Keith Stokes, executive director of Rhode Island Economic Development Corporation (RIEDC), and three colleagues presented their plans to help small businesses in Rhode Island thrive to an audience of about 25 on Thursday morning. 

The event took place at 8 a.m. in the Quonset Development Corporation Annex at 95 Cripe St. Most of the attendees are currently employed within the Quonset Business Park and have ties to the community.

Stokes – a 15-year veteran of RIEDC's board of directors serving his first year as its executive director – expressed his eagerness to begin assisting local small businesses with 500 employees or less in expanding and improving their productivity and bottom lines by offering flexible options for business owners to utilize.

"This year is showing a significant transformation for us," said Stokes. "We are striving to begin an active dialogue with the business community."

The corporation offers financial assistance using a customized approach based on the individual needs of the business.

Some of the services that RIEDC offer include:

• Partnerships with banks and lenders to achieve the amount of funding needed by the business
• Small business loan fund targeted at smaller, non-retail businesses in search of a direct, fully-secured loan with flexible repayment terms.
• R.I. Industrial Facilities Corporation that issues taxable and tax-exempt revenue bonds for companies exploring various projects. This bond can cover up to 100 percent of the cost for a manufacturing project, including land, new machinery and equipment, and building costs.
• Industrial Recreational Building Authority that offers borrowers debt insurance on tax-free bonds, taxable bonds and conventional mortgages.

Sean Esten, RIEDC's financial portfolio manager, described how the company works with various financial institutions to find the right match for their clients. 

These business relationships benefit business owners, specifically in the cases where loan requests are denied by a bank, said RIEDC members. RIEDC can establish a partnership with the bank in which they will cover the remaining amount needed by the business after what the bank offers.

"We simply want to sit down with our clients, learn their businesses, and learn what their needs are," said Esten. "Our goal is for your company to succeed and eventually outgrow our programs."

The presentation also allowed the audience to learn about the renewable energy initiatives that RIEDC offers. Director of Renewable Energy Fund (REF), Julian Dash, explained how the REF provides grants and low interest loans for renewable energy buisnessess and projects that produce electricity from qualified renewable energy sources while stimulating job growth within Rhode Island's economy.

Eligible projects include institutional, commercial, and affordable housing developments, municipal renewable energy projects, and feasibility studies. These projects are sales tax-exempt and generally yield a five-year payback.

The EDC itself is also making strides to offer jobs and better the state's economy by giving its staff more tools to carry out the programs and publicly posting job openings.

"The hiring process is now an open one and we are looking for the best and brightest that we can afford," said Stokes.

The presentation concluded with a question-and-answer segment that allowed attendents to gain information about their specific issues and how they can benefit from the company's services.

RIEDC also offers forums and seminars, as well as one-on-one consultations with business owners. They can be contacted through the North Kingstown Chamber of Commerce and the RIEDC website and Twitter accounts.