opinion

What types of companies should the state issue loan guarantees for through the EDC?

Posted 8/1/11

At a recent R.I. Economic Development Corporation meeting, Executive Director Keith W. Stokes presented the board with information about a dozen companies that are looking for loan guarantees from the Job Creation Guaranty Program, which requires companies to create jobs in Rhode Island for the guarantees.

The board’s top two members – Gov. Lincoln D. Chafee, who is board chairman, and CVS Caremark Corp. executive Helena B. Foulkes, who is vice chairwoman – sounded less than enthused about the types of companies that were looking for the guarantees, including the fact that they all were founded after 2000.

Foulkes expressed worry about the companies being high-risk ventures in the IT, advanced manufacturing, bio-medical and life sciences sectors, while Chafee wanted more established Rhode Island companies to be considered.

Where do you stand on the issue of what kinds of companies the state should support with the types of loan guarantees that 38 Studios LLC received?

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