Lieutenant Governor Matos, Secretary Tanner Highlight Small Business Programs at Lincoln Small Business Published on Friday, February 24, 2023 LINCOLN, RI – Lieutenant Governor Sabina Matos and Commerce Secretary Liz Tanner were joined on Friday morning by Enhanced Capital and Hope & Main to highlight the success of the Small Business Development Fund (SBDF) at a visit to Plants to Food, a food manufacturing small business in Lincoln that has grown exponentially thanks in part to funding from the SBDF. “Rhode Island has the most talented entrepreneurs in the country. Through programs like the SBDF, Commerce is connecting them with the resources they need to reach their full potential,” said Lieutenant Governor Sabina Matos. “Let’s keep investing in ambitious small businesses across our state!" “I have worked my entire career to support Rhode Island’s small businesses, and there are more resources available today than I have ever seen,” said Secretary Liz Tanner. “Commerce is proud to support businesses like Plants to Food with the SBDF and dozens of other assistance programs. Our team is working hard to ensure that every small business is familiar with the resources and opportunities we have to offer.” Plants to Food received financing from Enhanced Capital through the SBDF and will use the funds to purchase machinery and equipment, for leasehold improvements, and general working capital. This infusion of capital will support the creation and retention of approximately 60 jobs in Rhode Island by the end of 2023. “Enhanced Capital is looking forward to working with Scott Lively and his excellent team at Plants to Food as it scales to becomes one of the largest plant-based food manufacturers in the Northeast,” said Mark Slusar, Managing Partner at Enhanced Capital. “Enhanced Capital’s funding will enable the company to make significant contributions towards growing Rhode Island’s economy.” “Enhanced Capital quickly came through with the flexible financing that we needed at a critical period in the company's journey,” said Scott Lively, CEO of Plants to Food. “With this support, we will soon add new machinery and equipment and additional quality jobs here in Rhode Island. Today, we have 30 employees; with our planned growth, we will add five more in the next couple of weeks. We are confident that we will continue to hire over the next several years. Programs like the Small Business Development Fund make Rhode Island a great place to do business.” “Hope & Main is Rhode Island’s premier culinary incubator and among the top ten in the country. Since 2014 we have launched over 450 businesses. Access to capital on flexible terms continues to be a challenge for food entrepreneurs to launch and grow their businesses,” said Lisa Raiola, Founder & President of Hope & Main. “Several of our members have received financing from Enhanced Capital through the SBDF program that was critical for them to launch or expand their businesses.” Launched in FY21, the Rhode Island Small Business Development Fund Program provides Rhode Island-based small businesses with the capital they need to create and retain good jobs in the state. The program’s primary focus is to provide financial assistance to small businesses impacted by the COVID-19 pandemic. At least 25% of the loans are made to eligible small businesses in the hospitality sector. Funding is available in two categories: (1) microloans of up to $100,000 per company, and (2) larger term loans of up to $1 million per company. The Small Business Development Fund has awarded $18,485,000 in loans to 59 small businesses and helped to create and/or retain 593 jobs. More information about the Small Business Development Fund can be found at https://enhancedcapital.com/rhode-island/. More information about the Plants to Food can be found at www.plantstofoods.com