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Rhode Island Lift

Program Overview

The Rhode Island Lift Program is a strategic investment initiative designed to fuel the growth and successful capital raise of high-impact life sciences companies in Rhode Island. This competitive program provides a non-dilutive funding boost to companies that have finalized or recently closed a funding round. By offering this last infusion of capital, the program helps high-potential life sciences ventures scale their operations, drive innovation, and strengthen their impact on the state’s economy, industry growth, and patient outcomes. Through this support, Rhode Island continues to position itself as a leader in life sciences advancement and commercialization.

Eligibility and Evaluation

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

  • Must be a life science business (NAICS code applicable), and align with the key Rhode Island focus areas (see "Impact on the Ecosystem" below)

  • Must be closing or have closed a funding round in the last 60 days (proof required) 

  • Demonstrate the ability to positively contribute to the economic development and growth of the life science sector in Rhode Island

Funding will be allocated along the following guidelines:

  • Pre-Seed: Up to $100K 

  • Seed Round: up to $150K

  • Series A:  Up to $200K 

The funding term is one year. ​

Eligible use of funds:

  • Costs associated with scaling/commercialization (i.e. equipment, materials, supplies, clinical trials, prototype development)

  • Up to 30% for indirect costs (salaries/staffing, rent, utilities)

  • Remainder for direct costs (manufacturing, direct labor costs for the project, regulatory filing)

Required Documentation:

  • Certificate of Good Standing   

  • RI Business Registration 

  • Pro forma 

  • Business Plan  

  • ​Cap Table & Round Details 

  • Hiring schedule 

Application Due Date for Funding Decision

  • March 23

  • May 25

  • August 16

  • October 12 **This will be the last cycle for 2025**

BOD Meeting for Funding Decision

  • April 22

  • June 24

  • September 16

  • November 18

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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