WASHINGTON – Two local stimulus projects were recently recognized by the White House in its new report “100 Recovery Act Projects that are Changing America,” released Sept. 17.
“The report highlights some of the most innovative and effective Recovery Act projects across the country that are not only putting people back to work now, but helping transform our economy for years to come,” according to a statement released by Vice President Joe Biden’s office.
In Cumberland, a small, cash-strapped family-owned business got a helping hand from the U.S. Small Business Administration. Gorman Roofing, a 30-year-old business with 43 employees, needed to restructure its debt and secure working capital. The SBA introduced Raymond Gorman, company president, to Bank Rhode Island, which resulted in two SBA 90-percent guaranteed Patriot Express loans totaling $500,000.
Gorman was able to avoid $10,425 in guarantee fees, and prevent the layoff of 25 employees.
In New Bedford, $30 million in Recovery Act funds for the clean-up of the New Bedford harbor have created 80 jobs. The funds, released by the Environmental Protection Agency in 2009, have accelerated the clean-up job that was already underway for the 18,000 acres of urban estuary stretching from the upper Acushnet River into Buzzards Bay. The cash influx could increase three-fold the amount of PCB-contaminated sediment removed compared to previous years, the White House list noted, adding that more than 100,000 local residents stand to benefit from the project acceleration.
“With Recovery Act projects like these, we’re starting to … rebuild our economy on a new foundation that creates good middle-class jobs for American families,” said Biden. “Recovery Act projects like these are [also] drawing billions in private capital off the sidelines to help recharge our economy.”
Other Massachusetts projects recognized in the list included a $43 million loan guarantee to Beacon Power Corp., $3 million to the Malden Redevelopment Authority for staffing its lead paint hazard control projects, $78 million to Reveal Imaging Technologies to produce new explosive detection systems and $24.7 million to the Massachusetts Clean Energy Center for its wind blade facility.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.