Restore RI: Another Chance at Funding for Small Businesses

July 20, 2020


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

GrowthLab is your customized team of experienced business and financial professionals who find the right solutions to take your business to the next level.

Korey Cournoyer


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

Abe Dane, CEO at Tizra

NAMI Rhode Island

“GrowthLab earns my highest praise for professionalism and affordability. I have hired them to improve our financial reporting... they were hands-on, patient, and able to move our organization... to an up-to-date and easy-to-use system.”

Christine Earley, Ph.D. Board Member & Treasurer at NAMI

The Purple Carrot

“…well-versed in all areas of finance, providing strategic guidance for early- stage start-up businesses… possesses a great work ethic, deep insights into financial analysis and modeling, and a collaborative approach to his work. An asset to any team.”

Andy Levitt, Founder & CEO at Purple Carrot


“GrowthLab is a tremendous partner for FluidSense. Allowing our core team to focus on engagement and development, while GrowthLab focuses on the financial and bookkeeping aspects.”

Jeff Poole , COO at Fluid Sense

Get the latest from GrowthLab, twice a month.


Risks & Countermeasures: People Edition

The GrowthLab Weekly Jump is an information session hosted every Monday that tackles...