870 R.I. Code R. 870-RICR-20-00-3.8

Current through December 3, 2024

Section 870-RICR-20-00-3.8 - Application Review and Approval

A. Each Applicant shall be reviewed to confirm compliance with the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.

B. The Corporation may require the submission of additional information in connection with any Application or the revision of an Application, and may permit the resubmission of an Application rejected as being incomplete or deficient.

C. After submission of a complete Application and review by the Corporation in accordance with the requirements of the Act and these Rules, the Corporation will determine whether to award a Grant to the Applicant. In selecting Applicants to receive Grants, the Corporation will prioritize those Applicants with larger commitments of matching funds or in-kind services contributed to the Project. In determining whether to approve a Grant, factors the Corporation may consider, include, but are not limited to, the following:

1. quality of the services to be provided by the Project;

2. quality and feasibility of the Project design;

3. whether the Project fills a gap in the Rhode Island innovation ecosystem by, for example, reaching underserved or high impact sectors or offering services that are difficult to obtain;

4. the Applicant's demonstrated history of success in providing services of the type contemplated by the Project;

5. qualifications and experience of the personnel implementing the Project;

6. capacity for sustaining and/or growing the Project after exhaustion of the Grant and Match;

7. the strength of the Applicant's methodology for evaluating impacts of the Project; and

8. the Project's potential for catalytic impact including the potential to increase the number of new full-time Employees in one or more industry sectors.

D. If the Corporation determines that it will not approve a Grant for an Applicant, it shall notify the Applicant in writing of such decision.

E. The Corporation may set periodic Application deadlines that will be published on the Corporation's web site from time to time.

870 R.I. Code R. 870-RICR-20-00-3.8