Rhode Island Commerce Corporation

What Rhode Island Commerce Corporation does

Rhode Island Commerce Corporation is the official quasi-governmental economic development agency for the State of Rhode Island, established in 1995 and headquartered in Providence. The agency administers a comprehensive portfolio of business support programs including grants (Innovation Vouchers up to $75,000, Manufacturing Equipment Grants up to $25,000, Invention Incentive Grants up to $5,000, Small Business Energy Efficiency Grants up to $20,000), loan programs (Small Business Loan Fund, State Small Business Credit Initiative), tax incentives (Rebuild Rhode Island Tax Credit, Qualified Jobs Incentive Tax Credit up to $7,500/job/year for 10 years), and workforce development programs (Wavemaker Fellowship providing up to $6,000/year for four years in student loan reimbursement). The agency is governed by a Board of Directors chaired by Governor Dan McKee, with Secretary of Commerce Stefan Pryor and President & CEO Jim Bennett leading day-to-day operations.

The agency's revenue model relies on state budget appropriations, federal grant administration (including the $108.7M BEAD Program, $25M Capital Projects Fund, and $45M RI Life Science Hub), and voter-approved bond financing (including $20M for the Innovation Campus Initiative and a proposed $115M life sciences economic bond). It does not sell products or services commercially; instead, it provides grants, loans, tax incentives, and technical assistance at no cost to eligible Rhode Island businesses, municipalities, and individuals. Programs are delivered through a direct business-advisor model, online application portals, and an extensive partner network including research institutions (URI, Rhode Island Hospital, Women & Infants Hospital, CCRI), industry organizations (MassRobotics, Social Enterprise Greenhouse, RIHub), utilities (Rhode Island Energy), and internet service providers (GoNetspeed, Verizon).

The agency's go-to-market motion is enterprise-field-sales in character — direct engagement with companies evaluating site selection or expansion in Rhode Island — combined with self-serve online program applications for small businesses, startups, and individuals. Targeted industry verticals include ocean economy (supported via Ocean Tech Hub designation), life sciences, advanced manufacturing, defense, clean energy, food systems, and technology. Recent strategic emphasis has been on ocean technology commercialization, broadband infrastructure deployment, and life sciences expansion.

Name

Rhode Island Commerce Corporation

Legal name

Rhode Island Commerce Corporation

Website

https://commerceri.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

Rhode Island Commerce Corporation is the state's quasi-governmental economic development agency, administering grants, loans, tax incentives, and workforce programs to attract, retain, and grow businesses across ocean economy, life sciences, advanced manufacturing, defense, and clean energy sectors in Rhode Island.

Ownership category

akta.pro rank

Product category

Economic Development Services

NAICS

Administration of Economic Programs (9261)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Trade, Industry & Economic Development Administration (BPAIAAAL)

akta.pro secondary industries

State/Provincial Licensing, Permitting & Regulatory Administration (Cross-sector) (BPAIABAO), Economic Development & Business Licensing (Local) (BPAIACAN), State/Provincial Human Services & Benefits Administration (Welfare, Disability, Child & Family) (BPAIABAI), Maritime & Port Authorities (Public Ports, Harbors, Ferries Terminals) (BPAIALAF)

Keywords

• Economic development agency
• Business incentive programs
• Workforce development grants
• Small business financing
• State tax credits

Headquarters

HQ city

Providence

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. State Budget Appropriations: Primary funding from Rhode Island state government budget allocations to support economic development operations and programs.
2. Federal Grant Administration: Administration of federal pandemic aid ($45 million for Rhode Island Life Science Hub), BEAD program ($108.7 million), Capital Projects Fund ($25 million), and other federal economic development funding.
3. Bond Financing: Voter-approved bond funding including $20 million for Innovation Campus Initiative and proposed $115 million economic bond for life sciences.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Rhode Island Commerce Corporation is the State of Rhode Island's official economic development agency. It administers grants (e.g., Innovation Vouchers, Manufacturing Equipment Grants), tax incentives (Rebuild RI Tax Credit, Qualified Jobs Incentive), loan programs (SBLF, SSBCI), workforce development programs (Wavemaker Fellowship), and infrastructure initiatives (ConnectRI broadband, Ocean Tech Hub, Site Readiness). Services are provided to businesses, municipalities, and residents at no cost.

Product overview

Rhode Island Commerce Corporation operates as the state's economic development agency offering a comprehensive portfolio of business support programs. The organization provides grants (Innovation Vouchers up to $75,000 for R&D, Manufacturing Equipment Grants up to $25,000, Invention Incentive Grants up to $5,000 for patents, and Energy Efficiency Grants up to $20,000), workforce development programs (Wavemaker Fellowship providing student loan reimbursement up to $6,000/year for 4 years, Blue Youth Innovation Grant for ocean tech careers), tax incentives (Rebuild Rhode Island Tax Credit, Qualified Jobs Incentive Tax Credit), loan programs (Small Business Loan Fund, SSBCI), and infrastructure initiatives (ConnectRI broadband, Ocean Tech Hub, Main Street Streetscape Improvement Fund, Site Readiness Program). The agency serves as a one-stop resource for businesses at every stage, from startup through expansion, with programs targeting targeted industries including ocean economy, life sciences, advanced manufacturing, defense, clean energy, and technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Innovation Voucher Program

Quantifiable outcome

• 158 projects across 125 companies funded with $8.5 million through Innovation Voucher Program
• +6 more outcomes

Named customers29 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

36 partnerships are on record, tiered notable, major and core.

• 13 Organizations (Innovation Network Matching Grants)notableOthers · 1 June 2026$800,000 in Innovation Network Matching Grants awarded to 13 organizations supporting small businesses and high-growth startups in key industries.
• Solid State Marine, LLCnotableOthers · 27 April 2026Solid State Marine, LLC received more than $623,000 in incentives for job creation and innovation in Rhode Island's ocean economy sector.
• Native OrthopaedicsnotableOthers · 27 April 2026Native Orthopaedics received incentives for job creation and innovation in the medical devices sector.
• Liseva Bio, Inc.notableOthers · 1 April 2026Liseva Bio, Inc. received an Innovation Voucher ($224,760 total for three companies) to support life sciences research and development in Rhode Island.
• Shellf Life, LLCnotableOthers · 1 April 2026Shellf Life, LLC received an Innovation Voucher to support innovative research and development in Rhode Island's ocean economy sector.
• Trace Sensing Technologies Inc.notableOthers · 1 April 2026Trace Sensing Technologies Inc. received an Innovation Voucher to support sensor technology development in Rhode Island.
• Rhode Island League of Cities and TownsnotableOthers · 1 April 2026Rhode Island League of Cities and Towns received $250,000 grant to support the Rhode Island Summer of Soccer program tied to the 2026 FIFA World Cup, projected to draw 1 million visitors and generate $300 million in economic impact.
• Rhode Island EnergynotableStrategic or Co-development Partner · 18 March 2026Rhode Island Energy partnered with Rhode Island Commerce on the Small Business Energy Efficiency Program to help businesses reduce energy costs.
• RISE EngineeringnotableImplementation/ SI/ Consulting Partner · 18 March 2026RISE Engineering serves as implementation partner for Small Business Energy Efficiency Program, delivering energy assessments and guiding installation of efficiency upgrades.
• FarSoundernotableOthers · 14 January 2026FarSounder, a maritime technology company specializing in underwater perception, received a Manufacturing Innovation Voucher from Rhode Island Commerce Corporation to develop machine-learning target recognition for its sonar technology. The company has proprietary Argos 3D Forward Looking Sonar technology detecting submerged obstacles up to 1,000 meters ahead of vessels.
• Ageless Innovation, LLCnotableOthers · 14 January 2026Ageless Innovation received $75,000 Manufacturing Voucher to develop next-generation lifelike robotic pets providing comfort and connection for older adults.
• Foxglove, LLCnotableOthers · 14 January 2026Foxglove received $75,000 Manufacturing Voucher to prototype and test their MittyPak product for female urination issues with dual-use potential.
• HA BiosciencesnotableOthers · 14 January 2026HA Biosciences received $75,000 Knowledge Provider Voucher to partner with Women & Infants Hospital for clinical study on product for IBS patients.
• The AnalytIQnotableOthers · 14 January 2026The AnalytIQ received $75,000 Knowledge Provider Voucher to create smart-textile wearable for heat-related illness detection, partnering with University of Rhode Island.
• GoNetspeedmajorOthers · 7 January 2026GoNetspeed is constructing a 100% fiber-optic network in Newport, Rhode Island, financed by $3.9 million company investment supplemented by $9 million award from Rhode Island Commerce's Capital Projects Fund. The rollout is expected to reach more than 8,200 homes and businesses.
• MassRobotics (for Blue Robotics Lab)coreStrategic or Co-development Partner · 11 June 2025MassRobotics received $4 million Innovation Campus Grant to operate a new lab-to-market incubator for undersea robots at Unity Park in Bristol. The nonprofit provides industry expertise for ocean technology commercialization.
• URI Research Foundation (Ocean Technology Innovation Center)coreStrategic or Co-development Partner · 11 June 2025URI Research Foundation received $5.7 million Innovation Campus Grant to operate a collaboration and maker space for ocean technology companies at URI Bay Campus, supporting companies spinning out of URI and non-affiliated companies using URI testing facilities.
• GoNetspeedmajorOthers · 23 May 2025GoNetspeed committed $27 million in private investment to supplement $25 million in federal funding for broadband infrastructure projects covering 23 municipalities and approximately 16,000 locations statewide.
• VerizonmajorOthers · 23 May 2025Verizon was selected to complete broadband infrastructure projects in Rhode Island as part of the ConnectRI initiative, expanding network coverage across the state.
• Bryant University (Chafee Center)notableStrategic or Co-development Partner · 23 May 2025Rhode Island Commerce partners with Bryant University's Chafee Center and U.S. Export Assistance Center to help businesses enter international markets.
• DESIGNxRInotableOthers · 19 May 2025DESIGNxRI received $75,000 Innovation Network Matching Grant to support programming for high-growth startups in the design sector through mentorship and networking.
• Herreshoff Marine MuseumnotableOthers · 19 May 2025Herreshoff Marine Museum received $59,000 to expand support of ocean technology by installing a 5-ton jib crane at its waterfront location.
• RIHubnotableOthers · 19 May 2025RIHub received $127,614.72 to expand services for high-growth startups offering access to flexible workspace, capital resources, and specialized technical assistance.
• Social Enterprise GreenhousenotableOthers · 19 May 2025Social Enterprise Greenhouse received $50,000 to assist small businesses in targeted industries with integrating AI solutions to enhance operations.
• Fuerza LaboralnotableOthers · 19 May 2025Fuerza Laboral received $50,000 to provide technical assistance for small businesses exploring transitions to employee ownership.
• American Cord and Webbing Co., Inc.notableOthers · 29 April 2025American Cord and Webbing Co., Inc. received $74,973 Innovation Voucher to develop tactical belt webbing and metal quick-release buckle for military and law enforcement.
• Crewless Marine Acoustics, LLCnotableOthers · 29 April 2025Crewless Marine Acoustics received $59,480 Innovation Voucher to develop and manufacture affordable hydrophone sensor with acoustic data fusion software.
• Electro Standards Laboratory, Inc.notableOthers · 29 April 2025Electro Standards Laboratory received $75,000 Innovation Voucher to prototype EtherCap, broadband network switch with integrated supercapacitor power backup.
• Vatn Systems, Inc.notableOthers · 29 April 2025Vatn Systems received $73,468 Innovation Voucher to advance wireless charging systems for autonomous underwater vehicles.
• The HISTORY ChannelmajorGTM or Marketing Partner · 25 April 2025Rhode Island Commerce partnered with HISTORY Channel for 'History Honors 250' campaign celebrating America's 250th anniversary, featuring broadcast specials, social media, digital content, and promotional sweepstakes. Rhode Island is the first state tourism board to enter such a partnership.
• Tribe Academy LLC (Courage Builder)notableStrategic or Co-development Partner · 19 February 2025Courage Builder received $94,589 Blue Youth Program grant to lead workforce development initiative in collaboration with Times2 STEM Academy, CCRI, and ocean technology companies for up to 150 high school students.
• Organogenesis Holdings Inc.majorOthers · 19 December 2024Organogenesis received comprehensive incentive package including $10 million Rebuild Rhode Island Tax Credit, $3.2 million Qualified Jobs Incentive Tax Credit, and $5 million from Rhode Island Life Science Hub to open manufacturing facility in Smithfield, creating 103 new full-time jobs.
• Saab, Inc.majorOthers · 17 December 2024Saab, Inc. received $1,023,000 in Qualified Jobs Incentive Tax Credits to support creation of 45 new jobs at new manufacturing facility in Bristol for Autonomous Undersea Systems division. Median salary starting at $68,083.
• Unity Park, LLCcoreStrategic or Co-development Partner · 17 December 2024Unity Park received $2,680,082 in Rebuild Rhode Island tax credits and sales tax rebates for adaptive reuse of historic facility in Bristol into multipurpose manufacturing/office/warehouse space. Saab serves as cornerstone tenant alongside Flux Marine, Sea Legs, and Endurance Clean Energy.
• XM TherapeuticsnotableOthers · 17 December 2024Providence-based XM Therapeutics received $75,000 Innovation Voucher to partner with Rhode Island Hospital researchers to test novel heart tissue regeneration therapeutic.
• ConnectRI (BEAD Program)majorOthersRhode Island's $108.7 million BEAD Program to ensure broadband access for every home and business, administered by Rhode Island Commerce with federal NTIA funding.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Massachusetts Executive Office of Economic Development (EOED): Cabinet-level state economic development office administering grants, tax incentives, and workforce programs across Massachusetts. Highly comparable in mandate and programmatic scope to Rhode Island Commerce, though operating in a substantially larger economy.
• Connecticut Department of Economic and Community Development (DECD): State-level economic development agency administering grants, tax credits, and innovation programs for Connecticut-based businesses. Closely comparable to Rhode Island Commerce in scope, neighboring geography, and small-state operating model.
• New Jersey Economic Development Authority (NJEDA): Quasi-state economic development authority issuing tax credits (e.g., NJ Grow, Angel Investor Tax Credit), grants, and bond financing. Closely comparable to Rhode Island Commerce's quasi-public structure and incentive-based toolkit.
• Maine Department of Economic & Community Development (DECD): Maine's state economic development agency offering grants, tax incentives, and workforce programs. Comparable in small-state mandate, industry targeting (marine, life sciences, manufacturing), and program design to Rhode Island Commerce.
• Maryland Department of Commerce: Maryland's state economic development agency administering tax credits, grants, and the Maryland Technology Development Corporation (TEDCO) ecosystem. Comparable in program structure and biotech/life-sciences emphasis to Rhode Island Commerce.
• Pennsylvania Department of Community & Economic Development (DCED): Pennsylvania's primary economic development agency running grants, tax credits, and site readiness programs. Comparable in mandate and program breadth, though at a significantly larger state scale than Rhode Island Commerce.
• New Hampshire Business Finance Authority (BFA): Quasi-state authority providing loan guarantees, tax-credit financing, and small-business support in New Hampshire. Closely comparable as a small-state, finance-oriented economic development authority.
• Vermont Agency of Commerce and Community Development (ACCD): Vermont's state economic development agency delivering grants, tax incentives, and workforce programs to businesses and municipalities. Comparable in small-state scope and program design to Rhode Island Commerce.

Broad incumbents

• New York Empire State Development: New York's umbrella economic development organization running a broad portfolio of grants, tax credits (e.g., Excelsior Jobs Program), and innovation initiatives. Comparable in mandate and program mix, but with materially greater scale and budget than Rhode Island Commerce.
• California Governor's Office of Business and Economic Development (GO-Biz): California's state-level economic development office coordinating tax credits, grants, and international trade assistance. Comparable in mandate and high-level program mix, though operating at a vastly different scale than Rhode Island Commerce.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CommerceRI
• Facebookfacebook.com/commerceri

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rhode Island Commerce Corporation