Governor McKee, Rhode Island Commerce Launch New Manufacturing Equipment Grant Program

PROVIDENCE, R.I. —?Today, Governor Dan McKee and Rhode Island Commerce announced the launch of a new program offering grants to help eligible Rhode Island manufacturers defray the cost of purchasing equipment or machinery. The Manufacturing Equipment Grant Program reimburses up to 50% of a cash purchase or 50% of a down payment for a financed purchase, with a cap of $25,000.??

Eligibility requirements include:???

• Established as for-profit entities primarily engaged in manufacturing;?
• Gross receipts of less than $5 million in 2023;?
• Physically located (or headquartered) in Rhode Island with manufacturing operations beginning on or before January 1, 2021;?
• Have 50 or fewer employees (including independent contractors that work an average of 37.5 hours per week);?
• Not owned by a nationally or regionally owned franchise; and?
• Organized as one of the following: Limited Partnership (LP), Limited Liability Partnership (LLP), C-Corporation, S-Corporation, B-Corporation, Cooperative, or Limited Liability Company (LLC)

“Rhode Island is the destination for innovation, and this grant program is giving our businesses the edge they need to be competitive,” said Governor Dan McKee. “Reducing costs and making it easier for companies to get the tools and resources they need only boost our goals of bolstering the economy and creating good-paying jobs in Rhode Island.”

“This equipment grant program is a result of listening to manufactures and it’s a testament to the importance of collaboration,” said Secretary of Commerce Liz Tanner. “By easing the financial burden of modernization, we are empowering businesses to be competitive, efficient, and innovative – all things that help drive economic growth.”?

The deadline to apply is Monday, March 24, 2025.??

More information about the program, including eligibility requirements and how to apply, can be found online here.?