Rhode Island Commerce is the state’s official economic development agency, dedicated to driving business growth, job creation, and economic resilience across Rhode Island. Based in Providence, the agency works collaboratively with public and private stakeholders to attract investments, support innovation, and build a vibrant, inclusive economy. Rhode Island Commerce plays a critical role in shaping the state's strategic industries through funding, advisory, and incentive programs tailored to businesses of all sizes.
Core Business and Offerings
Rhode Island Commerce provides a comprehensive suite of services designed to support business formation, growth, and expansion within the state. These services include:
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Business Financing Assistance
The agency offers financial support through instruments like:
- Small Business Loan Fund Corporation (SBLFC)
- Tax-Exempt Industrial Development Bonds
- Innovation and Expansion Loan Programs
- Rhode Island Capital Access Program (RICAP)
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Tax Credits and Incentive Programs
Designed to incentivize job creation, real estate development, and capital investments:
- Rebuild Rhode Island Tax Credit: For real estate projects that spark economic revitalization
- Qualified Jobs Incentive Act: Offers tax credits to companies that create well-paying jobs
- Anchor Institution Tax Credit: Supports businesses that help attract or retain supply chain partners in the state
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Business Support Services
Advisory and technical assistance across multiple operational areas:
- Site selection
- Relocation support
- Export and trade assistance
- Federal government contracting support via PTAC (Procurement Technical Assistance Center)
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Innovation and Workforce Initiatives
Rhode Island Commerce helps promote high-growth sectors and talent retention through:
- Innovation Voucher Program: Offers grants to businesses partnering with research institutions
- Wavemaker Fellowship: Provides student loan reimbursement to STEM and design professionals working in Rhode Island
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Manufacturing and Industrial Programs
Aimed at advancing Rhode Island’s manufacturing competitiveness:
- Industry Cluster Grants
- Polaris MEP collaboration for technical assistance
- Manufacturing and Innovation Equipment Grant Program
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Real Estate and Site Development Services
- Identification of Opportunity Zones
- Brownfield redevelopment support
- Real estate tax stabilization assistance
Strategic Focus and Impact
Rhode Island Commerce operates with a targeted focus on high-impact sectors such as:
- Advanced Manufacturing
- Blue Economy and Ocean Technology
- Life Sciences and Biotech
- Clean Energy and Renewables
- Information Technology
- Design and Food Innovation
Economic and Investment Performance
According to the agency’s annual reports and state audits:
- Over $1.3 billion in private investment has been leveraged through Rhode Island Commerce programs since 2015.
- More than 7,500 jobs have been supported or created through Qualified Jobs and Rebuild Rhode Island tax incentive programs.
- The Innovation Voucher Program has awarded over $6.5 million to more than 135 companies for collaborative R&D efforts.
- The Wavemaker Fellowship has reimbursed student loan payments for over 1,000 STEM professionals, retaining talent critical to the state’s innovation economy.
Infrastructure and Institutional Partnerships
- Rhode Island Commerce works closely with local municipalities, universities (including Brown University, URI, RISD), and industry partners to align investment and workforce development strategies.
- It also administers federal programs such as the Economic Development Administration (EDA) funds and Small Business Innovation Research (SBIR) outreach efforts.
- The agency supports the state's Innovation Campus Initiative, leveraging $20 million in bond funding to foster public-private R&D centers.
Certifications and Compliance
As a state-backed authority, Rhode Island Commerce maintains full compliance with:
- State and federal transparency and auditing requirements
- Public accountability reporting to the Rhode Island General Assembly
- Performance reviews by the Office of Management and Budget (OMB) and state agencies
Its grant and incentive programs are subject to rigorous vetting, milestone tracking, and post-award compliance audits.
Achievements and Recognition
- Ranked among top U.S. states for green job creation through its clean energy initiatives.
- Recognized for best practices in incentive transparency by Good Jobs First.
- Successfully attracted large-scale investments including the Infosys Design & Innovation Hub, Wexford Innovation Center, and the Quonset Business Park expansions.
Rhode Island Commerce continues to be a strategic driver of sustainable economic development, offering data-backed support and flexible programs to nurture businesses, enhance competitiveness, and foster innovation across the Ocean State.
