governor lincoln d. chafee, riedc and municipalities business community outreach forum “year of...
TRANSCRIPT
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, [email protected]
• Welcome Remarks – Governor Lincoln D. Chafee
• Welcome Remarks – Mayor Scott Avedisian, City of Warwick, 401-738-2000, [email protected]
• Welcome Remarks – Town Manager William Sequino, Jr., Town of East Greenwich, 401-866-8675, [email protected]
• 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, [email protected]
• Improving Access to Capital: Financing Programs for Small Businesses Earl Queenan, RIEDC, Managing Director of Financial Programs, 401-278-9129, [email protected]
• Renewable Energy Fund Program Julian Dash, RIEDC, Director Renewable Energy Fund, 401-278-9138, [email protected]
• Making it Easier to do Business: Regulatory Assistance Leslie Taito, RIEDC, Director of Regulatory and Quality Management, 401-278-9161, [email protected]
• Small Business PartnersU.S. Small Business Administration – Mark S. Hayward, District Director, 401-528-4561, [email protected] State Business Development Authority – Henry A. “Bud” Violet, President, 401-278-9120, [email protected] Business Development Center – Ardena Lee-Fleming, 401-263-5128, [email protected]
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, [email protected] Cannata, Financial Services Client Relations Manager, 401-278-9183, [email protected]
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, [email protected]
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, [email protected]
Sherri Lynn Carrera, Small Business Ombudsman, 401-278-9174, [email protected]
Michael Walker, Senior Project Manager, 401-278-9105, [email protected]
Nora Eshkhanian, Research Assistant, 401-278-9141, [email protected]
Additional Resources
Additional Resources:
U.S. Small Business Administration (SBA)Mark S. Hayward, RI District Director [email protected]
Ocean State Business Development Authority (OSBDA)Henry A. “Bud” Violet, President [email protected]
Department of Labor & Training (DLT)Charles J. Fogarty, Director 401-462-462-8870 [email protected]
RI Small Business Development Center (SBDC)Ardena Lee-Fleming, Regional Director [email protected]
East Greenwich Chamber of Commerce Stephen Lombardi, President [email protected] Central RI Chamber of Commerce Lauren Slocum, President/CEO 401-732-1100 [email protected]