The Rhode Island Recoverable Grant Agreement is a contractual arrangement offered by the state of Rhode Island that provides financial assistance to eligible entities. This agreement serves as a tool to support economic development initiatives, job creation, and growth within the state. The recoverable grant agreement acts as a funding mechanism where the recipient is required to repay a portion or the full grant amount based on predetermined terms and conditions. This structure aims to encourage responsible use of funds and ensure that the state's investment is returned, allowing it to support future initiatives. There are several types of Rhode Island Recoverable Grant Agreements available, each catering to specific sectors and economic priorities: 1. Business Development Grant Agreement: This agreement targets businesses looking to establish or expand operations within Rhode Island. It offers financial assistance in the form of grants, providing capital for investment in equipment, technology, workforce training, or other eligible expenses. 2. Innovation Recovery Grant Agreement: This type of agreement focuses on supporting innovation-driven enterprises that contribute to the state's knowledge-based economy. These grants aim to accelerate the commercialization of products, stimulate research and development activities, and foster collaboration between academia and businesses. 3. Workforce Recovery Grant Agreement: Designed to help employers invest in their workforce during times of economic uncertainty or transition, this agreement provides funding to support training programs, upskilling, and workforce development initiatives. It aims to retain and create high-quality jobs, enhancing the state's overall economic resilience. 4. Community Development Grant Agreement: This agreement concentrates on providing financial assistance to municipalities, non-profit organizations, and community development corporations. It supports community revitalization efforts, affordable housing projects, infrastructure development, and other initiatives that promote sustainable and inclusive growth. 5. Tourism Recovery Grant Agreement: Specifically targeted towards tourism-related businesses and organizations, this type of agreement assists with marketing, capacity-building, and improving visitor experiences. The grants aim to revitalize the tourism sector, attract tourists to Rhode Island, and generate economic benefits for local communities. In summary, the Rhode Island Recoverable Grant Agreement is a flexible financial tool offered by the state to foster economic development. Its various types address the diverse needs of businesses, communities, and specific sectors, all working towards the collective goal of driving growth and prosperity in Rhode Island.
Rhode Island Recoverable Grant Agreement
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How to fill out Rhode Island Recoverable Grant Agreement?
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Contact the RentReliefRI Call Center at 855-608-8756 for assistance. Please be prepared to upload copies of your documents into the online application portal.
RentReliefRI is a new, statewide rental and utility assistance program available for eligible households.
United Way 2-1-1 in Rhode Island is a 24/7 social and human services helpline that offers free and confidential referrals to programs and services throughout the state. Dial 2-1-1 for immediate assistance from a specialist or visit their website for more information.
Development Programs Rental homes built with HOME funds are calculated to be affordable to households with income under 60 percent or 50 percent of Area Median Income (AMI); homeownership units are calculated to be affordable to households with incomes under 80 percent of AMI.
Need Emergency Housing Assistance? United Way 2-1-1 in Rhode Island is a 24/7 social and human services helpline that offers free and confidential referrals to programs and services throughout the state. Dial 2-1-1 for immediate assistance from a specialist or visit their website for more information.
The program was created by Governor McKee and enacted by the General Assembly in the 2024 Appropriation Act with a funding of $20 million from the State and Local Fiscal Recovery Funds (SLFRF) program. The program provides funding to municipalities for the construction and maintenance of roads, sidewalks, and bridges.