Rhode Island State Funding Programs
Rhode Island’s state programs for businesses are coordinated through the Rhode Island Commerce Corporation, a quasi-public agency offering resources, programs, incentives, and other support.
Financing options include:
- Mortgage insurance: Insures up to $5 million to assist with the down payment on purchases of equipment, machinery, real estate, or tourist/travel recreation projects
- Renewable Energy Fund: Provides grants for qualifying renewable energy developments
- Small Business Assistance Program: Assists those who have trouble obtaining credit through traditional lenders, with a focus on women- and minority-owned businesses; loans of $1,000 to $750,000 available
- Small Business Loan Fund: Offers up to $500,000 per loan to existing manufacturers, processors, and certain service businesses to use as working capital. The program anticipates that recipients will create at least one job for every $50,000 they borrow, and higher loan amounts are available to finance the acquisition of buildings, equipment, or land.
- Tax exempt and taxable bonds: Finance up to 100 percent of a manufacturing project with a limit of $10 million per project. Taxable bonds are also available to finance fixed commercial assets such as buildings and equipment.
- Qualified Jobs Incentive Tax Credit: Offers up to $7,500 per job per year, up to 10 years, to employers who expand their workforce in Rhode Island or relocate to the state.
- Rebuild Rhode Island Tax Credit: Covers 20-30 percent of qualifying real estate project costs when a developer is unable to raise sufficient funding.
- Tax Increment Financing: Provides a rebate of a portion of the state tax revenue to be generated by a qualifying project, up to 30 percent of total project costs or 75 percent of incremental revenue generated.
- Energy incentives: Help businesses cover the costs of developing renewable energy systems
- Export Promotional Grants: Assist businesses in covering the costs involved in exporting their goods or services
- Industry Cluster Grants: Fund the planning and organization of an industry-specific cluster, or support the implementation of research and development, workforce development, or other initiatives to strengthen a cluster
- Innovation Network Matching Grants: Offered to organizations that expand efforts to offer technical assistance, space on flexible terms, and/or capital access to Rhode Island small businesses in key industries
- Innovation Voucher Program: Offers grants of $50,000 to qualifying manufacturers to fund internal research and development projects.
- Science and Technology Grants: Support small businesses undertaking science and technology initiatives