated by the state, are intended to alleviate financial hardships faced by local enterprises that have seen a decline in revenue due to the bridge’s closure.

The Rhode Island Commerce Corporation’s board of directors has already awarded five grants totaling $361,614.72 through the Innovation Network Matching Grant Program. This program opened its applications in February and is designed to assist small businesses across several sectors, including food and agriculture, technology, artificial intelligence, and clean energy.

Beginning Tuesday, small businesses impacted by the bridge closure can submit their applications for grants, which are available online at CommerceRI.com/wbgrants. Each grant is aimed at businesses that can demonstrate at least a $500 decline in revenue between December 2022 and February 2023 compared to the same period in 2022, and that report annual revenues of no more than $2 million.

Eligible businesses can apply for a maximum grant of $2,500, with smaller grants of $1,000 and $500 available based on the reported level of revenue loss. Of the total fund, $1.2 million will specifically assist businesses in East Providence, while $800,000 will be distributed by Providence’s Mayor Brett Smiley to local enterprises. Additionally, $600,000 is earmarked for businesses from other cities across Rhode Island that can document revenue losses.

Rhode Island’s Governor Dan McKee acknowledged the difficult winter faced by businesses reliant on the bridge. The grants are part of an effort to support these local enterprises as they recover from the disruptions caused by the closure. Initially, Governor McKee proposed $1.3 million in federal American Rescue Plan funds for these grants; however, the state legislature opted to double this amount to $2.6 million to better serve the local economy.

The extended application deadline for the grants is now set for October 8. The bridge closure has significantly impacted businesses in areas like Wayland Square and Federal Hill, although traffic patterns have started to improve following the reopening of some lanes. Mayor Smiley stated that, while these grants may seem modest, they are crucial in providing the necessary support for local business recovery.

As of now, demolition work on the old bridge has begun, leading to various road closures for construction. However, no companies have yet placed bids for the project to rebuild the bridge. As the state navigates these infrastructural changes, Governor McKee plans to meet with a senior White House official later this week to discuss the potential for federal funding to support the grant efforts further.

The initiative not only aims to help businesses cope with the immediate impacts of the bridge closure but also seeks to address the ongoing challenges presented by the extended construction process. This significant funding move stands as a testament to Rhode Island’s commitment to bolstering small businesses in the face of adversity.

Deeper Dive: News & Info About This Topic

• Providence Journal: Washington Bridge Grant Program
• WPRI: RI Starts Cutting Checks for Small Businesses
• Brown Daily Herald: McKee Introduces Relief for Businesses
• Patch: Providence Group Gets $193K Grant
• Boston Globe: How to Apply for Grant Money