FundBugFunding intelligence for small businesses
Get started
Small business funding in Rhode Island
Rhode Island's business funding is concentrated in two places most owners never look. The Governor's Workforce Board pays for training: Incumbent Worker Training reimburses 50 to 100 percent of the cost of training people you already employ, up to $25,000 a year, and Work Immersion covers half to three quarters of an intern's wages. Rhode Island Energy pays for equipment: lighting, HVAC, foodservice, water heaters and lab refrigeration all carry instant discounts applied at the distributor with no rebate form, and the Small Business Direct Install program covers up to 70 percent of an efficiency retrofit after a free site visit. Rhode Island Commerce runs the rest, including the Qualified Jobs Incentive Tax Credit at $7,500 or more per job for up to ten years, the Innovate RI Fund for companies chasing federal SBIR awards, and a grant that reimburses up to $20,000 of efficiency work identified by an energy audit.
The pattern worth knowing: Rhode Island has comparatively few open-ended cash grants and a lot of money attached to specific actions, so the question is rarely whether you qualify for something and usually which action you were going to take anyway. If you are hiring, training, buying equipment or upgrading a space, there is probably money attached to it. The programs below are a sample. The count underneath is everything else on file for a Rhode Island business.
Programs for Rhode Island businesses
Incumbent Worker Training Grants
Rhode Island reimburses 50 to 100 percent of the cost of training people you already employ, up to $25,000 a year per employer. Rolling applications through the Governor's Workforce Board, and the reimbursement rate rises for smaller employers.
Rhode Island Small Business Energy Efficiency Grant Program
Rhode Island Commerce reimburses up to $20,000 of energy efficiency work, provided the measures come out of an energy audit first. The audit is the gate, so book that before planning the spend.
Work Immersion
Rhode Island covers 50 or 75 percent of the wages you pay an intern or a returning worker, up to $24,000 a year. Open to students, unemployed and underemployed adults, and new or returning workers.
Qualified Jobs Incentive Tax Credit
A Rhode Island tax credit of $7,500 or more per new job, claimable annually for up to ten years, scaled by how many jobs you create. Rolling, through Rhode Island Commerce.
Santander X Cultivate Small Business Program and Grants
A free 12-week business program for early-stage food businesses, taught virtually by Babson College faculty, with grants of $2,500 guaranteed on completion and up to $20,000 for selected participants. Aimed at founders in low-to-moderate income neighborhoods. Applications open in the fall.
more active programs for Rhode Island businesses, including 36 grants, 7 tax credits, 3 loans and financing, 8 rebates and 17 free resources and technical assistance. Tell FundBug what you do, where you are and who owns the business, and twice a month you get a digest of the ones you actually qualify for, with deadlines before they pass.
See what your business qualifies for →Common questions
Does Rhode Island have grants for small businesses?
Yes, though most are attached to a specific action rather than open-ended. Workforce training reimbursement through the Governor's Workforce Board and energy efficiency grants through Rhode Island Commerce are the most broadly available. Sector-specific funding exists for construction, healthcare, technology and exporters.
What is the easiest Rhode Island program to qualify for?
For an employer with staff, Incumbent Worker Training Grants reimburse 50 to 100 percent of eligible training costs up to $25,000 a year, and applications are rolling. For any business with a commercial electric account, the Rhode Island Energy instant rebates need no application at all; the discount is applied by the distributor.
Are Aquidneck Island and Newport County businesses covered?
Yes. Every statewide program applies across Rhode Island, and FundBug tracks county and municipal programs separately when they exist.
Do I have to be a Rhode Island Energy customer?
For the instant equipment rebates and the Direct Install program, yes, on a commercial or industrial rate. The Commerce and Workforce Board programs have no utility requirement.
Stop finding out too late. Programs in Rhode Island open and close on their own schedules, and nobody sends a reminder. FundBug does.
Start free →