Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $3,609.00 million dollars in grants and additional funding sources of $2,310.00 million dollars from the local government into the business sector since small businesses and large corporations are the backbone of Rhode Island’s economic growth. The state of Rhode Island has 24,845 businesses, and these establishments are broken down into the following:
Rhode Island Business Sector Breakdown by Size
- 14,447 registered businesses in Rhode Island have 0 to 4 employees.This breakdown includes those who work from home and have sole proprietorship.
- 3,931 registered businesses in Rhode Island have 5 to 9 employees.
- 2,768 registered businesses in Rhode Island have 10-19 employees.
- 2,083 registered businesses in Rhode Island have 20-99 employees.
- 608 registered businesses in Rhode Island have 100 to 499 employees.
- Over 1,008 registered businesses in Rhode Island have over 500 employees.
Rhode Island Business Sector Breakdown in Service Industries
- 3,056 registered businesses in Rhode Island are in the Professional, Scientific and Technical Services sector.
- 1,747 registered businesses in Rhode Island are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 2,961 registered businesses in Rhode Island belong in the Accommodation and Food Services sector.
- More than 2,916 registered businesses in Rhode Island are also service orientated businesses, but are not part of the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of Rhode Island has more than 1,000 farms.
Small Businesses in Rhode Island
It is difficult to start and manage a small business in Rhode Island. More than $16,775,718,000.00 US dollars is spent on employee salaries/payroll alone in this state, and every year, more than 5,360 companies declare bankruptcy. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small business grants can be given in Rhode Island to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact Rhode Island financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state:
You can also find Pennsylvania small business grants and South Carolina small business grants on our site.
