§ 42-64.16-2. Establishment of matching funds program.
(a) There is established the Rhode Island SBIR/STTR Matching Funds Program to be administered
by STAC. In order to foster job creation and economic development in the state, STAC
may provide grants to eligible businesses to match funds received by a business as
a SBIR or STTR Phase I or II award, and to encourage businesses to apply for further
SBIR or STTR awards, and commercialize their technology and research.
(b) Eligibility. In order to be eligible for a grant under this section, a business must satisfy all
of the following conditions:
(1) The business must be a for-profit, Rhode Island-based business with fifty (50) or
fewer employees. For the purposes of this section, a Rhode Island-based business is
one that has its principal place of business and at least fifty-one percent (51%)
of its employees residing in this state.
(2) The business must have received an SBIR/STTR Phase I award from a participating federal
agency in response to a specific federal solicitation. To receive the full Phase I
matching grant, the business must also have submitted a final Phase I report, demonstrated
that the sponsoring agency has interest in the Phase II proposal, and submitted a
Phase II proposal to the agency. To receive the full Phase II matching grant, the
business must also have submitted a final Phase II report.
(3) The business must satisfy all federal SBIR/STTR requirements.
(4) The business shall not receive concurrent funding support from other sources that
duplicates the purpose of this section.
(5) For a Phase I and II matching grant, the business must certify that at least fifty-one
percent (51%) of the research described in the federal SBIR/STTR Phase I, II, and
any further SBIR/STTR proposals and commercialization will be conducted in this state
and that the business will remain a Rhode Island-based business for the duration of
the SBIR/STTR Phase I, II, and any further SBIR/STTR projects and commercialization.
(6) For a Phase I and II matching grant, the business must demonstrate its ability to
conduct research in its SBIR/STTR Phase II proposal.
(7) For a Phase III commercialization grant, the business must have completed their Phase
II SBIR/STTR award and submitted a final Phase II report.
(8) For a Phase III commercialization grant, the business must certify that at least fifty-one
percent (51%) of the research described in the Phase III application and any other
further SBIR/STTR proposals and commercialization will be conducted in this state
and that the business will remain a Rhode Island-based business, as defined by subsection
(b)(1) of this section for at least five (5) years following award of the Phase III
grant.
(c) Phase I and II matching grant. STAC may award grants to match the funds received by a business through a SBIR/STTR
Phase I or II proposal up to a maximum of three hundred thousand dollars ($300,000).
Seventy-five percent (75%) of the total grant shall be remitted to the business upon
receipt of the SBIR/STTR Phase I or II award and application for funds under this
section. Twenty-five percent (25%) of the total grant shall be remitted to the business
upon submission by the business of the Phase II application to the funding agency
and acceptance of the Phase I or II report by the funding agency. A business may receive
only one grant under this section per year. A business may receive only one grant
under this section with respect to each federal proposal submission. Over its lifetime,
a business may receive a maximum of six (6) awards under this section.
(d) Phase III commercialization grant. STAC may award grants of up to five hundred thousand dollars ($500,000) to an eligible
business to support commercialization of the results achieved through SBIR/STTR Phase
I and Phase II funding. Grants shall be approved in consultation with the Rhode Island
commerce corporation. Twenty-five percent (25%) of the total grant funding shall be
remitted to the business upon award of the Phase III grant and execution of a grant
agreement. Sixty-five percent (65%) of the total grant funding shall be remitted to
the business upon request for reimbursement for eligible research and development
expenses, as defined by STAC, in connection with the project for which the business
received the award. Ten percent (10%) of the total grant funding shall be remitted
to the business five (5) years following the date of award of the Phase III grant;
provided that, the business has remained a Rhode Island-based business, as defined
by subsection (b)(1) of this section for the duration of the grant period.
(e) Application. A business shall apply, under oath, to STAC for a grant under this section on a form
prescribed by STAC that includes at least all of the following:
(1) The name of the business, the form of business organization under which it is operated,
and the names and addresses of the principals or management of the business;
(2) For a Phase I or II matching grant, an acknowledgement of receipt of the Phase I or
II report and Phase II proposal by the relevant federal agency;
(3) For a Phase III commercialization grant, an acknowledgement of the terms of the grant
and proof of eligibility, as defined in subsection (b) of this section; and
(4) Any other information necessary for STAC to evaluate the application.