The Rhode Island Commerce Corporation’s Manufacturing Equipment Grant Program is a competitive program that provides reimbursement grants to help eligible Rhode Island manufacturers defray the cost of purchasing new or used manufacturing equipment/machinery to modernize, improve or expand manufacturing processes.
Donor Name: Rhode Island Commerce
State: Rhode Island
County: All Counties
Type of Grant: Grant | Reimbursement
Deadline: 03/24/2025
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
Funding Information
The minimum amount of funding that can be requested is $2,500. The maximum amount of funding that can be requested is 50% of a cash purchase or 50% of the downpayment of a financed purchase, up to $25,000. As such, if you are requesting more than 50% in either scenario, if your application is approved, you will be awarded less than the amount you requested.
Grant awards can be used to:
- Reimburse the manufacturer up to 50% of the downpayment for a financed purchase of manufacturing equipment/machinery; OR
- Reimburse the manufacturer up to 50% of a cash purchase of manufacturing equipment/machinery.
Eligibility Criteria
- Eligible applicants are manufacturing businesses:
- Established as for-profit entities primarily engaged in manufacturing;
- That had gross receipts of less than $5 million in 2023;
- Having a physical location (or headquarters) in Rhode Island that began manufacturing operations on or before January 1, 2021;
- Having 50 or fewer employees (including independent contractors that work an average of 37.5 hours per week);
- In compliance with all local, state, and federal laws and regulations;
- NOT in, or planning to enter, federal bankruptcy or state receivership;
- NOT owned by a nationally or regionally owned franchise; and
- Organized as one of the following: Limited Partnership (LP), Limited Liability Partnership (LLP), C-Corporation, S-Corporation, B-Corporation, Cooperative, or Limited Liability Company (LLC).
- The Manufacturing Equipment Grant Program is a reimbursement program. This means that grant awards will only be paid to applicants who have:
- Submitted a complete grant application
- Been selected as a grant awardee by the Rhode Island Commerce Corporation
- Been notified of grant approval by the Rhode Island Commerce Corporation
- Purchased the equipment/machinery specified in the application
- Provided the Rhode Island Commerce Corporation with proof of purchase and/or an executed financing agreement for the purchase
- Completed a grant agreement, ACH form and W9.
For more information, visit Rhode Island Commerce.
