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News - Financing

• Governor Lincoln D. Chafee Hosts Community Business Outreach Forums in Pawtucket, West Warwick, and Cranston

  01/17/2012 - 11:43

  In his continuing effort to address the fiscal challenges of Rhode Island’s cities and towns and revitalize Rhode Island’s economy, Governor Lincoln D. Chafee hosted three packed community forums this week in Pawtucket, West Warwick, and Cranston to hear from dozens of local small business owners and discuss ways to help them succeed, grow the economy, and create jobs for Rhode Islanders.

• Senator Dennis L. Algiere and the RIEDC Celebrate the Start of the Westerly-Pawcatuck YMCA Branch Renovation Project

  10/28/2011 - 10:58

  Senator Dennis L. Algiere, the RIEDC Managing Director of Finance Earl Queenan, Ocean Community YMCA President/CEO Maureen Fitzgerald and other key stakeholders joined together today to celebrate the start of the Westerly-Pawcatuck YMCA branch renovation project.

• RIEDC Board Approves Financing to Help Rhode Island Technology Company Expand and Create 45 New Jobs

  10/24/2011 - 21:11

  The Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved financing that will help an established, knowledge- and technology-driven small business continue to grow and create high-wage jobs in Rhode Island.

• Governor Lincoln D. Chafee Announces $500,000 RIEDC Loan Fund to Support Local Businesses Affected by Tropical Storm Irene

  09/01/2011 - 09:23

  Governor Lincoln D. Chafee announced today the establishment of a $500,000 loan fund to assist Rhode Island businesses that have been affected by Tropical Storm Irene. The loans are being made available through the Rhode Island Economic Development Corporation’s (RIEDC) Small Business Loan Fund.

• RIEDC Announces Request for Proposals for Renewable Energy Projects to be Funded Through the Agency’s Renewable Energy Fund

  08/25/2011 - 10:53

  The RIEDC announced an RFP for the development of non-utility scale renewable energy projects in Rhode Island. The projects will be supported by $2.5 million in federal stimulus funds to be disbursed by the Rhode Island Office of Energy Resources through the state’s ARRA-State Energy Program and managed by the RIEDC’s Renewable Energy Fund.

• RIEDC Board Approves Renewable Energy and Small Business Financing to Help Lower Costs and Expand State’s Knowledge Economy

  08/23/2011 - 09:20

  The RIEDC Board of Directors approved two projects that will help leading advanced manufacturers reduce their utility costs and provide a growing knowledge-based small business with financing.

• RIEDC Announces Resumption of Job Creation Guaranty Program after Board Approval of Changes Proposed by Governor Chafee

  08/17/2011 - 13:08

  The Rhode Island Economic Development Corporation (RIEDC) announced today that it has resumed the state’s Job Creation Guaranty Program.

• RIEDC Board Approves Bond Financing Aimed at Creating 38 New Jobs and Expanding Community-based YMCA Programs

  07/26/2011 - 09:18

  The RIEDC Board of Directors today gave final approval to bond financing aimed at creating 38 new full-time jobs and expanding community-based YMCA programs in Rhode Island. The RIEDC will issue of up to $5 million in tax-exempt bonds to help finance the construction of a new year-round, indoor facility at the YMCA of Pawtucket’s (YMCA) MacColl field site in Lincoln, RI. The RIEDC Board granted preliminary approval to the project this past April.

• RIEDC Small Business Loan Fund Approves $2.4 million in Loans to Rhode Island Companies

  07/14/2011 - 14:24

  Ten Rhode Island small businesses recently received approval for $2.4 million in financing through the Rhode Island Economic Development Corporation’s (RIEDC) Small Business Loan Fund. The funding is expected to create and sustain nearly 200 jobs in Rhode Island.

• RIEDC Board Approves Governor Chafee’s Changes to Job Creation Guaranty Program

  04/26/2011 - 09:24

  The RIEDC Board of Directors today approved new rules and regulations for the state’s Job Creation Guaranty Program that will provide greater access to capital and credit for small businesses in the state. The Board also approved financing measures for two projects aimed at expanding community YMCA programs and growing Rhode Island’s Green Economy.

• Governor Lincoln Chafee and RIEDC Executive Director Keith Stokes Announce Company Relocation

  04/20/2011 - 03:00

  Governor Lincoln D. Chafee and Rhode Island Economic Development Corporation Executive Director Keith Stokes joined company management and other officials today to announce the relocation of Yardney Technical Products, Inc. from Pawcatuck, Conn. to East Greenwich, Rhode Island. The move will bring at least 165 advanced manufacturing jobs to the state. 

• RIEDC Board Approves Measures Aimed at Creating 286 Jobs by Boosting Innovation-based Small Businesses

  11/22/2010 - 17:07

  The RIEDC Board of Directors approved financing and tax incentive measures for three Rhode Island small businesses that are expected to create 286 jobs in the state.

• Bond Sale Closing Paves Way For 38 Studios to Bring 450 Jobs to Rhode Island

  11/03/2010 - 07:42

  RIEDC announced today the closing of its Job Creation Guaranty Program financing package that supports 38 Studios’ expansion and relocation to Rhode Island, which will bring 450 high-wage, high-skilled jobs to the state. Wells Fargo Securities Capital and Barclays co-underwrote the bonds, which were purchased in a private placement on November 2, 2010 by a group of investors that includes insurance companies, asset managers, money managers and a community bank.

• RIEDC Financing Aimed at Small Rhode Island Businesses Creating, Retaining 275 Jobs in Rhode Island

  11/01/2010 - 03:00

  The RIEDC has helped 13 Rhode Island businesses obtain $23.2 million in financing since June 2010 with the goal to create or retain at least 275 jobs.

• RIEDC Board Helps Pave Way for 209 New Jobs, Green Economy Growth

  10/25/2010 - 19:49

  The Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved financing and tax incentive measures for two critical projects aimed at creating at least 209 jobs. The Board also approved funding that will allow one of the state’s largest manufacturers to install a solar energy system to significantly reduce energy use and lower its business costs in Rhode Island.

• Rating Agencies Give Favorable Scores to 38 Studios Investment

  09/24/2010 - 07:49

  The Rhode Island Economic Development Corporation announced that rating agencies Standard & Poor’s and Moody’s issued favorable ratings on bonds for the state’s loan guarantee agreement with 38 Studios.  The strong ratings will ensure that the interest rates on the bonds will be within the interest rate cap approved by the RIEDC Board of Directors for 38 Studios.

• Secretary of State Mollis and RIEDC Team Up to Help Rhode Island Businesses Start, Grow and Expand

  08/31/2010 - 14:58

  The RIEDC and Secretary of State A. Ralph Mollis will join together again to assist businesses in development, growth and expansion through the We Mean Business Expo on Wednesday, Sept. 8 from 10 a.m. to 5 p.m. at the Crowne Plaza in Warwick.

• 38 Studios is About Jobs and Industry Growth

  08/12/2010 - 22:15

  By Keith Stokes, RIEDC Executive Director

  On July 26, the RI Economic Development Corporation board approved a $75-million loan guarantee to help Massachusetts-based 38 Studios relocate and expand its interactive entertainment business in Rhode Island. The state's backing will help the company obtain private financing to bring 450 high-wage, highly skilled jobs and millions of dollars in income tax revenue to the Ocean State.

• RIEDC Board Authorizes First Use of New Jobs Creation Program

  07/27/2010 - 09:22

  In the first use of a new $125-million program to create jobs in the Ocean State, the Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved a Final Authorizing Resolution to provide video game developer 38 Studios a loan guarantee to help the company expand its business and relocate to Rhode Island.

• Governor Carcieri, House & Senate Leadership Release Report Outlining Recommendations of CCRI 21st Century Workforce Commission

  04/14/2010 - 13:27

  Governor Donald L. Carcieri, Speaker Gordon D. Fox, Senate President M. Teresa Paiva Weed, the RIEDC, and the CCRI 21st Century Workforce Commission gathered to outline the Commission’s recommendations for strengthening CCRI’s position as a critical resource to educate workers for high-wage jobs in the state’s 21st century knowledge economy.

• Governor Carcieri and the Rhode Island Economic Development Corporation Announce Flood Funding for Small Businesses

  03/31/2010 - 13:58

  Governor Carcieri and the Rhode Island Economic Development Corporation (RIEDC) today announce the terms and conditions for the RIEDC Small Business Loan Fund’s (SBLF) Emergency Flood Fund.

• RIEDC Board of Directors Approve Funding for Three Renewable Energy Projects

  11/30/2009 - 13:20

  On November 23, the Rhode Island Economic Development Corporation’s Board of Directors voted in favor to partially fund three projects put forth by the Renewable Energy Fund (REF). The funding will support the installation of two solar systems and a wind turbine.

• RIEDC Awards $225,000 Small Business Loan Fund to Nationwide Diesel Technologies, Inc.

  11/17/2009 - 16:31

  The Rhode Island Economic Development Corporation (RIEDC) today announced that Nationwide Diesel Technologies, Inc (NDT) has been awarded a $225,000 loan by the agency’s Small Business Loan Fund. The financing will enable NDT, which operates a technical training facility in Smithfield, to open the Trades Training Center of Rhode Island, a new training center in Quonset/Davisville on February 15 and hire 15 additional employees.

• RIEDC Funds $250K Small Business Loan to Material Sampling Technologies, LLC

  09/17/2009 - 09:53

  The RIEDC announced the funding of a $250,000 Small Business Loan to Material Sampling Technologies, LLC (MST). MST is a new company which recently located its business in North Smithfield, Rhode Island.

• RIEDC Celebrates REF Grant Recipients

  09/03/2009 - 23:15

  The Renewable Energy Fund recently awarded 17 grants to Rhode Island communities, organizations and businesses that will fund renewable energy development projects or feasibility studies. To highlight the diverse array of renewable energy projects, the RIEDC has been hosting local events where community members, business owners, government affiliates and media have been in attendance.

• Mayor Cicilline Joins State Officials in Announcing Alteris Renewables Offices Locating in Providence

  08/05/2009 - 15:03

  Mayor David N. Cicilline, along with state economic development officials, announced the opening of the new offices of Alteris Renewables, Inc. - the largest renewable energy systems installer in the Northeast – in Providence. 

• Slater-Backed Cardiorobotics Closes $11.6 Million Series A Financing

  08/05/2009 - 12:57

  The Slater Technology Fund announced today that one of its portfolio companies, Cardiorobotics, Inc., has closed on an $11.6-million Series A financing. Slater participated in the financing round, which was led by Eagle Ventures.

• Apply Now for the 2009 Rhode Island Innovation Awards

  07/28/2009 - 15:49

  The Rhode Island Innovation Awards are designed to honor Rhode Island-based companies, organizations and individuals that constantly replace existing methods, models and products with better ones. Applications are due August 21!

• RIEDC, Rhody Fresh Announce Repayment of $125,000 SBLFC Loan by Rhode Island Dairy Farms Cooperative

  06/15/2009 - 14:55

  The Rhode Island Economic Development Corporation today announced that a $125,000 Small Business Loan Fund Corporation loan was paid off in full by the Rhode Island Dairy Farms Cooperative (Rhody Fresh).

• RIEDC Awards Small Business Loan Funds to Three Local Companies

  05/05/2009 - 14:01

  The Rhode Island Economic Development Corporation has awarded a total of $420,000 in loans from the Small Business Loan Fund to support job growth at three local companies.

• Governor’s Workforce Board Awards $320,000 in Grants to Local Companies

  04/27/2009 - 11:45

  The Rhode Island Economic Development Corporation (RIEDC), in conjunction with the Governor’s Workforce Board, today announced that four local Rhode Island companies qualified to receive more than $320,000 in workforce training grants.

• STAC Launches Comprehensive Searchable Database for Federal Funding Opportunities

  04/06/2009 - 13:23

  The Rhode Island Science and Technology Advisory Council has expanded its website to assist science and technology researchers and enterprises in pursuing stimulus funding opportunities.

• BusinessWeek Cites Providence as a “Best Small City” for Startups

  04/01/2009 - 12:49

  Business Week magazine has selected Providence as one of the best small cities in the country for startup companies. The magazine credited the Rhode Island Economic Development Corporation’s small business support and funding that helps the state’s small businesses expand and grow.

• RIEDC 2009 Economic Growth Plan: Rhode Island, Working Again

  03/24/2009 - 10:28

  RIEDC’s 2009 Economic Growth Plan proposes 10 concrete action items to accelerate the pace of job growth in our state.

• Rhode Island Business Owner Writes Letter of Support for RIEDC’s Innovation Tax Credit and Workforce Training Services

  03/16/2009 - 14:40

  In a recent letter to the Providence Journal, Bernie Lambrese, CEO of Infusion Resource, called the Rhode Island Economic Development Corporation’s Innovation Tax Credit and workforce training grants critical to supporting and creating jobs.

• RIEDC Calls on General Assembly to Approve Small Business Loan Guarantee Authority

  01/26/2009 - 14:07

  RIEDC Interim Executive Director J. Michael Saul called on the Rhode Island legislature January 21 to approve a guarantee authority from the state of Rhode Island to help small businesses access much needed capital.

• RIEDC Partners with Alternative Lenders and Growth Capital Experts to Help Rhode Island Businesses Find New Sources of Capital

  11/10/2008 - 12:14

  RIEDC 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.

• Neurotech Announces the Opening of Its GMP Manufacturing Facility in Cumberland, Rhode Island

  10/21/2008 - 08:55

  Neurotech Pharmaceuticals, a privately-held biotechnology company focused on the development of sight-saving therapeutics for chronic retinal diseases, announced today the opening of its new 27,000-square-foot GMP manufacturing facility in Cumberland, Rhode Island.

• Time is Running Out to Apply for the 2008 Rhode Island Innovation Awards

  08/06/2008 - 13:48

  The Innovation Awards, presented by the Providence Business News in partnership with the Rhode Island Economic Development Corporation and Tech Collective, and sponsored by Cox Business, are designed to honor Rhode Island-based companies, organizations and individuals that constantly replace existing methods, models and products with better ones.
  A short application form is due by August 20. Apply Now!

• RIEDC Financing Program to Create 90 New Jobs in Rhode Island

  07/30/2008 - 08:48

  The Rhode Island Economic Development Corporation’s Small Business Loan Fund (SBLF) has provided expansion capital loans totaling $1.75 million, enabling four Rhode Island businesses to create more than 90 new jobs.

• InQuest Technologies Announces Corporate Relocation to Rhode Island

  07/28/2008 - 13:51

  InQuest Technologies, the developer of IQ9, the leading platform for delivering web-based enterprise business applications, today announced that the company will relocate its headquarters from Southborough, Massachusetts to Providence, Rhode Island in September 2008. InQuest will relocate approximately 20 employees when doors at the new office open this fall with plans to hire aggressively and grow this location to 50 employees.

• Legislation Seeks Growth Capital Program to Support Rhode Island Businesses

  05/15/2008 - 11:20

  Legislation to create a $20-million Growth Capital Guarantee Program has been introduced to the Senate and House of Representatives of the Rhode Island General Assembly. The legislation seeks to reposition existing guarantee authority currently in the Rhode Island Industrial-Recreational Building Authority (IRBA) program to help companies well positioned to create new high-wage jobs obtain growth capital from private sector lenders using assets other than real estate, machinery and equipment.

• RIEDC Financing Programs Create, Retain More than 400 Jobs in 12 Month Period

  05/12/2008 - 09:49

  The Rhode Island Economic Development Corporation’s Small Business Loan Fund (SBLF) and Micro Loan program have helped create and/or retain more than 400 jobs in the last year.  Since June 2007, 12 loans totaling $2.6 million were awarded to both small and mid-sized businesses located in communities throughout the state.

• Concordia Expands Medical Manufacturing Operation in Rhode Island

  04/17/2008 - 13:22

  The Rhode Island Economic Development Corporation (RIEDC) announced today that Concordia Manufacturing, LLC has received a $500,000 loan from the Small Business Loan Fund to assist in its plans to expand its medical manufacturing operations.

• RIEDC’s Saul Kaplan Discusses Rhode Island’s Growth Plan with BioRegion News

  03/19/2008 - 15:53

  RIEDC Executive Director Saul Kaplan recently sat down for a Q&A session with a reporter from BioRegion News to discuss Rhode Island’s economic growth plan and the state’s bid to grow a high wage innovation economy.

• Saul Kaplan in ProJo Editorial: Difficult Economic Times Call for Decisive Action

  03/10/2008 - 12:57

  Rhode Island is at a tipping point and we must work together to manage a difficult state budget, improve our tax competitiveness, and provide businesses with the tools they need to grow. We must become a knowledge economy that produces better jobs for all Rhode Islanders. Recent employment numbers only increase our resolve to accelerate the transition.

• RIEDC Launches New Alliance with Two Area Business Development Companies

  02/26/2008 - 12:57

  The Rhode Island Economic Development Corporation (RIEDC) today announced a new strategic alliance with the Business Development Company of Rhode Island (BDCRI) and the Business Development Company of New England (BDCNE). RIEDC joins with the BDCs in a partnership to bring the financing tools of two of the most recognized business development organizations in the United States to an expanded number of Rhode Island businesses with more that $200 million in growth capital products available to invest.

• RIEDC Announces New Finance Program to Assist Rhode Island Growth Companies

  02/26/2008 - 12:48

  The Rhode Island Economic Development Corporation announced legislation sponsored by House Majority Leader Gordon Fox and Senator William Walaska, Chairman, Senate Corporations Committee that seeks to increase available growth capital for Rhode Island companies well positioned to grow and create new high-wage jobs.

• Neurotech Pharmaceuticals Announces Rhode Island Expansion Plan

  01/16/2008 - 14:34

  Biotechnology company focused on sight-saving technologies is aided by state in developing new office and manufacturing facility

• RIEDC Names J. Michael Saul New Managing Director of Finance Programs

  07/12/2007 - 03:00

  J. Michael Saul has accepted a permanent position at the Rhode Island Economic Development Corporation (RIEDC) as Managing Director of Finance Programs. Saul will manage the agency's portfolio of financing programs and, after completing a comprehensive review of the state's current financing tools, recommend a plan for updating the platform to better match the needs of Rhode Island companies.

• Urban Revitalization Fund, RIEDC Form Alliance to Promote Synergy Across Rhode Island's Finance Programs

  01/24/2007 - 04:00

  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.

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