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Rhode Island small business grants, loans and training funds (2026)

Rhode Island Commerce runs the state's $61.7 million SSBCI share as a loan participation program and four venture funds, and its Innovation Voucher round is open until November 3, 2026. The state has no grant for simply opening a business, so this guide sorts every 2026 program by the kind of money it really is.

Written by Editorial team Checked against 8 agencies Last reviewed How we review

Figures apply to 2026

Contents12 sections

Key takeaways

  • Rhode Island's $61.7 million SSBCI allocation goes to loan participations and venture investments, not grants; you repay the loans and give up equity for the investments ⁠1.
  • The Innovation Voucher, worth up to $75,000 for R&D with a Rhode Island college, hospital or research institution, is open until 5 p.m. on November 3, 2026 ⁠3.
  • Employers with fewer than 25 employees get 75% of approved training costs back from the Incumbent Worker Training Grant, up to $25,000 a calendar year ⁠4.
  • STAC matches federal SBIR/STTR awards (up to $75,000 for Phase I, $150,000 for Phase II); the fall 2026 round closed September 23 and the next runs April 6 to 27, 2027 ⁠8⁠9.
  • The Small Business Energy Efficiency Grant Program is closed, and the Minority Business Accelerator direct grants are no longer taking applications ⁠14⁠7.

Quick facts

State startup grantNone. Grants exist only for R&D, training, exporting and SBIR/STTR matching ⁠5
SSBCI allocation$61.7 million: $30.2M loan participation, $31.5M venture capital ⁠1
Loan participation size$50,000 to $5 million; state share 30% (50% enhanced) ⁠1
Open grant nowInnovation Voucher, up to $75,000, closes Nov. 3, 2026 ⁠3
Employer training grant75% (under 25 staff) or 50%, max $25,000 a year, $5,000 per trainee ⁠4
Export grantRI STEP: 75% of costs, up to $10,000 per cycle ⁠6
Free advisingRISBDC at URI, no-cost counseling, 401-874-7232 ⁠11

Programs at a glance

Rhode Island small business grants programs
ProgramTypeHelp availableStatus
SSBCI Loan Participation ProgramRhode Island Commerce Corporation, through four lending partners Repayable loan (state participation) State buys 30% of a partner's loan (50% for qualifying SEDI-owned firms); participation of $50,000 to $5 million Open through partner lenders
SSBCI Venture Capital ProgramRhode Island Commerce Corporation, through Slater, Arctaris, Collide Capital and Rogue Venture Partners Equity investment Investments typically $20,000 to $1 million, capped at $500,000 or $5 million depending on the fund Open (fund managers invest on their own schedules)
Innovation VoucherRhode Island Commerce Corporation Grant (paid for R&D work) Up to $75,000 for R&D with a Rhode Island knowledge provider, or in-house for manufacturers Open October 6 to November 3, 2026 (5 p.m.)
Incumbent Worker Training GrantGovernor's Workforce Board, RI Department of Labor and Training Grant (training cost reimbursement) 75% of training costs for employers under 25 employees (50% for larger), up to $25,000 a calendar year Open (rolling; apply 3+ weeks before training)
Innovate Rhode Island Small Business Fund (SBIR/STTR matching and Phase 0)Rhode Island Science and Technology Advisory Council (STAC) Grant (match to a federal award) Phase I match up to $75,000; Phase II match up to $150,000; up to $3,000 for Phase I proposal costs Matching round closed September 23, 2026; next round April 6 to 27, 2027
Rhode Island STEPChafee Center for International Business at Bryant University, with Rhode Island Commerce and SBA Grant (cost reimbursement) Up to 75% of approved export costs, up to $10,000 per company per grant cycle Open (first come, first served while funds last)
Small Business Assistance Program (SBAP)Rhode Island Commerce Corporation, through partner lenders Repayable loan Micro-loans of $2,000 to $25,000 and direct loans of $25,000+ for firms banks turn down Open through partner lenders
Rhode Island Small Business Development Center (RISBDC)University of Rhode Island with the U.S. Small Business Administration Free service No-cost one-on-one confidential counseling and training Open

Rhode Island Commerce’s grants and incentives list for 2026 contains R&D vouchers, internship and training reimbursements, apprenticeship incentives and an innovation network grant for support organizations. None of them pays a person to open a business ⁠5. The main pool of public small-business money, Rhode Island’s $61.7 million share of the federal State Small Business Credit Initiative (SSBCI), is split between a loan participation program and a venture capital program ⁠1. If you need startup money, it will most likely come as a loan through one of Commerce’s lending partners. Grant dollars are reserved for specific activities: R&D, staff training, exporting and federal SBIR/STTR research.

What Rhode Island actually funds, by type of money

Before you call anyone, know which kind of help you are asking for:

  • Loans you repay. The SSBCI Loan Participation Program, the Small Business Assistance Program (SBAP) and the Small Business Loan Fund, all from Rhode Island Commerce, plus the city-backed Providence Business Loan Fund ⁠1⁠12⁠13⁠15.
  • Equity. The SSBCI Venture Capital Program, run through four private fund managers. You trade ownership for cash ⁠1.
  • Reimbursement grants for a set purpose. Innovation Vouchers (R&D), Incumbent Worker Training Grants, STAC’s SBIR/STTR grants and RI STEP export grants. You usually spend first and are paid back ⁠3⁠4⁠9⁠6.
  • Free help. The Rhode Island Small Business Development Center (RISBDC) at the University of Rhode Island ⁠11.

The $61.7 million SSBCI split: loan participations and four venture funds

Treasury’s program summary lists two Rhode Island programs, with the state Department of Administration as the implementing entity and Rhode Island Commerce Corporation (RICC) running them ⁠1.

Rhode Island SSBCI programs (Treasury summary, updated August 2024)
Program Allocation What the state does Size
Loan Participation Program $30.2M Buys 30% of a partner lender’s loan, or 50% for SEDI-owned firms with no current bank relationship or that need alternative underwriting $50,000 to $5 million participation; average expected $500,000 to $1.5 million
Venture Capital Program $31.5M Invests through Slater Technology Fund ($12M), Arctaris Impact Investors ($9M), Collide Capital ($4.5M) and Rogue Venture Partners ($6M) Slater and Arctaris average $200,000 to $1 million (max $5 million); Collide averages $20,000 to $200,000 and Rogue $100,000 to $200,000 (max $500,000 each)

Scroll the table sideways to see every column.

RI Commerce’s own SSBCI page lists smaller amounts: $26,880,000 for loan participation and $29,500,000 for venture capital, with Rogue at $4,500,000 ⁠2. Ask the partner what it has left before you apply.

Loan participation money can pay start-up costs, working capital, franchise fees, equipment, inventory, buying a business or converting it to employee ownership, and buying or fitting out the place you operate from. It cannot fund passive real estate investment ⁠1. You never apply to the state. Instead, call one of the four lending partners on RI Commerce’s page: Rhode Island Capital Corporation ($13,000,000), Nectar Community Investments ($6,000,000), Southeastern Economic Development Corporation ($4,500,000) or Business Development Company of Rhode Island ($3,380,000) ⁠2. Each one underwrites the loan, sets the rate and terms, and asks Commerce to take its share.

Innovation Vouchers: the one open state cash grant this fall

The Innovation Voucher comes closest to a general Rhode Island business grant, but it pays only for research and development. Commerce is taking applications from October 6 to November 3, 2026 at 5 p.m., for awards of up to $75,000 ⁠3. The money pays a “knowledge provider” to do R&D for you. That can be a Rhode Island college or university, a research organization, or a hospital or medical center. You must attach the provider’s letter of commitment when you apply ⁠3. Manufacturers with a manufacturing NAICS code can instead apply for a Manufacturing Voucher to fund in-house R&D projects ⁠3.

To qualify, your business must have 500 or fewer employees, have at least 51% of them in Rhode Island, and be registered to do business in the state. You apply online after downloading Commerce’s budget template ⁠3. A new company with no product to develop and no research partner will not fit this program.

STAC’s SBIR/STTR money: Phase 0 reimbursement and Phase I/II matches

The Rhode Island Science and Technology Advisory Council (STAC) runs the Innovate Rhode Island Small Business Fund. The state’s FY26 budget put $1,000,000 into it ⁠9. It helps research-based firms compete for federal SBIR/STTR awards in three ways:

Innovate Rhode Island Small Business Fund grants (FY26 guidelines)
Grant Amount When to apply
Phase 0 (proposal costs) 50% of eligible proposal costs, up to $3,000 After submitting a Phase I proposal; rolling until funds run out
Phase I match 50% of the federal Phase I award, up to $75,000 During a STAC round, while the Phase I is active
Phase II match 15% of the federal Phase II award, up to $150,000 During a STAC round

Sources: ⁠9⁠10

To qualify, you must be a for-profit business with 50 or fewer employees, with its principal place of business and at least 51% of its employees in Rhode Island ⁠9⁠10. STAC pays 75% of a match when it approves the award. The other 25% comes after you file the required reports, plus, for Phase I, a Phase II proposal ⁠9. You can receive one grant per calendar year and no more than six over the life of the business. If requests exceed the money available, STAC holds a lottery ⁠9. The fall 2026 round ran from September 1 to September 23, 2026. The next round opens April 6, 2027 and closes April 27, 2027 at 11:59 p.m. ⁠8. STAC also reimburses life sciences and engineering firms for student interns ⁠5.

Training grants from the Governor’s Workforce Board

The Incumbent Worker Training Grant, paid from the state’s Job Development Fund, reimburses training for workers you already employ. Employers with fewer than 25 employees get back 75% of eligible costs. Larger employers get 50%, and any employer gets 100% for English as a Second Language training ⁠4. Awards are capped at $25,000 per employer per calendar year and $5,000 per trainee per year. The grant pays tuition, trainers, materials, training-only software and curriculum development. It does not pay wages, travel, food or equipment ⁠4.

Your business must be a for-profit or private nonprofit that pays into the Job Development Fund through unemployment insurance taxes. It must be in good standing with the Department of Labor and Training and registered in Ocean State Procures, the state’s supplier system, before you apply ⁠4. Training paid to 1099 contractors, or to relatives when only relatives are trained, does not count ⁠4. Commerce’s list also includes the Non-Traditional Apprenticeship Incentive ($1,000 per non-trade apprentice) and Work Immersion, which reimburses 50% or 75% of wages paid to interns ⁠5.

Exporting with RI STEP through Bryant’s Chafee Center

Rhode Island’s federal State Trade Expansion Program grant goes to the Chafee Center for International Business at Bryant University, which runs it with Rhode Island Commerce ⁠6. The center reimburses up to 75% of approved export costs, with a cap of $10,000 and 10 activities per company per grant cycle. Funding is first come, first served ⁠6.

RI STEP reimbursement caps (current guidelines)
Activity Maximum reimbursement
Foreign or domestic trade show (booth, signage, sample shipping) $5,000 per show
International marketing media or translation $5,000 per project
International website, SEO, localization $5,000 per project
Export training $1,000 per event
U.S. Commercial Service fees (e.g., Gold Key) $1,000 per project

Source: ⁠6. Airfare, hotels and meals are never covered. You need at least one year in business, Rhode Island registration and operations, a SAM.gov registration and products with at least 51% U.S. content. You must have written approval before you spend anything, and you have 45 days after the project ends to file for reimbursement ⁠6.

Commerce’s own loan funds and the Providence Business Loan Fund

  • Small Business Assistance Program (SBAP). This program is for businesses that cannot get enough credit from traditional lenders, with a focus on women- and minority-owned firms and underserved communities ⁠12. Micro-loans of $2,000 to $25,000 come through Social Enterprise Greenhouse, Community Investment Corporation and the Rhode Island Black Business Association. Direct loans of $25,000 and up come through Business Development Company of Rhode Island, SEED and Community Investment Corporation. Rhode Island Capital Corporation administers a capital access program for loans of $1,000 to $750,000 ⁠12.
  • Small Business Loan Fund. Commerce lends $100,000 to $500,000 for working capital to existing manufacturing, processing and selected service businesses. Manufacturers buying land, buildings or equipment can borrow more. Rates are fixed, and Commerce expects at least one job for every $50,000 borrowed ⁠13.
  • Providence Business Loan Fund (city). Micro-enterprise loans of $5,000 to $50,000 at 2% to 5% for terms of 5 to 10 years. They are for Providence businesses with five or fewer employees that have operated for two years and are owned by a low- to moderate-income Providence resident. Secured loans of $50,000 to $500,000 at 3% to 5% require one new full-time job per $35,000 ⁠15.

Closed rounds you will still see advertised

  • Small Business Energy Efficiency Grant Program. Commerce’s page now says the program is closed. It reimbursed up to 80% of efficiency upgrades for businesses under $2 million in revenue (70% from $2 million to $5 million), up to $20,000 ⁠14.
  • Minority Business Accelerator Direct Grant. These grants of up to $20,000 for minority- and women-owned businesses no longer accept applications ⁠7. For credit, SBAP’s micro-loan partners are the current route ⁠12.
  • STAC SBIR/STTR matching, fall 2026. Closed September 23, 2026; reopens April 6, 2027 ⁠8.

Working through the RISBDC and RI Commerce, step by step

  1. Book a free RISBDC counselor

    The center at URI offers no-cost, confidential one-on-one counseling on financing, planning and licensing. Call 401-874-7232 or register online ⁠11. Bring a business plan or projections, recent financial statements or tax returns, and the amount you need.

  2. Ask an SSBCI or SBAP lender for credit

    Call one of the four loan participation partners listed by RI Commerce. If you are under about $25,000 or have been turned down by a bank, call an SBAP micro-loan partner instead ⁠2⁠12. The lender decides and asks Commerce to participate.

  3. File your Innovation Voucher by November 3, 2026

    Line up a Rhode Island knowledge provider now, get its signed commitment letter, and fill in Commerce’s budget template ⁠3.

  4. Register in Ocean State Procures, then apply for training money

    Apply online to the Governor’s Workforce Board at least three weeks before training starts. Applications are usually processed within seven days. Costs incurred before the contract start date are not paid ⁠4.

  5. Claim training reimbursement within 60 days

    Send the reimbursement form, invoices with proof of payment, and certificates or sign-in sheets to [email protected]. Payment follows within 30 days ⁠4.

  6. Enroll in RI STEP before your trade show

    Send the SBA Self-Representation Form and RI STEP Business Profile to the Chafee Center, then a Request for Approval for each activity ⁠6.

  7. Plan for STAC’s April 2027 round

    Have your federal notice of award, project abstract and W-9 ready for April 6 to 27, 2027 ⁠8⁠9.

  8. Appeal or reapply if denied

    A denied training application can be appealed in writing to the Governor’s Workforce Board executive director within 10 business days, and a decision follows within 10 business days ⁠4. A lender’s credit decision can be taken to another SSBCI or SBAP partner.

For other Rhode Island help, see the Rhode Island overview, or compare states on the small business grants hub.

Verified resources

Where to apply

Sources

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