(Corrected, 1:25 p.m.)

PROVIDENCE – The R.I. Economic Development Corporation has awarded a $250,000 loan from its Small Business Loan Fund to Material Sampling Technologies LLC, a four-month-old metal refining and reclamation company that focuses on the electronics industry.

The loan to Material Sampling Technologies was approved by the R.I. Small Business Loan Fund Corporation’s five-member board of directors at a meeting on June 25 and announced Thursday.

“My partner Bill Haggarty and I are delighted to be able to establish our business in Rhode Island,” John Silvestri, Material Sampling’s president, said in a statement. He said the company would not have gotten off the ground without support from the EDC and North Smithfield officials.

The EDC said the board approved the loan because Material Sampling plans to create 10 new jobs in a business that uses specialty technology. The company has “a strong portfolio of industrial applications,” the agency said in a news release.

“We are thrilled to announce the funding of the small business loan for Material Sampling Technologies,” said J. Michael Saul, the EDC’s interim executive director.

The EDC’s Small Business Loan Fund provides direct, fully-secured, fixed-interest loans with flexible terms of up to 10 years. It was established in 1986.

The maximum loan amounts are $500,000 for manufacturing companies and $250,000 for non-manufacturing companies. The fund is financed by the U.S. Economic Development Administration, so state taxpayers assume no liability if a loan goes into default.

Additional information is available at RIEDC.com.

An earlier version of this story incorrectly said Material Sampling Technologies is based in North Kingstown. The company is based in North Smithfield. In addition, the EDC misspelled the company president’s last name; it is Haggarty, not Haggaerty.