RIEDC’s FY2010 Performance Report Shows Agency Helped Companies Create or Retain At Least 3,446 Rhode Island Jobs
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June 30, 2011 | Print this page | Share This |
RIEDC reports that it assisted 3,815 businesses, helped obtain $133 million in government contracts for Rhode Island companies and its clients generated more than $300 million in new capital project investments in the state.
The Rhode Island Economic Development Corporation (RIEDC)’s Board of Directors earlier this week approved the agency’s Fiscal Year 2010 Performance Report. The report shows that the RIEDC helped create or retain at least 3,446 jobs in the state between July 1, 2009 and June 30, 2010.
Utilizing an array of business development services, financing programs and other support tools, the RIEDC provided assistance to over 3,815 companies in key growth industry sectors, including: advanced manufacturing, defense, life sciences, financial services, IT and renewable energy. The overwhelming majority were companies already located in Rhode Island.
RIEDC staff also helped Rhode Island businesses obtain more than $133 million in Federal, state and local government contracts. The agency’s client companies invested over $300 million in new capital projects in the state.
The results represent a significant Return on Investment based on a $4.64 million FY2010 state appropriation.
“Our FY2010 report shows that the RIEDC continues to deliver tangible results in the midst of significant challenges in rebuilding a Rhode Island economy as we emerge from a national recession,” said RIEDC Executive Director Keith Stokes. “Much work remains to be done in critical areas, including access to capital for small businesses, streamlining the permitting process, urban revitalization and business cultivation and attraction. With leadership from Governor Chafee, the RIEDC Board and input from the business community, we are developing a concrete action plan for FY2012 to create a healthier and more competitive economy capable of sustaining long-term job and industry growth in Rhode Island.”
Summary of RIEDC Activity & Impact in FY 2010
Programs New Jobs Created Job Retention/Expansions Companies Assisted
Government Procurement 254 2,679 531
Project Status 170 2
Small Business (SBLF) Loans 69 77 11
Bond Program 169 733 3
Jobs Development Act 64 2
Export Assistance 544
Every Company Counts 1,450
Workforce Expansion
Attractions 648 1050 1,212
Enterprise Zone 264 60
Innovation Tax Credit 12 2
Total 1,586 1,860 3,815
RIEDC programs provide recurring benefits to the state beyond the first year. The jobs created in FY2010 will continue to generate tax revenue for the state long after any business incentives are provided.
Additional report highlights:
Financing - Access to Capital
In addition to tax-related incentives, the RIEDC has the ability to offer companies favorable financing for new capital investment in plant and equipment. During
FY 2010, the RIEDC issued 11 loans totaling $1.85 million through the Small Business Loan Fund (SBLF) which helped create or retain 146 jobs.
The RIEDC issued or insured $21 million in bonds through the Rhode Island Industrial Facilities Corporation or Rhode Island Industrial/Recreational Building Authority that are expected to create or retain a total of 133 jobs.
The RIEDC’s Renewable Energy Fund (REF) awarded a total of $1.7 million in grants to 20 local projects that will stimulate job growth in Rhode Island’s green technology and green energy sectors.
Business Development – Small Business Assistance
The core of the RIEDC’s business development efforts to provide companies with the tools, expert advice and partnerships to expand the state’s growth industries and create jobs.
During FY2010, the RIEDC Business Development team called on 1,212 Rhode Island firms (685 total face-to-face meetings and completed 430 calls to a total activity of 1,115), assessed their development needs and helped them to access business resources throughout the state.
The RIEDC’s Every Company Counts small business assistance program (www.everycompanycounts.com):
Held more than 620 meetings which included initial and follow-up meetings from start-ups, existing businesses and people looking to consult with RIEDC business development staff
Conducted 462 one-on-one consultations
Facilitated 132 workshops for 1,450 small business owners
The RIEDC’s FY2010 Performance Report is available online and will be formally submitted by June 30, 2011 to Governor Lincoln D. Chafee who is Chairman of the RIEDC Board, Senate President M. Teresa Paiva Weed, House Speaker Gordon D. Fox and Secretary of State A. Ralph Mollis.