Last Updated on August 23, 2023 by Hannah Stevens
Minority (Black, Latino, Asian), veteran, and women owned businesses can receive assistance from grant programs and/or interest-free (or low cost) loans. Both the federal government and the state of Rhode Island provide assistance. Moreover, non-profits, banks, corporations, and lenders near you may offer loans or grants for women owned businesses and minority owned small businesses.
This list is up to date with available financial assistance programs. Besides providing assistance to get capital for existing or new businesses from a cash grant or low interest rate loan, most programs also offer additional support. There is also free mentoring or counseling. Furthermore, they have centers for veterans, women, and others that offer advice on how to get financing, website or online sale workshops, sales help, and more.
Loans and grants are available throughout the state, including in Providence Rhode Island. However, the focus is on MWBE, veteran, and BIPOC owned businesses.
Free Grants and Loans for Small Businesses in Rhode Island
Minority, veteran, and women owned (or founded) companies may apply for assistance. There is financial and counseling assistance for entrepreneurs, sole-proprietors, or start-up companies.
You can also find the free grants and loans for minority and women owned businesses in South Carolina elsewhere on this site.
Ongoing, Year Round Financial Assistance and Grants in Rhode Island
Providence Minority and Women Owned Business Enterprise
The Providence Minority and Women Owned Business Enterprise aims to support and to grow women and minority owned businesses in the county and city. The government operates this agency, and they help do two things. First, they assist MWBE businesses to get new business/revenue contracts as the government bids for them. The other is referring Black, Latino, LGBTQ+, women, and other businesses to local resources. This includes mentoring, counseling, financial help, and more. Call (401) 680-5766 for more information.
This is quite similar to one of the free grants and loans for minority and women owned businesses in Pennsylvania, the Paramount Circuits.