NEW: Senate President Praises Former EDC Director
Thursday, May 17, 2012
Senate President M. Teresa Paiva Weed today offered a lengthy statement praising former Economic Development Corporation executive director Keith Stokes.
Stokes resigned Wednesday evening following an emergency board meeting to discuss the future of Curt Schilling’s video game company, which received a $75 million loan guarantee from the state two years ago.
Paiva Weed issued the following statement:
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“It is very unfortunate that the state is losing such a valuable public servant at a time when the EDC was transforming itself. Under Keith’s stewardship, the EDC was changing from an agency that had been part of the problem to one that was an instrumental part of the solution. Keith worked very effectively with the chambers of commerce, the Small Business Administration, and the Legislature to address the needs of businesses of all sizes.
“Keith helped to reduce regulatory barriers, advocating for sensible policy and working directly with companies through the new Office of Regulatory Reform to help them succeed. He helped improve access to capital, for example using an EDC loan program to provide the needed match for small businesses to obtain SBA loans. Understanding the strong relationship between job creation and a skilled workforce, he integrated workforce development efforts into the agency.
“In addition to working with countless small businesses to assist them as they sought to succeed in Rhode Island, Keith’s office also helped major employers remain and expand in our state. His office helped Toray’s plastics manufacturing reduce energy costs so they could remain in our state, and he helped Hasbro relocate to downtown Providence to expand and create jobs for Rhode Islanders, to cite just two examples. His strong focus on the defense industry has helped maintain the strength of this vital sector of our economy. All of Rhode Island will reap the benefits of his aggressive work on America’s Cup this summer.
“Keith helped to better utilize the expertise of the Board of Directors through specialized subcommittees to better address the needs of Rhode Island’s businesses. The EDC webpage is more user friendly than ever. The EDC, under Keith’s leadership, helped Rhode Island’s exports grow to a record high earlier this year. The responsiveness of Keith and his office to the needs of small business has been unprecedented in this state.
“Keith is a forward-thinking visionary who, in his brief tenure, has helped begin to make the EDC the strong partner of business in our economic development efforts that it was created to be. His resignation leaves a void which will be difficult to fill.”
