Focusing on two key job growth priorities, the Rhode Island Economic Development Corporation (RIEDC) Board of Directors, led by Governor Chafee, voted to adopt focused yet flexible work plans that help Rhode Island businesses gain better access to financing and streamline state and local regulatory processes to save companies time and money.
The RIEDC Board’s subcommittees on ‘Access to Capital’ and ‘Making it Easier to Do Business’ have been working over the past several months with members of Rhode Island’s business community, federal, state and local officials and other public and private economic development stakeholders to develop their respective work plans. The goal was to identify the best ways to help existing Rhode Island companies or businesses looking to relocate to the state succeed and create quality jobs. Each establishes a clear, adaptable and measurable set of action steps to improve the state’s business climate and accelerate job growth.
“I have hosted a number of community business forums recently in cities and towns throughout the state, and two things I hear again and again from small business owners are the need to streamline regulations and provide greater access to capital. I am pleased that today we are taking steps toward both of those goals and continuing to make Rhode Island a better place to do business,” said Governor Chafee.
“With Governor Chafee’s leadership and the tremendous efforts of the RIEDC Board and our public and private economic development partners, we’re taking significant steps to address two of the critical issues businesses have consistently told us are keys to their success – access to capital and a need for a clear, predictable and reliable regulatory system,” said RIEDC executive director Keith Stokes. “The RIEDC is eager to continue working with federal, state, and municipal agencies as well as the private and non-profit sectors to implement our forward looking strategies to grow quality jobs in Rhode Island.”
The vision for the Access to Capital plan is that by defining and evaluating gaps in business financing and know-how resources, Rhode Island can create opportunity and clearer pathways to private and public co-invested capital for businesses at all stages of development to foster successful growth.
