RIEDC Partners with Alternative Lenders and Growth Capital Experts to Help Rhode Island Businesses Find New Sources of Capital
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RIEDC to offer seminars “Navigating the Credit Crunch: Alternative Lending Sources” on November 19 and “Financing Fast Growth” on November 25 at the agency’s Providence offices
The Rhode Island Economic Development Corporation today announced that it will host two financing educational seminars this month targeting the state’s small business community: “Navigating the Credit Crunch: Alternative Lending Sources” on Wednesday, November 19 at noon and “Financing Fast Growth” on Tuesday, November 25 at 10 a.m. Both events will be held at the RIEDC’s Providence offices located at 555 Valley St., Providence and are free to the public.
“In these tough economic times, programs such as the alternative lending and ‘Financing Fast Growth’ seminars are especially valuable because you can not grow jobs without capital,” says Saul Kaplan, RIEDC executive director. “The goal of these seminars is to help Rhode Island companies learn how to access capital, develop new products and services, enter new markets and create new jobs.”
RIEDC is hosting the first seminar, “Navigating the Credit Crunch: Alternative Lending Sources,” on November 19 from noon–2 p.m. at the agency’s Providence offices. While Rhode Island banks are an important source of capital for the state's businesses, a moderated panel discussion will introduce Rhode Island companies to non-bank sources of debt capital that can be used to expand and grow small businesses. Local businesses will meet alternative asset-based lenders, learn how their loan products work and create relationships with potential new lending sources. The panel, moderated by Commercial Financial Consulting’s Ralph X. Stone, includes: Peter Aransky, Greenfield Commercial Credit; George P. Gochis, Diamond Business Credit; Jack O’Neil, Danvers Savings Bank; and David McIlroy, Wells Fargo Business Credit. The program and lunch are free, but registration ends on November 17. Please RSVP to Meghan Hinds at or 401-278-9146.
“The alternative lending seminar is a timely event for Rhode Island companies,” says J. Michael Saul, RIEDC deputy director. “With tighter credit markets, local companies likely do need a non-bank source of debt capital. This seminar will introduce businesses to these new sources of debt capital. We are committed to fully leveraging every tool we have in our arsenal to help Rhode Island companies grow and create jobs.”
The second seminar, “Financing Fast Growth,” will detail early stage capital sources for fast growing companies in Rhode Island, featuring local equity and near equity capital providers followed by lunch and networking. The event, hosted by Clear Venture Partners, a venture capital fund that acts as a venture educator and developer in secondary cities throughout northern New England, will take place at RIEDC’s Providence offices on November 25 from 10 a.m. to 1 p.m.
Attendees will learn about equity sources and how to tap into them, the venture capital process, how angel investors differ from venture capital, and innovation and technology grants. Panelists include: Michael Gurau and Michael Burgmaier, Clear Venture Partners; Richard G. Horan, Slater Technology Fund; Peter Dorsey, Cherrystone Angels and BDCRI; Tim O’Loughlin, Vencore Capital; and Richard Ferro, RLF Management Services. The program and lunch are free, but registration ends on November 18. Please RSVP to Jen Walker at .
“The Rhode Island Economic Development Corporation was the obvious partner for us to work with to bring this type of educational event to the region,” says Michael Gurau, president of Clear Venture Partners. “RIEDC and Clear Venture Partners recognize the importance of early stage capital to build an innovation economy. By educating and bringing together Rhode Island’s entrepreneur community, local entrepreneurs and growth-oriented companies will learn how to acquire the right capital for their company’s needs.”