R.I. Commerce offers up to $25,000 grants for manufacturing equipment

Rhode Island manufacturers can get reimbursement for up to half the cost of new capital equipment or machinery under a new state program unveiled Thursday.

The Manufacturing Equipment Grant Program administered by Rhode Island Commerce Corporation, offers grants reimbursing local manufacturing companies for up to 50% of the costs of new equipment, capped at $25,000 per applicant.

Applications are available online now, with grants awarded based on scores set by a review committee of Commerce employees and industry partners, Matt Touchette, a Commerce spokesperson, said in an email Friday. The program is funded through a $500,000 allocation of general revenue included in the state’s fiscal 2025 budget, Touchette said.

Recipients must be Rhode Island-based manufacturing companies established on or before Jan. 1, 2021, with 50 or fewer employees and gross receipts less than $5 million in 2023.

The program aims to help the state’s manufacturing sector remain competitive, recognizing feedback and concerns of local business owners, Rhode Island Commerce Secretary Liz Tanner said in a statement.

“By easing the financial burden of modernization, we are empowering businesses to be competitive, efficient, and innovative — all things that help drive economic growth,” Tanner said.

The state’s manufacturing sector was responsible for 40,900 jobs in December, a 600-job increase from the prior year, according to the latest monthly jobs report from the Rhode Island Department of Labor and Training. 

Applications close on Monday, March 24.

Correction: The headline and story have been updated to correct the maximum grant amount available per applicant.