(a)  Competitive program grants of one hundred thousand dollars ($100,000) to five hundred thousand dollars ($500,000) shall be made available to support activities to overcome identified cluster gaps and documented constraints on cluster growth or to improve clusters’ effectiveness. The commerce corporation shall establish, by regulation, both (1) the criteria for issuing competitive program grants under this section; and (2) a process for receiving and reviewing applications for grants under this section. The criteria that the commerce corporation establishes to evaluate applications for grants under this section shall include objective evidence of the entity’s organizational capacity, degree of internal acceptance of the proposed program, economic rationale for the proposed activity to be funded and the entity’s ability to raise future funds to sustain the activity when the grant has been expended.

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Terms Used In Rhode Island General Laws 42-64.29-4

  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(b)  The commerce corporation shall have no obligation to make any award or grant any benefits under this chapter.

History of Section.
P.L. 2015, ch. 141, art. 19, § 12.