February 19, 2025 - Recently, Rhode Island Commerce Corporation hosted a Manufacturing Sector Resource Fair showcasing valuable services and programs available to local manufacturers. One of the main takeaways from the event was the range of grant opportunities designed to help manufacturers drive innovation, increase efficiency, and support long-term business growth. These funding programs enable businesses to invest in new technologies, enhance productivity, and improve sustainability.

This article explores several grant programs currently available to Rhode Island manufacturers and how they can be leveraged for success:

• Manufacturing Succession Planning Initiative
• Manufacturing Equipment Voucher Grant Program
• Manufacturing Innovation Vouchers
• Innovation Incentive Program

Manufacturing Succession Planning Initiative

In 2024, Rhode Island secured $400,000 in federal funding to assist manufacturers with succession planning. Rhode Island Commerce Corporation will work with a consultant to guide manufacturers through succession planning strategies and ensure organizational continuity and long-term success.

The state is currently accepting requests for proposals through February 28.

Manufacturing Equipment Voucher Grant Program

Rhode Island Commerce Corporation is launching a new Manufacturing Equipment Voucher Grant Program that will offer grants to help eligible manufacturers defray the cost of purchasing new or used equipment or machinery. Manufacturers must have gross receipts under $5 million and 50 or fewer employees to qualify.

The program reimburses up to 50% of a cash purchase or 50% of a downpayment for a financed purchase, with a cap of $25,000. Eligible machinery must be purchased after the grant application is submitted. Applications opened on February 5, 2025.

Manufacturing Innovation Vouchers

The Manufacturing Innovation Voucher Program offers grants of up to $75,000 for research and development (R&D) to eligible manufacturers. It is available to small Rhode Island-based manufacturers with under 500 employees. Applications are reviewed every quarter.

Vouchers can be used to:

• Support the commercialization of a new product, process, or service
• Access scientific, engineering, and design expertise that fits an innovation need
• Engage in technological development and exploration to make an innovation come to life
• Develop scale-to-market for innovative idea

Innovation Incentive Program

Rhode Island Commerce Corporation will launch the new Innovation Incentive Program in spring 2025, offering reimbursable grants of up to $5,000 for eligible expenses incurred when filing patents. Eligible expenses can include direct payments to the US Patent and Trademark Office and costs paid to a Registered Patent Practitioner in Rhode Island.

Each applicant is limited to one grant under this program.

Other Incentives and Programs Available

In addition to the programs and grants previously noted, manufacturers in the state should also consider the following initiatives that can benefit their business.

1. Innovative lending solution - Rhode Island Commerce Corporation offers several unique lending programs that help small businesses quickly and simply access the funds they need to accomplish their goals.
2. Supporting manufacturing projects and business expansion – The Rhode Island Industrial Facilities Corporation offers bond funding to support businesses looking to branch into a commercial enterprise, including building tourist-travel facilities.
3. Tax Credits
   • Research and development credit
   • Renewable energy fund
4. Workforce Development Programs
   • On the job training
   • Work emersion
   • Incumbent worker training grants
   • Workplace accessibility grants

How Citrin Cooperman Can Help

If you want to explore the manufacturing grants available for businesses in Rhode Island, please contact your Citrin Cooperman Advisor. For more information about these grants, watch the Manufacturing Sector Resource Fair webinar.