Welcome! Login | Register
 

Revolution Wrap Regular Season With 1-0 Win—The New England Revolution finished their regular season…

Brown Dominates Cornell 42-16—Bears improve to 3-3 with solid win

Best Romantic Weekend Getaways in New England—Autumn is the perfect time of year for…

What to Watch For: Patriots vs. Bears—The Patriots welcome the Bears to Gillette Stadium…

Rhode Island College Football Weekend Preview—Nationally Ranked Bryant returns home, Family weekend at…

$2 Million Donation Presented to The Wheeler School—Wheeler School presented with $2 million donation.

The Scoop: Elorza Requests Investigation Into Possible Ballot Tampering, Fung Tours Brutopia—Welcome back to The Scoop, the 4 p.m.…

RI Department of Health Releases Ebola Update—The Rhode Island Department of Health has releases…

Obama Reschedules Rhode Island Visit—Barack Obama has rescheduled his visit to Rhode…

NEW: Cianci Responds to Mail Ballot Tampering Accusations—Independent candidate for Mayor Vincent Cianci has released…

 
 

Chafee to Propose Reform of EDC Loan Program

Wednesday, September 01, 2010

 

Independent gubernatorial candidate Lincoln Chafee today announced a 10-point plan to overhaul the Rhode Island Economic Development Corporation’s process for using its loan guarantee fund.

The proposed reform comes after the controversy the EDC has created by extended a $75 million loan guarantee to Curt Schilling’s video game company. Chafee has been an outspoken opponent of the deal and has asked the EDC to reconsider it.

“The $125 million Rhode Island Loan Guaranty Fund is a potentially valuable tool to stimulate job creation, attract new companies to our state, and support new and existing Rhode Island businesses and entrepreneurs,” Chafee said.  “I intend to leverage the Fund’s job creation potential while striving to limit taxpayer risk through diversification.”

His plan included a call for a nationwide competition for business plans from companies interested in moving to Rhode Island, encouraging local start-ups to participate in the fund, and partnering with colleges, universities, and the Chambers of Commerce.

Chafee said some of the money in the fund should be reserved for small businesses and he said loan amounts should be capped at $6.25 million—far less than the $75 million loan guarantee the EDC gave to Schilling’s company. He said he wanted the money in the fund spread out over 50 businesses.

 

Related Articles

 

Enjoy this post? Share it with others.