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Rhode Island Black Business Association Receives $50,000 Donation from Partnership for Rhode Island

Funds celebrate RIBBA’s 10 year anniversary and mark a greater investment in supporting organizations that promote racial equity

Providence, RI March 31, 2021.  The Rhode Island Black Business Association (RIBBA), a 10 year-old non-profit organization dedicated to advancing the business opportunities and vitality of Black-owned businesses in RI, is pleased to announce a charitable contribution in the amount of $50,000 from Partnership for Rhode Island. This commitment follows Partnership for Rhode Island’s commitment to increasing racial equity and opportunity in the state and will be used to increase RIBBA’s overall program and service delivery capacity.

RIBBA has worked over the last 10 years to create a more equitable business environment in Rhode Island through access to capital, contracting, business development resources, entrepreneur training, advocacy, meaningful investor services, and workforce development. COVID-19 eliminated 41% of Black-owned businesses nationwide (Federal Reserve Bank of New York; August 2020). This loss has demonstrated an urgent need for investment in Black businesses.

The Partnership for RI funding follows a $50,000 donation from the Rhode Island Foundation, a member of the Partnership for RI, in December of 2020. This greater investment in RIBBA comes on the heels of a national reckoning that structural racism exists and holds back many Black and brown communities from achieving access to opportunity and economic prosperity.

“This generous donation from Partnership for Rhode Island signifies a confidence in RIBBA’s historic and groundbreaking work over the last 10 years,” said Lisa Ranglin – Executive Director of RIBBA. “COVID-19 has been completely devastating for Black and brown communities and the time to act is now. This investment provides us with the ability to grow and have greater impact in the communities we serve through programs and services that scale businesses, create jobs, advance careers, and improve over-all economic health.  We thank the Partnership for Rhode Island for their support!”

“We are excited by the growth and mission of RIBBA and hope that our support, and their continued impact statewide, will encourage others to recommit to a more equitable and sustainable business environment in Rhode Island,” said Tom Giordano – Executive Director of The Partnership for Rhode Island.

To learn more about RIBBA’s programs, services, or to contribute, go to www.ri-bba.org or contact amanda@ri-bba.org.

 

About RIBBA The Rhode Island Black Business Association (RIBBA) is a non-profit organization dedicated to advancing business opportunities and vitality of Black-owned and minority businesses in Rhode Island through access to capital, contracting, business development resources, entrepreneur training, business advocacy, meaningful investor services, and workforce development.

Our vision is to create a more equitable and sustainable business environment in Rhode Island. Our purpose is to leverage the region’s core assets to find solutions in the areas that matter most to the business and community: quality jobs, quality growth, and quality of life for all.

About Partnership for Rhode Island

The Partnership for Rhode Island is a non-profit, 501c4 organization focused on making Rhode Island a better place to live, work, learn and do business. Led by Tom Giordano, the Partnership has, the four years since its founding, has investment millions in public-private partnerships, hired tens of thousands of Rhode Islanders and has scaled programs in K-12, workforce development, energy infrastructure and business attraction. Founded at the urging of former Governor Raimondo, this active group has tackled some of the largest issues facing our state such as the turnaround of Providence Public School District, Covid-19 related unemployment to clean energy goals.

Business Highlight: Papi’s Coquito

Papi’s Coquito started as a hobby bringing coquito, a coconut liquor beverage that originated in Puerto Rico, to the homes of friends of families. Victor Regino, one of the founders, wanted to find a way to keep his grandmother’s recipe alive, and began making this special drink for his friends. It became so in-demand that he eventually realized he had to find a way to monetize it. That’s where Luis Olmo, an accountant and old friend of Victor’s came in to help him in that effort. 

Victor and Luis worked together to lay out the plan for getting the business off the ground and were well aware that in order to get things going, they needed funds. Starting a liquor business is no small feat and would require significant financial investment. Historically, it hasn’t been easy for Black and Latino businesses to get access to capital, so they decided to try something unconventional and enrolled in RIBBA’s Business Plan Competition. Papi’s Coquito was one of three winners and was awarded a $3,000 micro-loan. With that funding, they were able create an LLC, purchase merchandise, and develop and distribute samples to new marketplaces outside of the Latino community where coquito originated.  

As they navigated getting their business license, they realized they’d need an even larger loan to apply for that license and further launch the business. The $3,000 loan helped Victor and Luis build credit as they applied for a significantly larger loan and were eventually approved.  

Papi’s Coquito will be launching out of Pawtucket as a wholesaler liquor beverage and will supply their coquito to liquor businesses throughout the state. They have an upcoming state hearing that is one of the final pieces to their official release this Spring. To stay up to date on the product and it’s launch, check out their website, Instagram, or Facebook 

 

  

Rhode Island Black Business Association Now Accepting Applications for Young Adult Mentor Program Pilot

Providence, RI – Monday, October 5, 2020 -The Rhode Island Black Business Association (RIBBA) and its charitable arm that focuses on empowerment and training related activities – the Institute of Economic Empowerment & Development (IEED), are now accepting applications for mentors and mentees to participate in the LEAP (Leadership Equity Accelerated Pathway) Initiative Mentor Program Pilot.

The mission of the LEAP Initiative is to train and support individuals through their academic and early careers by providing well-informed programs and services that strengthen their skills and support the many complex challenges they face. The LEAP Initiative’s Mentor Program is the first stage in this transformative and multi-layered initiative focused on developing a sustainable generation of diverse, empowered, and well-informed individuals.

The LEAP Mentor Program will take place over the course of 6 months, from the beginning of November  2020 until the end of May 2021. Mentors will be matched with middle school through early career aged mentees. Mentor and Mentee pairs will work together solving attainable goals, resolving challenges and removing barriers with the support of IEED. The deadline for applications is October 28, 2020.

“We’re extremely proud to be launching the LEAP Initiative with the Mentor Program Pilot,” said Lisa Ranglin – President of Rhode Island Black Business Association. “I’m confident that this transformative and impactful program will change the trajectory of people’s lives. There are a wide number of barriers and challenges that underrepresented individuals face throughout their academic and career journeys. We are working diligently to support young people as they navigate these roadblocks and to provide them with mentorship and evaluate each of their needs to determine what else supports their route to success.”

The initiative and program are informed by the Community Advisory Board for Young Adults. Each program detail has been assessed and designed by future participants as well as the business community, ensuring all individuals who are impacted are involved in the planning. The LEAP Mentor Program Pilot is free for both mentors and mentees.

To participate in the program, interested individuals can find more information and the mentee and mentor applications here. For more information on how to  support this program and overall initiative, contact: info@ri-bba.org.

 The Rhode Island Black Business Association (RIBBA) is an independent non-profit organization. RIBBA’s purpose is to leverage the region’s core assets to find solutions in the areas that matter most to the business and community: quality jobs, quality growth, and quality of life. Our membership is open to the public and includes both small storefronts and large corporations – no matter the size or type of business, and professionals. We provide proactive policies, aggressive advocacy, and meaningful investor services that impact our members’ bottom line.

The Institute for Economic Empowerment and Development is a 501 (c) (3) charitable arm of RIBBA and provides mentorship/career/ business readiness training and financial support for RIBBA’s initiatives and programs by the way of grants and fundraisers. Learn More, call 401-383-1179 or e-Mail: Info@ri-bba.org