RI Biz Winners and Flops
Wednesday, December 07, 2011
RI Biz Winners and Flops – a review of the people and companies that make RI’s economic engine go or slow. We now hit the winter months and RI's economy shows a mixed bag - early staged tech seems to be picking up steam. Unemployment still plagues RI, layoffs are still hitting Rhode Island including everything from financial services to old line media.
Pension Reform - Rhode Island took a significant step to limit the problem. Let's see if Rhode Island business will keep active and involved.
(ADD)ventures - the Providence-based ad agencies clever pro-Providence video delivered at the Chamber dinner was one of the best articulations of why Providence is a great place for business that anyone has put forth.
Washington Trust’s Commercial Real Estate Group recently provided $5,250,000 in financing to Post Road Properties to refinance its five-building office complex. "The Airport Professional Office Park is attractive and conveniently located to both T.F. Green Airport and Interstate 95, making it an ideal site for local businesses,” stated Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. And, then the bank turned around and did a big deal in Coventry -- providing a $1,850,000 commercial mortgage to Soscia Enterprises, Inc. for the refinancing and completion of renovations to Coventry Shoppers Park, a neighborhood shopping plaza located at 22 Coventry Shoppers Park in Coventry, R.I.
Inskip's Auto Mall: The auto group has a major push to raise money for the Rhode Island Food Bank - not too often do you hear about an auto group making such a community effort. Kudos.
Rhode Island Recycled Metals on Allen's Avenue: The one area that Rhode Island scores well on the state rankings for business is "quality of life." (see rankings above) The piles of scrap on Allens Avenue and the runoff from the site are a black eye for the City and an embarrassment for environmental regulators.
Cumulus and A.H. Belo: The two national media groups continue to think that cutting local professionals and decreasing their content is the way to profitability. While the decreased content may benefit GoLocal, the lack of reporters and on air talent isn't good for anyone and adds to the employment problem. Plus, anyone who would cut Art Spencer (Lite 105 iconic DJ) isn't making sound business judgments.