Commerce RI is Launching a Big Program to Boost Small Biz, Guest MINDSETTER Early
Wednesday, November 16, 2016
Starting a business is no easy task, whichever route one takes. Too many aspiring entrepreneurs, especially those “mom-and-pops,” do not fulfill their dreams due to the intimidating process of going from concept to reality—but in Rhode Island, that will no longer be the case.
Over the past year and a half, a lot of attention has been given to the new set of programs that Governor Gina Raimondo created in partnership with the General Assembly in order to help local businesses thrive and attract new businesses to Rhode Island. And for good reason—they’re working. The Qualified Jobs Incentive tax credit, the Rebuild Rhode Island tax credit and the Wavemaker Fellowship all have gone a long way in securing the right kind of talent, companies and activity we’re looking for in the Ocean State. Now, we’re excited to add another tool to our business development toolbox that seeks to assist a key piece of our state’s economy—the small business.
The Rhode Island Commerce Corporation has begun rolling out the Small Business Assistance Program, an initiative focused on helping smaller Rhode Island companies not only survive but thrive, by providing the type of assistance required to move their businesses along.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTWe’re eager to put forward this offering, not only because smaller companies form the backbone of Rhode Island’s growing economy, but also because as the smallest state in the nation, we take pride in the spirit of the underdog, and obviously because getting a small business up and running is rarely a quick and easy task. We want to make Rhode Island a place where it is.
After dreaming up an idea or deciding to grow, identifying an appropriate funding source is a necessary next step for any business owner. It’s our job to make it easier to do business in Rhode Island, and part of that is providing a strong financing environment in order to propel small business owners to success.
The Small Business Assistance Program was designed to connect these businesses with greater access to capital, through partnerships with lending organizations that will make loans available to those who are having trouble finding credit elsewhere. These partners come from across the region and will play a large role in making our state a haven for up-and-coming businesses, helping them to set up shop and grow across the state, providing job opportunities to hundreds, if not thousands, of Rhode Islanders. Some of these companies are run by women entrepreneurs, and some have chosen to plant roots in some of Rhode Island’s most impoverished areas. Whatever the circumstances, we and our partners are here to lend a hand.
In Rhode Island, we know what being small feels like. But we also know that size does not dictate success. Through the tools provided in the Small Business Assistance Program and the other incentives that are well suited to small business—like our Innovation Voucher Program—Rhode Island is now a state where companies big and small can find opportunity.
Darin Early is President of the Rhode Island Commerce Corporation
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