New Grant Opportunity for Qualifying Tiverton Microenterprises

*June 2020 Update: Businesses with one owner/employee only may apply. Businesses that received EIDL and/or PPP funds may apply, as long as the adverse impacts on the business exceed other assistance by at least $5,000. Businesses opened in 2019 that meet all other eligibility criteria may apply.

Recognizing the hardships many self-owned businesses are managing at this time, the Town of Tiverton is partnering with the Providence based Local Initiatives Support Corporation (LISC), to offer a new grant opportunity for qualifying small scale companies.

"We hope that this grant can assist local Tiverton businesses to get through the rough times that the Coronavirus poses," said Tiverton Town Planner, Jennifer Siciliano.

The Microenterprise Stabilization Grant (MicroE), funded by the R.I. Office of Housing and Community Development (OHCD), and the U.S. Department of Housing and Urban Development (HUD), will contribute a single $5,000 lump-sum payment to approved, eligible microenterprises located in Tiverton, RI. Funds are being allocated to assist with operating expenses such as rent, staffing, and utilities.

To qualify, a microenterprise must employ five or fewer individuals, one or more of whom owns the business. Additionally, the microenterprise must;

• Be owned by a low or moderate income individual(s) whose income equates to, or is less than 80% of the Area Median Income, based on family size
• Be a for-profit entity
• Be in good standing with the state and town
• Prove a loss of income of at least $1,000 due to COVID-19
• Have been established in 2019 or earlier
• Have annual gross revenues greater than $25,000

Certain types of businesses are excluded from this program. For more information regarding eligibility, please reach out to the Tiverton Planning Department by Telephone: 401-816-5631, Email: planner@tiverton.ri.gov, or refer to http://www.tiverton.ri.gov/onlinedocuments/microenterprise.php.

For additional information issued by the State of Rhode Island please visit https://commerceri.com/emergency-grants-and-funding/.