Urban Revitalization Fund, RIEDC Form Alliance to Promote Synergy Across Rhode Island's Finance Programs
January 24, 2007 | Print this page | Share This | Email this page
TURF/RIEDC alliance seen as important step towards modernizing state's portfolio of financing tools and creating a stronger platform for economic growth in Rhode Island.
The Rhode Island Economic Development Corporation (RIEDC) and The Urban Revitalization Fund (TURF) announced a new alliance that will strengthen and better align the financing programs offered by both organizations. Through the alliance, TURF will co-locate with RIEDC at the corporation's new offices in the American Locomotive Works Development. In addition, TURF Executive Director Michael Saul will lead a comprehensive review of RIEDC's current financing programs and recommend a plan for updating the platform to better match the needs of Rhode Island companies.
In this capacity, Saul will work to create a seamless portfolio of financing tools that better leverages the full spectrum of state programs available to businesses looking to grow in Rhode Island. "We are very pleased to welcome Michael Saul to our team," says RIEDC Executive Director Saul Kaplan. "Creating an alliance with TURF will accelerate our efforts to support growth and development across the state. This important collaboration also provides the opportunity to update RIEDC's financing tools and strategies to better support a 21st century innovation economy that produces higher wage jobs at every level."
TURF is a non-profit community development financial institution (CDFI) certified by the United States Department of the Treasury to provide loans and equity-like investments to developers and not-for-profit organizations involved in the revitalization of commercial properties in urban areas. TURF products and services address financing shortfalls that enable otherwise difficult-to-fund projects to proceed. TURF typically looks for opportunities to complement and integrate investments that have the greatest potential for positive community impact.
"Better aligning the state's financing programs towards the needs of today's businesses is a sure-fire way to strengthen Rhode Island's economy and spur job growth," says William Hatfield, president of Bank of America Rhode Island. "We are very supportive of the new alliance between RIEDC and TURF and look forward to working together with Michael Saul and the RIEDC team to advance their economic development efforts."
Under the alliance, TURF will remain a standalone 501 C (3) and CDFI to preserve its ability to raise additional capital.
"I am looking forward to the opportunity to join RIEDC at time when the organization is assessing how to best integrate its financing programs with its economic development initiatives," says Saul. "The TURF/RIEDC alliance provides an opportunity to integrate each organization's financing programs to achieve greater impact and leverages the assets of both organizations to develop programs that better align with Rhode Island's economic challenges and opportunities."
The TURF/RIEDC alliance arose at a time when both organizations were looking to strengthen their platform for supporting economic growth in Rhode Island. Together, TURF and RIEDC believe the alliance will:
- Bring more visibility to the programs currently available to businesses looking to grow in Rhode Island
- Streamline business access to the state's financial products
- Broaden the spectrum of financing options available to businesses, and facilitate access to capital and other financial products
- Leverage and integrate capital and resources with other programs and initiatives that naturally intersect for greater economic impact
In addition to creating continuity across existing financing programs, Saul will also work with the RIEDC team to put forth a set of recommendations for programs the state might consider implementing to become more competitive.
"Many of Rhode Island's current financing programs are outdated and reflect old assumptions about what a business needs to grow," says Saul. "The TURF/RIEDC alliance gives us an opportunity to better see the big picture, take stock of what's working and what's not, and work together to design and implement a set of financing programs that will create a stronger economy and better opportunities for all Rhode Islanders."
Saul is a former banking and business executive active in urban economic and community initiatives. He was a founder and director of the Minority Investment Development Corporation, Chair of the Rhode Island Urban Project and Trustee and Development Committee Chair of the Providence Performing Arts Center.
For more about TURF's history and mission, visit www.turf-ri.org.
