Robitaille Claims Caprio Is Anti-Business
Saturday, August 14, 2010
Republican John Robitaille and Democrat Frank Caprio are fighting over who is the most pro-business candidate for governor.
Robitaille says that Caprio’s support for the state’s $75 million loan guarantee to 38 Studios—the video game company owned by Curt Schilling—shows he is not a true friend of small businesses. The Caprio campaign says his experience and proposed policies make him better qualified to help small businesses.
Robitaille said Caprio's support for a government role in the Schilling deal undermines his pro-business stance. “Frank Caprio’s suggestion that government must own part of a private company in return for economic development assistance proves his pro-business rhetoric is a fraud,” Robitaille said.
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This is not a question of whether this particular loan guarantee should have been approved,” Robitaille added. “It’s about a reckless statement being made by gubernatorial candidate, Frank Caprio that could further damage our state’s economic development efforts.” He said the loan program would fail if businesses think government will own and control part of the company.
Caprio spokesman Nick Hemond said the state investment in 38 Studios was necessary for the venture to succeed—adding that Rhode Islanders deserved a share in that success.
“Early stage companies like 38 studios know that in order to get the capital they need, the lender will share in the future success in the company,” Hemond said. “Companies such as Google and Amazon had to give up an equity share to venture capital firms that lent them money and Rhode Islanders deserve the same deal.”
Candidates Debate Who’s Better for Business
Caprio has made helping small businesses the central plank of his campaign. He has called for expanding the small business loan fund managed by the state Economic Development Corporation and said that if every small business could add just one job, Rhode Island could cut its unemployment rate in half. Hemond said Caprio has also fought for eliminating the capital gains and estate taxes.
Robitaille has called for lower taxes and reducing wasteful spending. He has specifically proposed exempting veterans from paying state income taxes on their pensions.
He said Caprio’s approach to economic development was flawed.
“Mr. Caprio is a career politician, so it’s no surprise that he thinks the state government should own and run our businesses,” Robitaille said. “I’ve worked in the real world, owned a small business, and employed workers right here in Rhode Island, so I know what government should and should not do to create jobs.”
While other gubernatorial candidates talk about job creation, Hemond said Caprio was the only one with a detailed plan for doing it. He said Caprio had spent his “whole successful business career owning and advising companies” in deals similar to the one between 38 Studios and the state.
“There is no doubt that Frank is the most suited candidate in this race to handle the economic challenges facing this state,” Hemond said. “He’s already got a plan and he’ll be ready to execute it starting from the very first day he goes to work.”
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