Small BusinessES
Helping Small Businesses Thrive
Small businesses play a big role in Rhode Island and form the bedrock of the American economy. Today, over half of all U.S. workers either own or work for a small business, contributing to the vitality of our communities, boosting economic activity, and preserving neighborhoods and cultures across our state.
Under the Trump Administration and the weight of the president’s unfair tariff taxes, cuts to health care, and gas price hikes, too many small businesses are operating on the edge of what they can absorb for costs.
To assist small businesses, Senator Reed has delivered federal funding for essential small business loan, counseling, and training programs to help grow Rhode Island’s entrepreneurial ecosystem. He is working on the Appropriations Committee to oppose President Trump’s plan to cut two-thirds of U.S. Small Business Administration (SBA) funds. He also supports the Speedy Tariff Refund Act, which requires the Trump Administration to refund IEEPA tariffs within 30 days, with a prioritization for small businesses.
Senator Reed has also worked to reauthorize the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. These important federal programs offer small businesses the potential to explore and expand their commercial footprint and encourage entrepreneurism, innovative research, and development throughout Rhode Island. He is also a strong backer of the Defense Procurement Technical Assistance program, which helps small Rhode Island defense firms compete and win contracts to supply our military, and the Manufacturing Extension Partnership program, which provides free technical assistance to Rhode Island manufacturers.
KEY PRIORITIES & ACCOMPLISHMENTS
- Senator Reed has helped small businesses access entrepreneurial development grants that fund technical assistance, training, and business planning guidance for starting and growing small businesses.
- He helped modernize Lender Match, a borrower and lender marketplace tool that serves as a one-stop shop for matching small businesses with lenders that offer SBA-backed funding, to make the loan process simpler for the borrower and the lender.
- When COVID struck, Rhode Island small businesses received over $3.2 billion in emergency SBA funding championed by Senator Reed during the first fiscal year of the pandemic, which included both traditional loans and emergency grants.
- Helped reauthorize the State Small Business Credit Initiative (SSBCI), which is investing over $55 million in Rhode Island small businesses to help local companies improve and expand operations.
- In the wake of historic flooding that hit Rhode Island, Senator Reed helped secure nearly $14 million in SBA loans for 175 businesses throughout the state.