Additional Venture and Loan Opportunities
Selected venture and loan opportunities from other Rhode Island sources include:
- The Slater Technology Fund is a state-backed venture capital fund that invests in new companies committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
- Small Business Administration (SBA) - For more assitance and details on: loans available through SBA, visit the Small Business Administration or Rhode Island SBA Advisory Council websites.
- Ocean State Development Authority - Through the SBA 504 and 7A program, the Authority can provide up to 90% financing on loan requests to $2,000,000 with a participating bank. Loan proceeds may be used to purchase land, renovate, or construct buildings and acquire new and used machinery and equipment. Contact Bud Violet, Executive Director of the Ocean State Development Authority at 401-454-4560 or visit the Ocean State Business Development Authority website at www.osbda.com.
- Cherrystone Angel Group - Rhode Island's first formal angel investment group. Their website details the types of emerging companies in which the group is looking to invest, as well as the investment process itself and an application form. Applicants seeking funding may apply at any time. The group meets every other month to hear select presentations that seek to address a significant market opportunity.
- Business Development Company of Rhode Island - provides primary and secondary financing to promising, but undercapitalized smaller businesses that want to grow their companies and expand employment in Rhode Island. More Details
- Minority Investment Development Corporation / Rhode Island Coalition for Minority Investment - makes loans and equity investments in Rhode Island's minority business enterprises. Contact Louis Francis, Director 351-2999.
- Local Assistance - Many of Rhode Island's cities and towns offer revolving loan funds for businesses through their economic or community development offices. Local community incentives