2021 -- H 5015

========

LC000228

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2021

____________

J O I N T   R E S O L U T I O N

MAKING AN APPROPRIATION OF $140,000 TO URBAN VENTURES

     Introduced By: Representative Scott Slater

     Date Introduced: January 13, 2021

     Referred To: House Finance

     WHEREAS, Urban Ventures was created in 1999 under RIGL § 42-64-13.1 "Assistance

to Urban Communities for Economic Revitalization" as a 501(c)(3) nonprofit organization

dedicated to helping small/micro businesses in urban communities of Rhode Island to start-up,

and grow; and

     WHEREAS, Since its inception, Urban Ventures has assisted hundreds of

entrepreneurs/businesses of diverse ethnic backgrounds in a wide variety of industries; and

     WHEREAS, Currently, Urban Ventures has two full-time paid staff and a ten person

volunteer board of directors who lend their extensive expertise in working with clients as needed;

and

     WHEREAS, To accomplish its goals, Urban Ventures utilizes technology, the E-

Incubator (Virtual Incubator) concept, to leverage its work with clients on their businesses,

including providing dedicated online spaces for clients to think through and develop their ideas

and online presence, and to make it easy for these businesses to stay in meaningful

communication with Urban Ventures, sometimes seven days a week. It is a solution created out of

necessity to provide needed support in an environment where there is increasing need but

decreasing funding. Urban Ventures’ E-Incubator (Virtual Incubator) concept helped Rhode

Island win a four million five hundred thousand dollar ($4,500,000) Federal Broadband Grant in

2010; and

     WHEREAS, Urban Ventures understands and shares knowledge to help create

environments which can assist small/micro businesses in urban communities; and

     WHEREAS, Urban Ventures works with entrepreneurs on building equity and taking a

unique equity first approach when developing their business models, instead of focusing on debt

as a primary dependency of funding; and

     WHEREAS, In addition, Urban Ventures co-authored Rhode Island’s historic Micro

Business Law, RIGL § 37-14.2 in 2016, and in 2018, introduced UV Launch Pads, in order to

allow clients to learn first-hand how easy it is to develop a website that they can use to showcase

their business, products and services to the world; and

     WHEREAS, Urban Ventures also collaborates with other partners in the community

whenever it can in order to assist with areas of entrepreneurship/business development with

individuals with which it is working; and

     WHEREAS, In accordance with RIGL § 42-64-13.1(e), the general assembly shall

annually appropriate the sums it deems necessary to carry out the provisions of the Enterprise

Equity Fund and the Urban Business Incubator; and

     WHEREAS, The initial funding appropriation for Urban Ventures was two hundred fifty

thousand dollars ($250,000); however, in recent years, the organization's funding has dropped to

$140,000 annually; now, therefore be it

     RESOLVED, That there is hereby appropriated to Urban Ventures the sum of one

hundred and forty thousand dollars ($140,000), out of any money in the treasury not otherwise

appropriated for the fiscal year 2021-2022, for operations and to implement activities assisting

small businesses within the State of Rhode Island; and the state controller is hereby authorized

and directed to draw orders upon the general treasurer for the payment of said sum, or so much

thereof as may be from time to time required, upon receipt of properly authenticated vouchers.

========

LC000228

========

LC000228 - Page 2 of 3

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

J O I N T   R E S O L U T I O N

MAKING AN APPROPRIATION OF $140,000 TO URBAN VENTURES

***

     This resolution would authorize the appropriation of the sum of one hundred and forty

thousand dollars ($140,000) to Urban Ventures for operations and to implement activities

assisting small businesses within the state of Rhode Island.

========

LC000228

========

LC000228 - Page 3 of 3