Rhode Island General Laws 42-64.28-4. Eligible uses
(a) Vouchers available under this chapter shall be used for the benefit of small businesses to access technical assistance and other services including, but not limited to: research, technological development, product development, commercialization, market development, technology exploration, and improved business practices that implement strategies to grow business and create operational efficiencies.
Terms Used In Rhode Island General Laws 42-64.28-4
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Small business: means a business that is resident in Rhode Island, has its business facility located within the state, and employs five hundred (500) or fewer persons. See Rhode Island General Laws 42-64.28-2
(b) Vouchers available under this chapter shall be used to provide funding to finance internal research and development by and for small business manufacturers, including, but not limited to: research, technological development, product development, commercialization, market development, technology exploration, and improved business practices that implement strategies to grow business and create operational efficiencies. Subject to appropriation, the commerce corporation shall reserve an amount not to exceed fifty percent (50%) of the voucher program’s annual appropriation to be made available in fiscal year 2018 for vouchers awarded to small business manufacturers under this subsection.
(c) Matching fund awards shall be used for the benefit of small businesses in industries designated from time to time by the corporation, including without limitation: life science and healthcare, food and agriculture, clean technology and energy efficiency, and cyber security to pay for and access technological assistance, to procure space on flexible terms, and to access capital from organizations, including nonprofit organizations, for-profit organizations, universities, and co-working space businesses.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1.