Official State of Rhode Island website
Published on Tuesday, November 01, 2022
Fiscal Year 2023 allocation for Rhode Island Commerce’s Small Business Assistance Program totals $650,000 to increase access to capital
PROVIDENCE, RI – The Rhode Island Commerce Corporation Board, chaired by Governor Dan McKee, announced it has unanimously approved a $650,000 allocation to partner lenders through the Small Business Assistance Program (SBAP).
Launched in FY2016, the SBAP provides loans and micro-loans to businesses with fewer than 200 employees that are having difficulty obtaining financing from traditional lending organizations. The program focuses on women- and minority-owned enterprises, as well as those in Rhode Island’s underserved communities.
“Rhode Island’s small businesses have long served as the backbone of our statewide economy, and supporting this community is one of my Administration’s top priorities,” said Governor Dan McKee. “This program provides critical financing to small businesses that would not otherwise be able to access capital, helping to address one of the greatest needs that we hear from the small business owners of this state.”
Since its launch, the SBAP has leveraged a total loan value of $27.5 million against the State’s allocated $6.6 million to provide loans to 209 small businesses through September 2022. More than half of the loans made through the program have gone to minority- or women-owned business enterprises. The program has helped to create 387 new jobs and has so far seen $2.1 million in loan repayments.
“The Small Business Assistance Program is one of Rhode Island Commerce’s many innovative financing mechanisms to deliver much-needed support to business owners across the state,” said Rhode Island Secretary of Commerce Liz Tanner. “I thank the Governor and our Board members for recognizing the value this program brings to our economy and look forward to working with our state’s businesses to ensure they are able to access the resources and capital needed to grow and create jobs in Rhode Island.”
The Fiscal Year 2023 funding to lending partners is as follows:
LENDERS
AMOUNT
Business Development Co of RI (BDCRI)
$150,000
Southeastern Economic Development Corp (SEED)
$180,000
Community Investment Corporation (CIC)
$140,000
MICROLENDERS
AMOUNT
Social Enterprise Greenhouse (SEG)
$85,000
Community Investment Corporation (CIC)
$45,000
Rhode Island Black Business Association (RIBBA)
$50,000
TOTAL
$650,000
More information about the Small Business Assistance Program, including contact information for small businesses to apply, can be found at: https://commerceri.com/financing/.
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