220 R.I. Code R. 220-RICR-80-10-1.8

Current through December 26, 2024
Section 220-RICR-80-10-1.8 - Substantial Investment in Business Requirement
A. The Minority, Disadvantaged or Women owners must demonstrate that they have substantial personal investment in the Business. Proof of such substantial investment must be established by producing evidence of the following:
1. A substantial amount of money invested in the business, or
2. Investment in the form of capital, equipment, contribution of property, space, patents and copyrights.
a. Contributions of personal or professional services alone will not be considered substantial investment" for the purpose of this section. However, a contribution of such services will receive consideration when given in conjunction with other tangible forms of investment.
b. There will be an irrefutable presumption that the Minority, Disadvantaged or Women owners have not made a substantial investment in the business if a significant portion of the applicant's equity is financed by a loan or gift from a non-minority corporation, partnership or individual that has a significant interest in the applicant.

220 R.I. Code R. 220-RICR-80-10-1.8