Minority businesses (Black, Latino, Asian, etc.) and female or veteran owned businesses can get help from both grant programs and/or interest free (or low cost) loans. The state of Rhode island and federal government provide assistance. There are also non-profits, corporations, banks, and other lenders near you that may offer women or minority owned small businesses loans and free grants. Find details below.
The list of financial assistance programs is updated daily. In addition to getting capital for their existing or new business from a cash grant or low interest rate loan, most of the programs also give other support. There is free counseling or mentoring. Women, veterans and other also have centers that are open that give out tips on getting financing, website or online sale workshops, sales help, and much more.
There are loans offered statewide, including in Providence Rhode Island. Women and minority grants can also be used (and found) below anywhere in the state.
Find free small business grants in Rhode Island as well as loans
Minority run businesses, as well as veteran or female owned (or founded) companies can apply for help. There is assistance (financial and counseling) for sole-proprietors, entrepreneurs, or startup companies as well.
Ongoing Year Round Resources in Rhode Island
The city of Providence Minority and Women-owned Business Enterprise has a goal of supporting and growing both women as well as minority owned businesses in the city and county. It is a government run agency. They help in two ways. First of all, they help MWBE owned businesses get contracts for new business/revenue as the government bids them out. In addition, the center also can refer women, Black, Latino, LGBTQ and other businesses to local resources such as financial help, mentoring, counseling and more. Call (401) 680-5766.
Rhode Island Commerce has expanded the small business grant program. There is no financial help for sole proprietors, gig workers who owned their own business, as well as companies with 50 workers or fewer. Anywhere from $1500 to $15,000 will be provided as a free grant to qualified businesses, including LGBTQ, Black, Latino, and other disadvantaged companies. There is also help for other businesses. find help here. https://commerceri.com/
Restore Rhode Island Grant Program is providing millions of dollars to thousands of small businesses. It is a free grant program. Priority, and funds will be allocated, to both female as well as minority owned and run companies. The program is run in partnership with SCORE. It helps one employee businesses up to companies with 20 workers. Apply here. https://commerceri.com/about-us/restore-ri/
By Jon McNamara