Business Excellence Awards
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By PBN Staff
PROVIDENCE – Less than a month after passing legislation that created a program to guarantee loans for knowledge economy companies that promise to expand employment in Rhode Island, the state is preparing to issue bonds to back a $75 million loan to 38 Studios LLC, a gaming company founded by former Red Sox pitcher Curt Shilling.
The guarantees, which the R.I. Economic Development Corporation says will support up to 450 jobs within two years, use 60 percent of the guarantees that the General Assembly created in the law.
While the company is supposed to repay the loan, the state is on the hook should it fall on difficult times. Is this a good deal for the state’s new program?