The Washington Bridge Small Business Grant Program provides financial support to Rhode Island small businesses impacted by the closure and reconstruction of the northern span of the Washington Bridge.
Donor Name: Rhode Island Commerce
State: Rhode Island
County: All Counties
Type of Grant: Grant
Deadline: 09/24/2024
Size of the Grant: $1000 to $10,000
Grant Duration: Grant Duration Not Mentioned
Details:
Grants for businesses located in Providence and East Providence will be administered and distributed by the respective cities. Grants for businesses located anywhere else in the state will be administered and distributed by Rhode Island Commerce.
Funding Information
Businesses must have experienced at least a $500 revenue loss representing a minimum 10% of revenues. Use the calculators on the next page to confirm financial eligibility. Grants awards will be made as follows:
- $500: must have experienced a $500 or greater revenue loss
- $1,000: must have experienced a $1,000 or greater revenue loss
- $2,500: must have experienced a $2,500 or greater revenue loss
Eligibility Requirements
In order to be eligible for this grant program, businesses must meet the following criteria:
- Experienced negative economic impact (minimum $500 and 10% revenue loss) as a result of Washington Bridge Reconstruction
- For businesses established prior to December 1, 2022: to calculate revenue loss, sum your business’s total gross receipts or sales for the months of December 2022 and January and February 2023 (A) and your business’s total gross receipts or sale for the months of December 2023 and January and February 2024 (B). Subtract (A-B) and divide by A to calculate your revenue loss due to the bridge closure and reconstruction and multiply by 100 to get the revenue loss percentage. Your revenue loss percentage must be 10% or higher to be eligible for the program.
- For new businesses opened between December 1, 2022 and June 1, 2023: to determine eligibility, calculate your total operating expenses (A) and your total gross receipts or sales (B) for the months of December 2023 and January and February 2024. Subtract (A-B) and divide by A to calculate your revenue loss due to the bridge closure and reconstruction and multiply by 100 to get the revenue loss percentage. Your revenue loss percentage must be 10% or higher to be eligible for the program.
- Physically located in Rhode Island
- For-profit businesses and non-profit entities
- Rhode Island gross receipts of $2 million or less
- Not owned by a nationally or regionally owned franchise
- Not permanently closed
- Not in or considering federal bankruptcy or state receivership
- Be an established business in the state of Rhode Island prior to June 1, 2023
- Not on federal do not pay list
For more information, visit Rhode Island Commerce.
