SEG Debuts Regional Microgrant Funds Offering Up to $5,000 to Small Businesses in Northern Rhode Island
For Immediate Release
September 3, 2024
SEG Debuts Regional Microgrant Funds Offering Up to $5,000 to Small Businesses in Northern Rhode Island
PROVIDENCE, RI – Social Enterprise Greenhouse (SEG), a network of more than 1,000 enterprises and over 200 business and community leaders dedicated to growing social impact ecosystems in Rhode Island and beyond, is expanding its microgrant offerings in the cities of Central Falls, Pawtucket, and Woonsocket.
These funds are designed to provide entrepreneurs, small businesses, and nonprofits in Central Falls, Pawtucket, and Woonsocket with the necessary funds to modernize and grow their business. The goal is to help businesses adapt and thrive in the evolving business landscape, empowering them to overcome current challenges and emerge stronger and more competitive in today’s dynamic market.
“Microgrants often provide a much needed lifeline to small businesses and entrepreneurs working to establish lasting ventures,” said Julie Owens, Chief Executive Officer of SEG.
“Through our continued work with innovators in the vibrant communities of Central Falls, Pawtucket, and Woonsocket we were able to clearly recognize the need for economic resources and access to capital for marginalized and underserved entrepreneurs. Thanks to the support and collaboration of our partners, we are now able to provide this critical support to those who need it most.”
The Pawtucket and Central Falls Impact Fund for Business Modernization and Revitalisation was funded by SEG and Papitto Opportunity Connection. The Woonsocket microgrant fund was made possible by SEG, Leadership RI, and the vision of student and Woonsocket resident, Mariam Kaba, through the Papitto Opportunity Connection’s Transform Rhode Island Scholarship.
“POC enthusiastically supports the Pawtucket and Central Falls Impact Fund for Business Modernization and Revitalization program, which will empower entrepreneurs in communities facing the most need in Rhode Island to build their businesses and in doing so will make a significant impact in these communities,” said John A. Tarantino, managing trustee of the Papitto Opportunity Connection. “By providing entrepreneurs in urban communities access to capital, we are removing barriers, increasing opportunities for all and changing the landscape of business ownership across the state.”
“I am excited to partner with SEG to provide microfunds to small businesses in my hometown. Woonsocket has been home to many small businesses that contribute and bring value to the community, whether it is a food truck or West African body jewelry,” said Mariam Kaba, community organizer and Vice President and event coordinator for Silence Is Violence: 401. “These small business owners have poured into the community, so I believe we should pour into them. My goal is to give small businesses the necessary funds to grow and thrive in the business scene.”
SEG is now accepting applications for up to $5,000 in funding to support any activity that will help a venture achieve its modernization goals. These include but are not limited to technology upgrades, digital transformation, process improvements, and training and development.
In order to be eligible for funding, businesses must meet the following eligibility criteria:
- Operate in and/or serve the communities of Central Falls, Pawtucket, or Woonsocket.
- Have an annual operating budget of under $250,000.
- Priority will be given to businesses and organizations that participated in GROW Pawtucket and Woonsocket training.
SEG’s Grow Community Business Initiative (GROW) is a place-based economic development initiative aiming to revitalize communities and foster economic development through social entrepreneurship. It targets distressed and low-income communities in Rhode Island by connecting them with existing state and local resources. Resources include technical assistance, business education, entrepreneurial skills and mindset development, peer support, access to capital, training, networks, and workshops.
In 2023, SEG received a $90,000 grant from the Rhode Island Foundation to help expand support systems to historically marginalized communities, like Woonsocket, Central Falls, Newport, Providence, and Pawtucket.
To apply for funding in Central Falls or Pawtucket, click here. To apply for funding in Woonsocket, click here. Solicitud también disponible en español, aquí. The deadline for applications is September 12, all winners will be announced on October 14.
About Social Enterprise Greenhouse:
SEG accelerates impact by providing inclusive support and networks for entrepreneurs and businesses committed to positive societal and economic change. SEG fosters an ecosystem of diverse stakeholders who work to enable a more just, equitable, and resilient economy. SEG is based in Rhode Island and operates statewide virtually and from sites in Providence, Newport, Woonsocket, and Pawtucket/Central Falls. Its network of 2,000+ enterprises and 200+ business and community leaders contributes time, expertise, and funding to grow Rhode Island’s social impact ecosystem. To learn more, visit www.segreenhouse.org.
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Media Contact (For SEG)
Chelsea DeCesare, Half Street Strategic Consulting
401.286.9037 | Chelsea@halfstreetgroup.com