RIEDC Supports Three Emerging Businesses

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Tuesday, November 23, 2010

RIEDC approved financing and tax incentive measures for three Rhode Island small businesses that are expected to create 286 jobs Rhode Island over the next few years.

The three companies: Phoenix Medical Technologies, Cooley Group, and MoFuse received a total of $400,000 in incentives.

“The RIEDC’s strategic decision to invest in three technology-based businesses sends a clear message that innovation is a vital part of Rhode Island’s economic growth,” said RIEDC Executive Director, Keith Stokes. “These efforts are helping to position Rhode Island as a leader in the ‘New Economy’ as evidenced by its 16th overall ranking in a recent national comparison of how states are adapting to an innovation-driven global marketplace.”

The companies represent an ecelctic array of technologies and innovations.

According to EDC the benefits to these companies are:

Cooley Group
As part of the state’s commitment to grow the green economy, the RIEDC Board approved $200,000 in financing through the agency’s Renewable Energy Fund (REF) for Pawtucket-based Cooley Group, one of the state’s leading advanced manufacturers.

The financing will help the maker of engineered flexible composites create 15 jobs in Rhode Island as part of a joint venture to manufacture and install solar-powered billboard systems onto existing billboards and other outdoor advertising. The financing came in the form of a recoverable grant which will be repaid based on a percentage of sales which could generate up to $400,000 in royalty payments back to the REF by 2014.

Phoenix Medical Technologies
The RIEDC Board approved a $100,000 Innovation Tax Credit for Phoenix Medical Technologies, LLC in Providence that is projected to help create 86 direct jobs in Rhode Island by 2015 which will generate an additional 105 indirect jobs in the state.

Phoenix is in the process of commercializing a high-tech therapeutic medical device designed to be inserted into shoes to prevent elderly and diabetics from falling. 

MoFuse, Inc.
The RIEDC Board also approved a $100,000 Innovation Tax Credit for Pawtucket-based MoFuse, Inc. which helps businesses build and manage websites designed for handheld mobile devices.

MoFuse expects to create 37 direct jobs by 2013 that are projected to produce 43 additional spin-off jobs in Rhode Island. Brands like Delta Dental, IBM, Harper Collins, and the Atlanta Falcons.

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