$5k Grants Available For Micro-Businesses In Newport

NEWPORT, RI — Small businesses in the City by the Sea have the chance to apply for up to $5,000 in grants to help recover from the coronavirus pandemic. The city has access to up to $50,000 in non-city funding to help businesses with five employees or fewer.

The Microenterprise Stabilization Grant Program was funded by the federal Community Development Block Grant, made available through the Rhode Island Office of Housing and Community Development.

The grants are intended to help the city's smallest businesses, which were some of the hardest-hit by the coronavirus pandemic. Many were forced to radically change their business model after nonessential businesses were closed by the stay-at-home order, developing online sales and curbside pickup.

To qualify for the funding, businesses must have five employees or fewer, one or more of whom are the owners. There are also restrictions on income and the business must be located in Newport. Funding will be awarded on a first-come, first -served basis. The funds can be used to cover business costs such as rent, staffing and utilities, but cannot be used for major equipment purchases, purchase of real property, construction activities, business expansion or lobbying.

To apply, reach out to Newport's Planning and Economic Development Department at 401-845-5450 or email preynolds@cityofnewport.com. Applicants will be asked to complete a phone interview and provide information about their business to determine if they are eligible.

One the phone interview is complete, the applicant will be referred to Local Initiatives Support Corporation Rhode Island for processing. The city will notify business owners if their application has been tentatively accepted, more information is needed or if the application is ineligible. If accepted, business owners will be required to submit quarterly reports for one year.

More information about the program is available on the city's website.