Restore RI: Another Chance at Funding for Small Businesses

July 20, 2020

Overview

As of last week, Rhode Island Commerce published Rhode Island’s latest small business funding initiative… Restore RI. Restore RI will provide up to $15k in “free money” to help you adapt, pivot, or transition in response to COVID.

As a result of this, how can GrowthLab help improve your chances of receiving this grant? Here are four areas where we can help:

The Process

  1. The application process is going to be so much more than filling out boxes. It is about building your plan…how are you going to use this grant of $15k to adapt, pivot, or transition your business? We help you build that plan, tell your story, and compile it into the formal application.
  2. Adapt
    • What does adaptation mean?
    • What services, products, or service providers do I need?
      • Consulting on reopening strategies
      • Accounting & financial services
      • Planning & budgeting for the “new normal”
  3. Pivot
    • What does pivoting mean?
      • Expansion of product/service offerings — adding to what you do
      • Change in delivery of product/service — adjusting how you deliver
      • Shift in target market — identify a new “customer” that you can serve
      • Expand geographically — do we need to enter new markets?
      • New pricing strategies — rethinking how customers perceive your value
    • What services, products, or service providers do I need?
      • Competitor analysis to identify new products/services
      • Research around new target markets and how to best penetrate
      • Financial Analysis on cash impact of new pricing strategies
  4. Transition
    • What does receivership mean?
      • Exit Strategy Planning — the who, how, and why
      • Growth through Acquisitions —  bolt-on of new services/products or propelling your current growth through the acquisition of competitors
      • Navigating Restructuring — how to leverage bankruptcy to come out the other side
    • What services, products, or service providers do I need?
      • Consulting on structuring an exit plan
      • Financial guidance on acquisition strategy
      • Legal assistance through acquisition or exit
      • Assisting with planning for RI’s non-liquidating receivership

The above is how we look at adaptation, pivoting & restructuring in terms of helping the small business owner understand what these are and what questions they need to ask to better navigate the process. If you think this money could benefit you, give us a call for more information!

About GrowthLab

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Korey Cournoyer

Tizra

“GrowthLab has provided invaluable tools and advice to Tizra’s management team, helping us scale smoothly and confidently.“

Abe Dane, CEO at Tizra

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Andy Levitt, Founder & CEO at Purple Carrot

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