THE R.I. ECONOMIC DEVELOPMENT CORPORATION has awarded a total of $400,000 to two Rhode Island small businesses - Meridian Ocean Services LLC and S&M Appliance Service Corp. - from the Small Business Loan Fund.
PROVIDENCE – The R.I. Economic Development Corporation has approved $400,000 from its Small Business Loan Fund for two small Rhode Island businesses, Meridian Ocean Services LLC and S&M Appliance Service Corp.
“Providing companies with access to capital makes doing business easier in Rhode Island and allows small businesses to stay competitive and create or retain jobs in the state,” Marcel A. Valois, EDC executive director, said in prepared remarks.
“In this round of approvals, we are helping both a start-up and an established Rhode Island business, representing the full spectrum of our economy,” added Valois.
Both recipients of the loans are in the process of expanding their staffs.
Meridian Ocean Services, a Newport-based business that provides mid-water subsea inspection and survey services, received $250,000. The money will act as working capital to help purchase necessary equipment such as underwater research vehicles, according to the EDC.
Smithfield-based S&M Appliance Service Corp. was granted a $150,000 loan to assist the company buy their current facility. Founded in 1953, the company is a distributer and servicer of gas grills, pellet stoves and gas heating appliances.