Latest news with #RhodeIslandCommerce
Boston Globe
25-02-2025
- Business
- Boston Globe
R.I. to create government-run venture capital fund for startups
In order to qualify for an investment, companies will have not received any — or very minimal — equity capital, including pre-seed and seed funds, and have a substantial presence in the state, according to Neil Martin, the managing director of financial programs for Rhode Island Commerce, who previously worked as the chief financial officer for the Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up The maximum investment will be $250,000. Rogue Ventures must match that amount with at least equal private investment, according to Martin. Advertisement In Rhode Island, venture capital funding is not as prominent as other states. The Providence area, for instance, brought in $169 million in venture capital in 2023, according to PitchBook, a platform that provides private market data. By comparison, The Related : Advertisement The Rhode Island Venture Capital Fund will not focus on specific industries, Commerce spokesman Matthew Touchette told the Globe. It is also expected that most, if not all, of the initial $2 million in funds will be invested by June 30, 2026, he said. It's not yet clear when businesses can apply for investment. Most of venture capital investments are done in the private market. Outside of Rhode Island, government-backed venture capital funds aren't anything new. In the Bay State, MassVentures Related : In recent years, venture capital in the private market has also faced While Commerce's board of directors voted unanimously to establish the fund, board member Donna M. Sams told Rogue Ventures co-founder and managing director Thomas Sperry that she wants regular updates on the status of the fund. Oftentimes 'you look at the data that's out there, and these small businesses mostly stay the same size for a very long time, they aren't getting any bigger, and yet we keep investing money,' said Advertisement 'That needs to change,' added Sams. 'They should be getting bigger. That's what economic development means.' Alexa Gagosz can be reached at
Yahoo
07-02-2025
- Business
- Yahoo
R.I. Commerce offers up to $12,500 grants for manufacturing equipment
Rhode Island Commerce is accepting applications through March 24 from local manufacturing companies eligible to receive grants equal to half the $25,000 cost of capital equipment. Rhode Island manufacturers can get reimbursement for up to half the cost of new capital equipment or machinery under a new state program unveiled Thursday. The Manufacturing Equipment Grant Program administered by Rhode Island Commerce Corporation, offers grants reimbursing local manufacturing companies for up to 50% of the costs of new equipment, capped at $12,500 per applicant based on a $25,000 maximum equipment or machinery price. Applications are available online now, with grants awarded based on scores set by a review committee of Commerce employees and industry partners, Matt Touchette, a Commerce spokesperson, said in an email Friday. The program is funded through a $500,000 allocation of general revenue included in the state's fiscal 2025 budget, Touchette said. Recipients must be Rhode Island-based manufacturing companies established on or before Jan. 1, 2021, with 50 or fewer employees and gross receipts less than $5 million in 2023. The program aims to help the state's manufacturing sector remain competitive, recognizing feedback and concerns of local business owners, Rhode Island Commerce Secretary Liz Tanner said in a statement. 'By easing the financial burden of modernization, we are empowering businesses to be competitive, efficient, and innovative — all things that help drive economic growth,' Tanner said. The state's manufacturing sector was responsible for 40,900 jobs in December, a 600-job increase from the prior year, according to the latest monthly jobs report from the Rhode Island Department of Labor and Training. Applications close on Monday, March 24. Correction: The headline on this story has been updated to reflect that grants of up to $12,500 may be awarded through the program. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
