Federal grant will support the state-administered RI Rebounds Technical Assistance Program
PROVIDENCE, RI – U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo announced $1,600,000 in competitive grant funding for the Rhode Island Commerce Corporation to better support small businesses in the construction, transportation, and renewable energy industries through the RI Rebounds Technical Assistance Program. Administered through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) that was reauthorized and expanded by the American Rescue Plan Act, this award will assist underserved and very small businesses in Rhode Island.
Rhode Island’s application for this $1.6 million SSBCI grant was chosen from a share of $75 million in federal funding nationwide to provide critical technical assistance to small businesses and entrepreneurs – helping these small companies access financing opportunities.
This latest grant comes on top of the $61.7 million in federal SSBCI funding Reed and Whitehouse secured last year to promote small business growth and entrepreneurship across the Ocean State.
“I helped pass the American Rescue Plan Act to deliver pandemic relief to help small businesses stay afloat, recover and grow, and position themselves for long-term success. This latest round of federal funding will help connect more small businesses with access to capital and other tools to compete, grow, and strengthen Main Street businesses in communities across the state,” said Senator Jack Reed.
“Our delegation is dedicated to helping Rhode Island’s entrepreneurs create well-paying jobs,” said Senator Sheldon Whitehouse. “This federal investment – made possible by the American Rescue Plan – will provide technical support to small businesses with the goal of growing the local economy.”
“Behind every small business is an entrepreneur who had the courage to turn their dreams into reality, and we need to keep that spirit alive in Rhode Island,” said Representative Seth Magaziner. “This federal funding will help small businesses receive the technical assistance they need to create good jobs and opportunities for working Rhode Islanders.”
“After working to help implement President Joe Biden’s American Rescue Plan and its critical provisions that support small businesses, I’m glad to build upon this effort as a member of the Rhode Island’s congressional delegation,” said Congressman Gabe Amo. “Growing a business is never easy, but with this federal funding for Rhode Island Commerce, we’re helping to bring down barriers so that every entrepreneur with a vision and a dream can compete on a level playing field.”
“This funding will provide critical technical assistance services to ensure even our state’s smallest entrepreneurs have the resources they need to grow and thrive” said Rhode Island Secretary of Commerce Liz Tanner. “I thank our state’s Congressional delegation and the Biden Administration for their continued support of our small businesses.”
BACKGROUND
Signed into law in 2021, the American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and help them the access the capital they need to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities.
Earlier this year, the Department of Treasury announced that Rhode Island was approved to use $773,624 in SSBCI allocation formula-based technical assistance grant funding to support RI Commerce in providing legal, accounting, and financial advisory services to underserved and very small businesses preparing to apply for support from state and/or federal small business programs, including connecting companies directly with the state’s SSBCI-supported capital programs.
A fact sheet summarizing the funding that Rhode Island and 13 other states received can be found HERE.
