As soon as the Rhode Island Black Business Association started 12 years ago, Lisa Ranglin, its founder, president and CEO, said it's been a goal to have a multipurpose headquarters, where the organization can grow and help minority small-business owners to dream, create and scale up their own ventures.
Now that dream is a reality — thanks to local and federal money that helped the organization purchase 220 Smith St. in Providence.
The Rhode Island Black Business Association, a nonprofit organization dedicated to advancing the business opportunities and vitality of Black-owned and minority businesses in Rhode Island, was founded by Ranglin to offer access to capital, contracting, business-development resources, entrepreneur training, business advocacy, meaningful investor services and workforce development to those in need.
Ranglin said the RIBBA's current location — about 900 square feet at the Regency Plaza — has been the nonprofit's home for about eight years. According to Ranglin, the association hopes to move into its new location, which is an estimated 4,300 square feet, by the spring of 2023.
On Monday, Ranglin was joined by U.S. Senators Jack Reed and Sheldon Whitehouse, Providence Mayor Jorge O. Elorza and President and CEO of the Rhode Island Foundation Neil Steinberg to announce the purchase of RIBBA’s new headquarters. In addition to a $500,000 federal earmark, secured by Sen. Whitehouse, the city of Providence set aside $137,500 in federal American Rescue Plan Act funding for the project.
The Rhode Island Foundation announced it would also be stepping up to support RIBBA, providing $137,500 in funds for the organization's programming.
"We see this new space as serving multiple facets of what we do, including a coworking space, a place for small business owners to build and as a training hub, where entrepreneurs can scale and create," Ranglin said. "We also have plans to expand our leadership development programs and those that cater to our emerging leaders. This new building will really be a transformational space for us and help us offer a state-of-the-art facility for RIBBA members and partners.
Ranglin said the RIBBA has been talking about owning a headquarters of their own for almost a decade now. With the closing on the property on Oct. 31, plans have now shifted to building out the space.
"We're looking for donors and investors who want to help build this small business community," she said. "Now that we have the building secured we need funding help for the build, so we're encouraging folks to reach out. We also have things like workshops on financial literacy, negotiation skills and programs to help people grow their career and business skills that we want to expand on."
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A previous version of this story incorrectly identified the town where the Black Business Association's headquarters is located. The HQ is in Providence.
