PROVIDENCE – The Rhode Island Black Business Association’s new home is now open for business.
The nonprofit that supports the advancement of Black- and minority-owned businesses across the Ocean State on Tuesday along with local state and federal leaders cut the ribbon on the association’s new $1.8 million headquarters at 220 Smith St., located close to the R.I. Statehouse. The association acquired the property in November 2022 after leasing space at 3 Regency Plaza for a decade – about a mile away from the association’s new home.
Sen. Jack Reed, D-R.I. – who helped provide a $1 million federal earmark for the property – says the association’s new headquarters will offer co-working space and a state-of-the-art training facility for association members. Additionally, the building will serve as an equity business hub for local small businesses.
“RIBBA’s work is pivotal to creating pathways to closing the racial wealth gap and ensuring that prosperity and equity become a reality for all Rhode Islanders,” Association Founder, CEO and President Lisa Ranglin said in a statement. “With collaborative efforts and strategic investments like this, we are not only building an equity hub but also a legacy of resilience and success.”
The property purchase was also aided by a $500,000 earmark from Sen. Sheldon Whitehouse, D-R.I., as well as $137,500 from the city’s American Rescue Plan Act funds. The ARPA fund money was matched by the Rhode Island Foundation.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
