Top Small Business Grants for 2025 in Rhode Island

Rhode Island may be the smallest state, but its business community is large and diverse. With over 100,000 businesses, small enterprises make up 98.9% of all businesses and employ more than half of the state’s workforce. Most are microbusinesses with ten or fewer employees, playing a crucial role in driving innovation, creating jobs, and strengthening local communities.

Despite their importance, many Rhode Island small businesses face challenges such as rising costs, economic uncertainty, and limited access to capital. These obstacles can make it difficult for entrepreneurs to establish themselves or scale their operations, leaving even thriving businesses vulnerable to disruption.

That’s where securing small business grants comes in. Unlike loans, grants do not require repayment, making them a powerful tool for funding growth and stability. For many Rhode Island business owners, a grant can provide the resources needed to survive tough times or take their company to the next level.

What are small business grants?

For small businesses, there are several different sources of funding to pursue:

• Grants are among the best options because they do not require repayment — but in order to qualify for them, entrepreneurs and business owners will need to demonstrate how they qualify according to the grant’s rules.
• Loans are also available to small businesses. While they generally come with fewer requirements to qualify than grants, they do need to be repaid with interest.
• Venture capital is another option. Securing venture capital requires drafting an attractive business proposal or demonstrating how potential investors will profit. Business owners trade shares of equity in the business for funding that can be used as working capital.

Grants are the most attractive option because they don’t require repayment or giving up shares of ownership, and they can come from a variety of sources. At the federal level, agencies often provide grants to support innovation, research, or businesses that align with broader policy goals like workforce development.

State governments, including Rhode Island’s government, offer their own grant programs in order to accomplish a variety of goals. These can range from stimulating local economies, encouraging job creation, or supporting specific industries that are vital to a particular region.

Corporations and private foundations sometimes also provide grant funding as part of social responsibility initiatives. In addition, nonprofits may administer grants designed to strengthen local communities or provide assistance to underprivileged groups.

The benefits of small business grants are huge:

• Early-stage businesses can use grant funding to cover startup costs or test new ideas.
• Established businesses can use grants as capital to expand operations, develop and launch new products, or reach into new markets.

All of this comes with reduced financial risk to small businesses since grant money does not need to be repaid.

Rhode Island state-specific grants

For small businesses in Rhode Island, there are quite a few state-level grants available. These can be used for research and development, hiring interns, or providing the capital you need to expand. Read below to see some of the top state-level grants available in Rhode Island.

Rhode Island Commerce Innovation Vouchers

Rhode Island Commerce’s Innovation Vouchers are available to small businesses seeking to advance innovation and growth. The Knowledge Provider Voucher offers funds that small businesses can use to leverage the expertise of research institutions, and the Manufacturing Voucher supports research and development projects.

Application process

• Applicants must be a small business of 500 or fewer employees
• 51% of employees must be in Rhode Island
• The business must be registered to do business in Rhode Island
• Businesses seeking a Knowledge Provider Voucher must partner with a research institute, university, college, research laboratory, or hospital
• Businesses seeking a Manufacturing Voucher must have an NAICS manufacturing code.

Rhode Island Commerce Invention Incentive Program

Part of Rhode Island Commerce’s Innovation Initiatives Portfolio, the Invention Incentives Program offers up to $5,000 for expenses associated with filing patents.

Application process

• Must be a small business of 500 or fewer employees
• Must be incorporated in Rhode Island
• 51% of employees must be in Rhode Island
• The inventor or co-inventors must reside in Rhode Island

Innovate Rhode Island Small Business Fund

The Innovate Rhode Island Small Business Fund is a grant that helps small businesses in several ways. You can use funds toward the cost of applying for small busines innovation resarch and small business technology transfer (SBIR/STTR) awards, use them to match SBIR/STTR Phases I and II awards, or use the grant to hire interns. Small businesses can receive up to $3,000 of funding towards applications, up to $6,500 to offset the costs of hiring interns, or up to $150,000 in matching funds for recipients of awards.

Application process

• Grants are available to for-profit RI-based businesses that have 50 or fewer employees
• 51% of employees must reside in Rhode Island
• Check for phase-specific requirements (for example, you must have received Phase I or II awards to apply for matching funds)

Industry-specific and niche grants

There are also grants available for small businesses that work in specific industries. 

RILSH Business Attraction Grant

From the Rhode Island Life Science Hub (RILSH), the Business Attraction Grant is available to businesses in the life sciences industry who have already qualified to receive financing from the RILSH. 

• You’ll need to have been previously approved for RILSH financing
• The business must be related to the life sciences sector
• You’ll need to list the types of products your company is developing
• You must provide your NAICS code

Design RI Catalyst

The Design RI Catalyst program is unique in that it offers both education and opportunities for grant funding to design professionals in Rhode Island. The program takes place over the course of eight months, offering evening classes that provide business education, professional development workshops, peer learning, financial coaching, and mentorships from design industry experts.

• The program is open to all RI-based design professionals
• Participants from low to moderate-income backgrounds may apply for grants to support a growing business in the design industry

Local Agriculture and Seafood Act (LASA) Grants Program

The LASA Grant Program aims to support diverse businesses in both agriculture and aquaculture in Rhode Island. This grant program is open to small and beginning farmers or producers in Rhode Island. 

Projects are also eligible for grant funds. In order for a project to be eligible, it must do one of the following:

• Assist with marketing locally produced agricultural and seafood products
• Enhance the economic competitiveness of seafood and agricultural products produced in Rhode Island
• Provide financial and technical assistance to organizations or producers who enhance local agricultural systems
• Perform activities that promote the success of Rhode Island’s agriculture and seafood sectors

Federal grants available to Rhode Island businesses 

Federal grants are typically offered by various agencies within the federal government, and as such, they’re available to all small businesses throughout the United States, including those in Rhode Island. While these grants are typically highly competitive, they also tend to offer greater support than smaller, state-level programs.

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)

The SBIR and STTR programs are some of the largest federal grant opportunities available for small businesses engaged in research and development. These are highly competitive programs that fund innovation with strong commercial potential.

Application process

• Must be a US-based for-profit small business with 500 or fewer employees
• Apply through participating federal agencies such as the NIH, NSF, USDA, DoD, or DOE

State Trade Expansion Program (STEP)

Funded by the Small Business Administration and administered through states, STEP grants are designed to help small businesses grow through exports. Rhode Island businesses may be eligible for up to $15,000, which can be used to reimburse trade show costs, foreign market sales trips, translation services, or export training.

Application process

• Must be an export-ready small business in Rhode Island
• Programs are administered by state agencies, check with Rhode Island Commerce for details

Minority Business Development Agency (MBDA) Grants

As part of the US Department of Commerce, the MBDA funds competitive grants that support minority-owned businesses. Businesses can use these grants to expand, innovate, or engage in community business development.

Application process

• Businesses must be minority-owned
• May need to complete a pre-application webinar
• Expect to submit a detailed proposal when applying for funding

Corporate and private foundation grants

In addition to state and federal grant programs, there are also a variety of corporations and private foundations that offer grants. These opportunities can provide funding for expansion, research and development, and more.

The FedEx Small Business Grant Contest

FedEs has been running their Small Business Grant Contest since 2012. It’s a program that awards a $50,000 grand prize plus nine runner-up awards of $20,000 each. Winners also get exclusive perks like FedEx Office credits, customer support, loyalty rewards, and more.

Application process

• Must be a for-profit small business in the US
• Must have a valid FedEx shipping account that is a minimum of six months old
• Must have fewer than 99 employees
• Applications require your business story, photos, and supporting materials

The Amber Grant by WomensNet

The Amber Grant awards three $10,000 grants to women entrepreneurs and woman-owned businesses every month — and each year, one of those grant recipients has a chance to win an additional $25,000 grant. While the application process is simple, this is a highly competitive grant program that sees thousands of applicants every month.

Application process

• Open to women-owned businesses across the United States
• Must submit a brief narrative as part of the application

Champlin Foundation Grants

The Champlin Foundation is one of the oldest philanthropic organizations in Rhode Island, and it has distributed more than $600 million in funding since its founding in 1932. Grants are available to nonprofit organizations of all types to facilitate renovations, property acquisitions, equipment purchases, and more.

Application process

• Applicants must be located within Rhode Island
• Applicants must also be nonprofit organizations who have a need for capital to better pursue their mission

Rhode Island small business grant application tips

Applying for grant funding can be challenging. Use the following tips to maximize your chances of success:

• Read eligibility requirements carefully to make sure your business meets all criteria before spending time or money on the application.
• Tailor each application so that it aligns with each individual grant’s mission.
• Tell a compelling story in clear, concise language.
• Be specific with financial growth records, impact data, and other numbers.
• Follow instructions precisely by paying careful attention to word counts, file formats, and other submission guidelines.
• Get feedback from a mentor, colleague, or Small Business Development Center Advisor before submitting your application.

Conclusion

Whether you’re looking at how to start a business or a seasoned pro, grant funding can give your small business the boost it needs to become more competitive in your market. Federal grants can offer larger awards, but they’re generally highly competitive. Don’t overlook grants that are offered at the state level or by smaller private foundations. While they may not offer as much funding, they’re often easier to secure.

Lastly, consider hiring a professional grant writer to help you prepare applications. The application process can be time consuming and costly, and a professional can help maximize your chances of success.