EDC Issues $23M in Loans and Bonds to Local Businesses

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Friday, November 05, 2010

Stephen Beale, GoLocalProv News Editor

The Rhode Island Economic Development Corporation has issued $23.2 million in loans and bonds since June 2010 to 13 local businesses. The EDC said the financing would create or save 275 jobs in Rhode Island.

“The RIEDC’s broad portfolio of financing tools plays a vital role in helping Rhode Island businesses stay competitive and create or retain jobs in the state,” said Executive Director Keith Stokes. “Our financial services team has worked with these companies to come up with a complete, customized financial package that best meets their business needs.”

The loans were drawn from three sources under the control of the EDC: the Small Business Loan Fund, the Rhode Island Industrial Facilities Corporation, and the Rhode Island Industrial Recreational Building Authority.

Providence-based Pilgrim Screw Corporation was one of the companies that benefited from the loans, receiving a $250,000 from the small business fund that allowed it to keep 35 of its 65 workers. The company is one of the world’s leading manufacturers of specialty fasteners for the aerospace and military industries.

“The Rhode Island Economic Development Corporation stepped in to help Pilgrim at a time when banks could not or would not,” said Geoff Grove, president and chief executive officer of Pilgrim Screw. “The EDC should be commended for helping a Rhode Island manufacturer when we needed it.”

Another beneficiary of a loan was Mill Creek Marine, Inc., based in North Kingstown, which is using $250,000 from the EDC to purchase equipment to operate its new facility.

“The RIEDC financial services team was responsive, flexible, and timely and is a great resource for the small business person looking to expand and invest, particularly at a time where more traditional forms of financing have tightened up,” said Jim Shriner, president of the company.

Other companies that received loans or other financial aid:

ATW Companies, Inc./Parmatech-Proform Corporation
Capco Steel
Calise & Sons Bakery, Inc.
Design Formations
Zoom Lighting, Ltd.
CDS, Inc.
R.I. Carbide Tool Co.
Subsalve USA, Corp.
Hudson’s Dry Cleaning & Laundromat, Inc.
Veteran’s Support Organization-NFS, LLC
Healthy Babies, Happy Moms, Inc.