PROVIDENCE, RI - On December 12, 2024, Governor Dan McKee and Rhode Island Commerce highlighted the major achievements throughout 2024 that have supported businesses and the state’s economy. This includes an investment of more than $60 million in key areas such as research and development, comprehensive support initiatives for small businesses, economic development, and job creation and talent retention. 

“Whether its small businesses or larger companies, building Rhode Island’s economy takes all of us, and I’m grateful to our Commerce team for helping pave the way for success,” said Governor Dan McKee. “We’re opening doors to entrepreneurship, bolstering our infrastructure, supporting economic development, and bringing in some of the best and brightest to work here in Rhode Island. I look forward to continuing this economic momentum in 2025 and beyond.”

“I am proud to highlight our state’s significant economic advancements over the past year,” said Secretary of Commerce Liz Tanner. “With more than $60 million invested in critical initiatives, we are strengthening innovation, supporting businesses of all sizes, and building a resilient, thriving  economy for the future.”

Commerce highlights for 2024 include:

Economic Development

Main Street RI Streetscape Improvement Fund

Rhode Island Commerce awarded $4 million for 18 projects across Rhode Island. This competitive process awards grants to municipalities and economic development organizations to help revitalize main streets and downtown business districts to generate commercial activity. 

Site Readiness Program 

Awarded $585,000 for five projects across Rhode Island. The Site Readiness Program funds site-specific planning improvements for local economic development projects and supports municipal technical assistance, helping to increase local economic activity.

Rebuild Rhode Island Tax Credit Program

Awarded $15.5 million in tax credits to companies Anduril, REGENT Craft, and Organogenesis to expand and/or locate operations in Rhode Island. The Rebuild Rhode Island Tax Credit Program covers 20% of certain project costs up to $15 million. The Walker Lofts project in Lincoln also received funding through the program in 2024. 

First Wave Closing Fund 

Awarded $8.6 million to three mixed-use and commercial projects, Dexter Street Commons (Pawtucket), 136 Westminster Street (Providence), and REGENT Craft (North Kingstown) under the First Wave Closing Fund Act, which provides financing to close transactions that are of a critical or catalytic nature for Rhode Island’s economy. 

Small Business Support

Innovation Vouchers 

Awarded Innovation Vouchers to 13 businesses totaling $885,245 to help strengthen the state’s innovation economy and ensure small businesses can access the tools and resources they need to grow in Rhode Island. These vouchers are grants of up to $75,000 awarded to small businesses to conduct research and development in partnership with a local “knowledge provider” (typically an institution of higher education) or in-house for manufacturers. 

- Businesses awarded Vouchers include Concordia Manufacturing, LLC; KT Innovations, LLC; Audiance, Inc.; US Extruders, Inc; Beehive Handmade, LLC; Just Breathe, LLC; Mighty Well, Inc.; Prisere LLC; Kestrel Innovative Fibers, LLC; Bolden Therapeutics; Ambilabs, LLC; Lenoss Medical, Inc.; and Native Orthopaedics. 

Network Matching Grants 

Awarded $795,378 to eight organizations that have committed to working directly with locally based businesses to offer mentorship, business advisory services, technical assistance, flexible workspace, access to capital, and other supports. 

Energy Efficiency Grants 

Awarded $421,868 to 64 businesses for energy efficiency improvements under the RI Rebounds Energy Efficiency Program to help small businesses and nonprofits reduce their energy costs.

Washington Bridge Small Business Grants

Governor McKee and the General Assembly provided $2.6 million?to support businesses most significantly impacted by the Washington Bridge, including $1.2 million for the City of East Providence, $800,000 for the City of Providence, and $600,000 for the Executive Office of Commerce to support businesses across the state.

Minority Business Accelerator Direct Grant Program

Awarded $2 million in financial assistance in the form of direct grants to qualifying minority and woman-owned businesses to grow their business and build for the future. 

Placemaking Initiative Awards

Awarded $364,891 through the RI Rebounds Placemaking Initiative to 16 municipalities and organizations to support businesses in the tourism and hospitality industries by funding activities, events, and programs that are aimed at attracting visitors and held outdoors or in public spaces during the summer months. 

Technical Assistance Program 

Provided over $8 million of professional services to 940 unique businesses, in fields such as accounting and bookkeeping, marketing and communications, website development. 

Loans (Various Programs) 

Rhode Island Commerce provided $14.7 million in small business loans through the Small Business Loan Fund, State Small Business Credit Initiative, Small Business Assistance Program, and Small Business Development Fund to 91 businesses across Rhode Island. 

Legislative Changes 

The General Assembly approved changes to existing Commerce programs, to do things like increase matching grants for the federal SBIR/STTR programs and fund future commercialization of products, create a new grant program to assist Rhode Islanders applying for patents, and grow the Network Matching Grant program to assist businesses evaluating a transition to employee ownership models. 

Business Development

- Co-hosted a Small Business Summit with Amazon in October to help those small businesses in Rhode Island sell their products through the Amazon online marketplace. 

- Engaged with approximately 1,010 individual businesses, for a total of 3,977 interactions.

- Responded to approximately 701 inquiries. 

- Met with 125 manufacturing companies.?

SupplyRI

The SupplyRI program at Rhode Island Commerce helped increase in-state spending from anchor institutions to more than $427 million, a 205% increase from the $140 million in aggregated spend between 2018 and 2023. The substantial growth kept an estimated $287 million in-state, supporting local businesses and jobs. SupplyRI also facilitated 51 requests for goods and services, doubling that of 2023, engaged 110 companies in tangible project opportunities, and dedicated nearly 300 hours to supplier engagement, hosted or co-hosted 10 industry events and four quarterly anchor gatherings, fostering partnerships and knowledge-sharing. The program’s anchor collective also grew from 14 to 16 corporations, including two new offshore wind developers, doubling the number of offshore wind anchors, and forming a unique industry cluster.

International Work

The business development and marketing teams worked closely with the John H. Chafee Center for International Business at Bryant University to support the State Export Promotion program by identifying businesses to participate in trade missions; Supported and participated in World Trade Day; Hosted delegations from Kosovo, Cabo Verde, and Singapore; and exhibited at Select USA - meeting with 18 companies who expressed interest in Rhode Island.

Blue Economy

Received a $500,000 Ocean Tech Hub Consortium Accelerator Grant from the U.S. Economic Development Administration (EDA) to continue implementing an Ocean Tech Hub focused on advancing ocean technology innovation and solidifying the region as a global leader in the growing ocean economy. 

Federal Grants Awarded 

- Ready, Set, Rhody | $690,346 | U.S. EDA | To fund a new statewide initiative to identify and support small business districts vulnerable to flooding. 

- FAST Award | $159,764.95 | U.S. SBA | To support startups through specialized training, mentoring, and technical assistance. 

- Bilateral Trade | $550,000 | U.S. SBA, Congressional Delegation | To support RI businesses with accessing international markets and international companies with establishment in Rhode Island. 

- Manufacturing Succession Planning | $400,000 | U.S. SBA, Congressional Delegation| To support the transition of ownership and business continuity for relevant Rhode Island manufacturing businesses. 

- RI Manufacturing Leadership | $2,599,788 | U.S. Dept. of Energy | To support manufacturers with waste reduction and the transition to energy-efficient processes. 

- Small Business Opportunity Program | $1.6 million | U.S. Treasury | To support very small businesses and those owned by socially and economically disadvantaged individuals successfully apply for federal and state access to capital programs. 

Broadband

Rhode Island Commerce selected two Internet Service Providers (ISPs) to complete preapproved broadband infrastructure projects that will improve service to an estimated 6,700 locations in Jamestown, Newport, and Westerly. This is the first of two rounds to award nearly $25 million in Capital Project Fund (CPF) Investments.

Tourism

- Rhode Island visitor volume grew by 2.2% to 28.4 million people in 2023 and visitor spending increased by 4.6% from 2022 to $5.6 billion, generating $935 million in state and local tax revenue, which was an increase of 3.5%.

- Earned two international HSMAI Adrian Awards:

- 2023 - Silver winner in the Print Collateral Category for a WaterFire Invitation

- 2023 - Bronze winner in the Experiential Marketing Category for the Stuffie Installation

- Earned four Travel Weekly Magellan Awards:

- Campaign-Advertising/Marketing - Visit Rhode Island - “All That” Campaign

- TV Commercial - Visit Rhode Island - “All That” TV :30

- Print Advertising - Visit Rhode Island - “All That” Print Ad

- Overall-Family Destination - Visit Rhode Island - “All That” TV :30 

- Rhode Island was formally recognized by Brand USA as one of America's Best Kept Secrets. 

- Events and Attractions Grants

- Awarded 24 municipalities and organizations $2.7 million in grants from the U.S. Economic Development Administration for attraction and destination events with a special consideration for those events held during the shoulder or off-season months. 

- Destination Marketing

- FY25 Budget provided a total of $2.6 million to market Rhode Island as a destination for travelers and provide a campaign to support airline routes to Rhode Island T.F. Green International Airport. 

- Statewide Hotel Occupancy was 64.5% for the first nine months of 2024, up 3.9% over 2023.