2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.16 - The Innovate Rhode Island Small Business Program › Section 42-64.16-2. - Establishment of matching funds program.

§ 42-64.16-2. Establishment of matching funds program.
(a)
There is established the Rhode Island SBIR/STTR Matching Funds Program to be administered by STAC. In order to foster job creation and economic development in the state, STAC may provide grants to eligible businesses to match funds received by a business as a SBIR or STTR Phase I or II award, and to encourage businesses to apply for further SBIR or STTR awards, and commercialize their technology and research.
(b) Eligibility.
In order to be eligible for a grant under this section, a business must satisfy all of the following conditions:
(1)
The business must be a for-profit, Rhode Island-based business with fifty (50) or fewer employees. For the purposes of this section, Rhode Island-based business is one that has its principal place of business and at least fifty-one percent (51%) of its employees residing in this state.
(2)
The business must have received an SBIR/STTR Phase I award from a participating federal agency in response to a specific federal solicitation. To receive the full Phase I matching grant, the business must also have submitted a final Phase I report, demonstrated that the sponsoring agency has interest in the Phase II proposal, and submitted a Phase II proposal to the agency. To receive the full Phase II matching grant, the business must also have submitted a final Phase II report.
(3)
The business must satisfy all federal SBIR/STTR requirements.
(4)
The business shall not receive concurrent funding support from other sources that duplicates the purpose of this section.
(5)
For a Phase I and II matching grant, the business must certify that at least fifty-one percent (51%) of the research described in the federal SBIR/STTR Phase I, II and any further SBIR/STTR proposals and commercialization will be conducted in this state and that the business will remain a Rhode Island-based business for the duration of the SBIR/STTR Phase I, II any further SBIR/STTR projects and commercialization.
(6)
For a Phase I and II matching grant, the business must demonstrate its ability to conduct research in its SBIR/STTR Phase II proposal.
(c) Phase I and II Matching Grant.
STAC may award grants to match the funds received by a business through a SBIR/STTR Phase I or II proposal up to a maximum of one hundred fifty thousand dollars ($150,000). Seventy-five percent (75%) of the total grant shall be remitted to the business upon receipt of the SBIR/STTR Phase I or II award and application for funds under this section. Twenty-five percent (25%) of the total grant shall be remitted to the business upon submission by the business of the Phase II application to the funding agency and acceptance of the Phase I or II report by the funding agency. A business may receive only one grant under this section per year. A business may receive only one grant under this section with respect to each federal proposal submission. Over its lifetime, a business may receive a maximum of six (6) awards under this section.
(d) Application.
A business shall apply, under oath, to STAC for a grant under this section on a form prescribed by STAC that includes at least all of the following:
(1)
The name of the business, the form of business organization under which it is operated, and the names and addresses of the principals or management of the business.
(2)
For a Phase I or II matching grant, an acknowledgement of receipt of the Phase I or II report and Phase II proposal by the relevant federal agency.
(3)
Any other information necessary for STAC to evaluate the application.
History of Section.
P.L. 2013, ch. 144, art. 23, § 1; P.L. 2015, ch. 141, art. 19, § 2.