(The Center Square) – New funding is being directed at minority businesses in Rhode Island.
The Rhode Island Commerce Corporation said Tuesday it will provide $3 million in funding for the Rhode Island Minority Business Accelerator Program’s Intermediary-Based Initiative. The funding will be awarded through a request for proposals that are designed to support minority business enterprises.
“Rhode Island continues to prioritize racial and ethnic diversity in business by launching this great initiative,” Democratic Gov. Dan McKee said in a statement. “It provides much-needed cash flow that will allow women- and minority-owned businesses to grow, contributing even more to Rhode Island’s already strong economy.”
The funding, which was strategically placed in the fiscal year 2023 budget, is aimed at the program, which is a collection of initiatives directed are growing minority business enterprises in the state, according to a release.
“Providing equitable access to capital and support services for all businesses, especially Rhode Island’s minority business enterprises, is critical,” Commerce Secretary Liz Tanner said in a statement. “I am confident this program will open doors for many businesses in the state from historically marginalized communities, enabling them to thrive and grow in the state’s economy.”
According to a release, the proposals are designed to fund eligible proposals which directly support the goals outlined in the program. Nonprofit groups, for-profit organizations, trade associations, chambers of commerce, higher education institutions, and coworking space operators are eligible to submit proposals.
The funding, according to a release, can be used for technical assistance, including accounting and bookkeeping, legal advice and services, marketing, communications, branding, and public relations, and customer data, and user experience analytics.
Funds, according to a release, can also be used for strategic and business planning, human resources, payroll services, business funding pitches, and grant writing.
Proposals are to be submitted by 2 p.m. April 28 to the Rhode Island Commerce Corporation. Phone calls and late submitted, according to a release, will not be accepted.