PROVIDENCE – Nonprofit Skills for Rhode Island’s Future received $4 million in CARES Act funding Tuesday help create the Rhode Island Small Business Development Hub.
The business hub will provide services to small businesses across the state, including human resources, legal services, finance and accounting and marketing, and support business operations in Bristol, Kent, Newport, Providence and Washington counties. The grant is estimated to help generate $10 million in private investment, create 500 jobs and retain 800 jobs, according to an EDA press release.
“Small businesses employ over half of Rhode Island’s workforce across our 39 cities and towns and have been at the forefront of our state’s economic recovery. We know that challenges persist from the pandemic, that’s why these CARES Act dollars will be so vital,” said Gov. Daniel J. McKee.
The grant comes from the U.S. Department of Commerce’s Economic Development Administration and funded under the CARES Act Recovery Assistance, which provides financial assistance to help communities respond to the COVID-19 pandemic. The $4 million federal award will be matched with $1.2 million in local funds.
“President Biden is committed to ensuring that our communities are provided with the resources they need to diversify and grow their economies,” said U.S. Commerce Secretary Gina M. Raimondo. “The Rhode Island Small Business Development Hub will provide small and disadvantaged businesses and entrepreneurs with the resources they need to create jobs and promote economic resilience in the region.”
“The new Rhode Island Small Business Development Hub will provide much needed resources for our small businesses and entrepreneurs – some of whom are still recovering from the pandemic and others who are looking to pursue their dreams and open a business,” said U.S. Rep. David Cicilline, D-R.I. “I’m excited to see the growth, good-paying jobs, and diversified economy that this federal funding will help to create and will continue to work in Congress to provide our small businesses and entrepreneurs with the support they need to thrive.”
This story will be updated.
Claudia Chiappa is a PBN staff writer. You may contact her at [email protected].
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