Post by Logan on Feb 23, 2016 7:07:31 GMT -6
PROVIDENCE, R.I. — Providence real-estate projects that would add 44 micro lofts on Dorrance Street and 56 apartments on Chestnut Street, and an Attleboro company that hopes to relocate into office space in the Omni Providence Hotel, won approval Monday night from the Rhode Island Commerce Corporation for a total of $3.9 million in Rebuild Rhode Island and Qualified Jobs Incentive tax credits.
Plus, the Commerce Corporation approved six entities that are expected to begin loaning up to $5.45 million in state money to small businesses within several months. Under the state's new Small Business Lending Program, the agency has required the loaning entities to match the state money dollar for dollar. This loan program is the final economic incentive to be put into action after Raimondo unveiled multiple programs a year ago that later won General Assembly approval.
The Commerce agency expects the following entities to loan $25,000 or more in each transaction, with the following amount of state money: South Eastern Economic Development Corporation, $1 million; Business Development Corporation of Rhode Island, $1 million, contingent on that entity securing its required matching funds; Community Investment Corporation, a Connecticut entity that has expanded into Rhode Island, $1 million; and CDC of New England, $1.9 million. To make "micro" loans of $2,000 to $25,000, the board approved: Center for Women & Enterprise, $250,000; Social Enterprise Greenhouse, $125,000; and Community Investment Corporation, $170,000.
"Small businesses are the lifeblood of our economy," and among their frequent complaints is that they struggle to access capital, Commerce Secretary Stefan Pryor said after the meeting. This effort is central to Governor Raimondo's commitment that a "significant component" of her incentives package help small businesses, he said. "Small businesses in Rhode Island will now have a constellation of six lenders they can turn to for financing — lenders that understand their needs specifically, lenders that offer technical assistance to small business in addition to offering the financing itself."
Read more: www.providencejournal.com/news/20160222/ri-commerce-corporation-oks-39-million-in-tax-credits-for-projects
Plus, the Commerce Corporation approved six entities that are expected to begin loaning up to $5.45 million in state money to small businesses within several months. Under the state's new Small Business Lending Program, the agency has required the loaning entities to match the state money dollar for dollar. This loan program is the final economic incentive to be put into action after Raimondo unveiled multiple programs a year ago that later won General Assembly approval.
The Commerce agency expects the following entities to loan $25,000 or more in each transaction, with the following amount of state money: South Eastern Economic Development Corporation, $1 million; Business Development Corporation of Rhode Island, $1 million, contingent on that entity securing its required matching funds; Community Investment Corporation, a Connecticut entity that has expanded into Rhode Island, $1 million; and CDC of New England, $1.9 million. To make "micro" loans of $2,000 to $25,000, the board approved: Center for Women & Enterprise, $250,000; Social Enterprise Greenhouse, $125,000; and Community Investment Corporation, $170,000.
"Small businesses are the lifeblood of our economy," and among their frequent complaints is that they struggle to access capital, Commerce Secretary Stefan Pryor said after the meeting. This effort is central to Governor Raimondo's commitment that a "significant component" of her incentives package help small businesses, he said. "Small businesses in Rhode Island will now have a constellation of six lenders they can turn to for financing — lenders that understand their needs specifically, lenders that offer technical assistance to small business in addition to offering the financing itself."
Read more: www.providencejournal.com/news/20160222/ri-commerce-corporation-oks-39-million-in-tax-credits-for-projects