governor lincoln d. chafee, riedc and municipalities business community outreach forum “year of...

Governor Lincoln D. Chafee, RIEDC and Municipalities Business Community Outreach Forum

“Year of Cities and Towns”

City of Warwick

Town of East Greenwich

April 2012

Agenda

• Introduction – Keith Stokes, RIEDC Executive Director (emcee), 401-278-9100, executivedirector@riedc.com

• Welcome Remarks – Governor Lincoln D. Chafee

• Welcome Remarks – Mayor Scott Avedisian, City of Warwick, 401-738-2000, mayorsoffice@warwickri.com

• Welcome Remarks – Town Manager William Sequino, Jr., Town of East Greenwich, 401-866-8675, wsequino@eastgreenwichri.com

• Welcome to New England Institute of Technology – Seth Kurn, Executive Vice President

• Welcome Remarks – Charles J. Fogarty, Director, Dept. of Labor and Training, 401-462-8870, Director-DLT@dlt.ri.gov

• Improving Access to Capital: Financing Programs for Small Businesses Earl Queenan, RIEDC, Managing Director of Financial Programs, 401-278-9129, equeenan@riedc.com

• Renewable Energy Fund Program Julian Dash, RIEDC, Director Renewable Energy Fund, 401-278-9138, jdash@riedc.com

• Making it Easier to do Business: Regulatory Assistance Leslie Taito, RIEDC, Director of Regulatory and Quality Management, 401-278-9161, ltaito@riedc.com

• Small Business PartnersU.S. Small Business Administration – Mark S. Hayward, District Director, 401-528-4561, Mark.Hayward@sba.govOcean State Business Development Authority – Henry A. “Bud” Violet, President, 401-278-9120, budv@osbda.comSmall Business Development Center – Ardena Lee-Fleming, 401-263-5128, ardena.lee-fleming@jwu.edu

Improving Access to Capital – Financing for Small Business

Small Business Loan Fund (SBLF)

For smaller businesses looking for a direct, fully-secured loan, the Small Business Loan Fund

provides from $50,000 to $250,000 in financing. The program loan funds an average 25% of

the total project cost and can be used for acquisition and improvements of land, buildings

and equipment, new construction and working capital. Interest rates are fixed. The

repayment terms are flexible, with up to 10-year terms.

Job Creation Guaranty Program

The Job Creation Guaranty Program provides greater access to capital and credit for growth-

oriented businesses looking to expand or relocate to Rhode Island. Under the program, the

RIEDC is authorized to guarantee loans by private lenders or guarantee certain bond

obligations for the benefit of businesses in, primarily, technology and innovation-driven

industries that can create permanent, high-paying, full-time jobs in the state and continue

to expand Rhode Island’s knowledge economy. 

Improving Access to Capital – Financing for Small Business

Industrial Revenue Bonds (RIIFC)

RIIFC is empowered to issue both Tax Exempt and Taxable Industrial Revenue Bonds, which may be

used to finance qualified commercial and industrial projects. Financing can include land, building,

machinery & equipment, as well as related soft costs and can cover the entire project cost.

Industrial - Recreational Building Authority Bond / Mortgage Insurance (IRBA)

RIEDC offers mortgage insurance through IRBA. The maximum amount a business can borrow

through this program is $5 million. The loan covers up to 90% on real estate, 80% of machinery

and equipment, and 75% of tourist-travel recreation projects. Funds can be used for new building

acquisitions, additions and rehabilitation of existing buildings and for new or used machinery and

equipment. This program offers borrowers debt insurance on tax-exempt bonds, taxable bonds

and conventional mortgages.

Who To Contact: Earl Queenan, Managing Director of Finance, 401-278-9129, equeenan@riedc.comChristopher Cannata, Financial Services Client Relations Manager, 401-278-9183, ccannata@riedc.com

Renewable Energy Fund

Renewable Energy Fund (REF)

The REF is dedicated to promoting the state’s renewable energy economy. The fund provides

grants, loans and other financing for renewable energy companies, projects and initiatives

that support the production of power in a cleaner, more sustainable manner and stimulate

job growth in Rhode Island’s economy.

The REF provides incentives for the following activities:

– Affordable housing developments

– Municipal renewable energy projects

– Technical and feasibility studies

– Business, commercial and institutional investments

Who to Contact:

Julian Dash, Director Renewable Energy Fund, 401-278-9138, jdash@riedc.com

Making it Easier to Do Business – Regulatory Assistance

ORR Purpose:

The purpose of the Rhode Island Regulatory Reform Act was to create within the RIEDC the

Office of Regulatory Reform (ORR) to facilitate the regular review of and report on Rhode

Island’s regulatory processes and permitting procedures in an effort to improve them and

assist and facilitate economic development opportunities in Rhode Island and within its

cities and towns.

Mission:

ORR aims to improve Rhode Island’s business climate by making it easier for businesses to

successfully navigate state and municipal permitting and regulatory affairs.

Vision:

ORR facilitates the creation and refinement of a clear, predictable and reliable state and

local regulatory system to advance the competitiveness of Rhode Island business while

protecting the health, safety and quality of life of our citizens.

Making it Easier to Do Business – Regulatory Assistance

How Can ORR Help?

Provide Rhode Island businesses with on-demand service and assistance for navigating

regulatory and permitting issues.

What we can do: • Define a project• Define application process

• Identify potential/current issue(s)• Facilitate pre-application meeting• Manage expectations• Present timeline• Ensure efficient information exchange• Assist with conflict resolution

Who to Contact:

Leslie Taito, Director Regulatory and Quality Management, 401-278-9161, ltaito@riedc.com

Sherri Lynn Carrera, Small Business Ombudsman, 401-278-9174, scarrera@riedc.com

Michael Walker, Senior Project Manager, 401-278-9105, mwalker@riedc.com

Nora Eshkhanian, Research Assistant, 401-278-9141, neshkhanian@riedc.com

Additional Resources

Additional Resources:

U.S. Small Business Administration (SBA)Mark S. Hayward, RI District Director 401-528-4561mark.hayward@sba.gov

Ocean State Business Development Authority (OSBDA)Henry A. “Bud” Violet, President 401-278-9120budv@osbda.com

Department of Labor & Training (DLT)Charles J. Fogarty, Director 401-462-462-8870 Director-DLT@dlt.ri.gov

RI Small Business Development Center (SBDC)Ardena Lee-Fleming, Regional Director 401-263-5128ardena.lee-fleming@jwu.edu

East Greenwich Chamber of Commerce Stephen Lombardi, President 401-885-0020steve@eastgreenwichchamber.com Central RI Chamber of Commerce Lauren Slocum, President/CEO 401-732-1100 lauren@centralrichamber.com