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Rhode Island Growth
Catalyst Program

Program Overview

The Rhode Island Growth Catalyst Program is a targeted investment initiative designed to support the expansion of life sciences companies by supporting technology development and accelerating commercialization activities. By providing essential growth capital, this program acknowledges the vital role both innovators and manufacturers play in building a robust life sciences industry. Through strategic funding, the program helps businesses scale operations, drive technological advancements, and strengthen the state’s position as a leader in life sciences innovation and manufacturing. 

Eligibility and Evaluation

  • Must be registered in Rhode Island as LLC, C, or S Corp. 

  • Must have a life sciences NAICS code. 

  • Must be able to demonstrate a positive contribution to economic development, including job creation in Rhode Island.

  • Use of funds supports costs associated with scaling operations and achieving commercial milestones. 

Funding Structure:

  • Covers up to 25% of project costs (applicants need to demonstrate how they will fund the other 75% of the project cost)

  • Applicants must demonstrate additional sources of capital/company contribution to the project. 

  • 30% Cap on Indirect Costs (This program is to support costs associated with commercial milestones and is not meant to pay for salaries)

The funding term ranges from 1-2 years based on the project. 

Required Documentation:

  • Certificate of Good Standing   

  • RI Business Registration 

  • Business Plan  

  • Hiring schedule 

Application Due Date for Funding Decision

  • March 23

  • May 25

  • July 27

  • September 28

  • November 9

BOD Meeting for Funding Decision

  • April 22

  • June 24

  • August 26

  • October 28

  • December 16

Funding opportunities are open on a rolling basis and will be reviewed in accordance with the every-other month Board meetings. Applications submitted by the end of the month leading up to a Board meeting will have the opportunity to be reviewed by the Board for award.

Resources

  • View Application

  • Applicants are required to create an account prior to accessing the application. If you already have an account, please log in to begin the application.

Impact on the Ecosystem

Critical objectives for this program are attracting out-of-state, international and newly formed companies in the following key growth areas:  

  • Science and technology:

    • neuroscience

    • RNA

    • health & aging

    • immunology

    • data science

    • clinical trials

  • Biomanufacturing:

    • Neuro electronic medicine 

    • Transposons

    • GMP Facilities

​

  • CRO & CDMO

High-quality applicants are those who have high science and technical impact, strong teams capable of delivering the project, and the intention to improve patient outcomes in Rhode Island and beyond.  

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